Regulation 3

any person (not being a person referred to in paragraph (e)) who, immediately before that date, is registered as a direct life insurance broker under Part III of the IIA shall be deemed to hold a financial adviser’s licence (referred to in this regulation as a deemed licence) under the Act to provide financial advisory services in respect of life policies —

until 31st December 2002; or

where an application for the renewal of the deemed licence is made by that person on or before 31st December 2002, until the date on which the deemed licence is renewed under the Act or the application is refused or withdrawn,whichever is the later;

paragraph (a) shall not apply to a person referred to in paragraph (f) unless the Authority has notified that person in writing under paragraph (f) that paragraph (a) shall apply to him;

in relation to an application for the renewal of a deemed licence referred to in paragraph (a)(ii) —

section 8(1) (other than paragraph (b)) and (2) of the Act shall apply; and

section 8(3) to (7) of the Act shall not apply;

where an application for the renewal of a deemed licence is made on any day between 1st December 2002 and 31st December 2002 (both dates inclusive), the Authority may impose a late renewal fee not exceeding $100 for every day or part thereof from 1st December 2002 until the application is made, subject to a maximum of $3,000;

any individual who, immediately before 1st October 2002, is a broking staff carrying on direct life insurance broking activities on behalf of a person referred to in paragraph (a) shall be deemed to hold a representative’s licence (referred to in this regulation as a deemed representative’s licence) under the Act to provide financial advisory services in respect of life policies —

for a period of 3 months from 1st October 2002; or

where an application for a representative’s licence under the Act is made by the individual within 3 months from that day, until the date on which the licence is granted to that individual or the application is refused or withdrawn,whichever is the later;

any person who, immediately before 1st October 2002, is registered as a direct life insurance broker and as one or more of the following under Part III of the IIA shall, unless the Authority has notified that person in writing by 1st October 2002 that paragraph (a) shall apply to him, be deemed to be an insurance broker registered under section 35X(2) of the Insurance Act (Cap. 142):

a direct general insurance broker;

a general reinsurance broker;

a life reinsurance broker;

any condition to which the registration of a direct life insurance broker referred to in paragraph (a) is subject immediately before 1st October 2002 shall, to the extent that it is consistent with the provisions of the Act, be deemed to be a condition to which the deemed licence is subject;

the Authority may at any time —

by notice in writing to any person referred to in paragraph (a), specify any additional condition or restriction to which the deemed licence is subject; or

by notice in writing to any person referred to in paragraph (e), specify any condition or restriction to which the deemed representative’s licence is subject; and

any condition to which the registration of a person deemed to be an insurance broker under paragraph (f) is subject immediately before 1st October 2002 shall, to the extent that it is consistent with the provisions of the Insurance Act (Cap. 142), be deemed to be a condition of the corresponding registration of the person as an insurance broker.