5. Direct life insurers carrying on business as direct general insurance brokers

Any insurer registered under the Insurance Act to carry on direct life business, who, immediately before 1st January 2004, had lodged a notice of commencement of its 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).