(1) It shall not be lawful for any person (otherwise than in the course of re-insurance) to effect or to endeavour to effect any contract of assurance with an assurance company or any other person which or who is not the holder of an assurance licence entitling such company or person to effect contracts of assurance of the kind so effected or endeavoured to be effected by such person.
(2) Every person who effects or endeavours to effect any contract of assurance in contravention of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding £1,500.