(1) A person shall not act as, or hold himself out to be an insurance broker unless -
(a) he is a member of a representative body of insurance brokers which requires compliance with the provisions of this Act as a condition of membership, and that body is recognised as such by the Minister, and he otherwise complies with the provisions of this Act, or, not being a member of a recognised representative body, he complies with the provisions of this Act, and
(b) he is in a position -
(i) in the case of non-life insurance, to arrange insurance contracts on behalf of his clients with at least five undertakings, or
(ii) in the case of life insurance, to arrange insurance contracts on behalf of his clients with at least five undertakings.
(2) A person shall not act as or hold himself out to be an insurance broker unless he holds an appointment in writing from each undertaking for which he is an intermediary.
(3) A person shall not act as or hold himself out to be an insurance broker unle