Part IV of the Act of 1995 is hereby amended by the insertion of the following after section 25:
"Acting as insurance intermediary.
(1) An insurance intermediary shall not place or attempt to place insurance, other than reinsurance, otherwise than with an insurance undertaking.
(2) The Investor Compensation Act, 1998, shall not apply to insurance intermediaries if and in so far as their business relates to reinsurance or advice regarding reinsurance policies.
Acting as insurance broker.
25B. - A person shall not act as, or hold himself out to be, an insurance broker in respect of life assurance or non-life insurance unless he is in a position to place insurance of that form with at least 5 insurance undertakings.
Acting as insurance agent.
25C. - A person shall not act as, or hold himself out to be, an insurance agent in respect of life assurance or non-life insurance unless he is in a position to place insurance of that form with no more than 4 insurance undertakings.
Acting as
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