85. Negotiation and placement of risk with foreign insurer

Without affecting section 84, a registered insurance broker may negotiate any contract of insurance referred to in section 83 with a foreign insurer under a foreign insurer scheme if the registered insurance broker is authorised to do so under a licence issued by the Authority.

Any person who wishes to obtain a licence under subsection (1) must apply to the Authority in such manner as the Authority may determine and provide such information as the Authority may require.

In issuing a licence under subsection (1), the Authority may impose such conditions as it thinks fit and may at any time add to, vary or revoke the conditions.

The issue of a licence by the Authority under subsection (1) is subject to the payment of such annual fees as may be prescribed.

Section 80 applies, with the necessary modifications, in relation to the cancellation of a licence issued under subsection (1).

Where, immediately before 1 October 2002, a person has a licence under section 8 of the Insurance Intermediaries Act (Cap. 142A, 2000 Revised Edition) in force before that date, the person is deemed to have been issued, subject to the same terms and conditions but only insofar as they are not inconsistent with the provisions of this Act, with a licence under subsection (1) to negotiate contracts of insurance referred to in section 83 with such foreign insurers under any foreign insurer scheme as the Authority may determine.[35ZG