42. Transitional provision

Notwithstanding anything in this Act, every person who immediately before 31st December 1999 had been carrying on business as an insurance broker shall, on that date, be deemed to be a registered insurance broker —

for a period of 6 months from that date; and

if, before the expiry of that period, he applies for registration under section 16, until the date on which he is registered or his application is refused or withdrawn.