(1) No person shall act as, or hold himself out to be an insurance agent unless -
(a) he holds an appointment in writing from each undertaking for which he is an agent,
(aa) he complies with the Investor Compensation Act, 1998,
(b) he states on his letter headings and business forms that he is an insurance agent and the name or names of every undertaking for which he is an agent, and
(c) he informs any proposer of an insurance contract that he is an insurance agent and of the name or names of the undertakings for which he is an agent.
(2) Subject to subsection (3), an insurance agent shall hold -
(a) in the case of non-life insurance, an appointment in writing from not more than four undertakings authorised under the Regulations of 1976,
(b) in the case of life insurance, an appointment in writing from not more than four undertakings authorised under the Regulations of 1984.
(3) The provisions of subsection (2) shall come into force on such date as the Minister prescribes not bein