4. Persons exempt from registration under section 35ZN (1) (a) to (e) of Act

Any person exempt from registration under section 35ZN (1)(a), (b), (c), (d) or (e) of the Insurance Act (Cap. 142), who, immediately before 1st January 2004, had lodged a notice of commencement of business after the commencement of its business as a direct general insurance broker shall be deemed to have lodged a notice of commencement of its business as a direct insurance broker under regulation 11 of the Insurance (Intermediaries) Regulations 2003 (G.N. No. S 683/2003).