(1) This Part shall not apply to -
(a) contracts of reinsurance or to insurance intermediaries engaged solely in relation to the business of effecting contracts of reinsurance;
(b) travel agents and tour operators licensed under the Transport (Tour Operators and Travel Agents) Act, 1982, insofar as they are engaged in the placing of travel insurance or touring assistance contracts as part of, or in conjunction with, an overseas travel contract.
(2) In this section "travel agent", "tour operator" and "overseas travel contract" have the meanings assigned to them respectively under section 2(1) of the Transport (Tour Operators and Travel Agents) Act, 1982.