(1) Section 2 of the Act of 1995 is hereby amended in subsection (1) -
(a) by the insertion of the following after the definition of "indirect subsidiary":
"'insurance agent' means an insurance intermediary acting for a limited number of insurance undertakings as specified in section 25C of this Act;
'insurance broker' means an insurance intermediary acting with the freedom of choice described in section 25B of this Act;
'insurance intermediary' means any person who, on a professional basis -
(a) assists or offers to assist third parties in the placing or taking-up of insurance, or
(b) gives or offers to give advice regarding insurance policies to third parties,
but does not include an insurance undertaking or an employee of an insurance undertaking when the employee is acting for that insurance undertaking;
'insurance undertaking' has the same meaning as in the Insurance Act, 1989;",
(b) in the definition of "investment instruments" -
(i) by the insertion of the following after paragr
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