(1) Notwithstanding section 9 of this Act, a person who is an insurance intermediary on the day immediately prior to the coming into operation of section 16(1)(b) of the Insurance Act, 2000, and who is not deemed to be authorised under Part IV or VII of this Act may stand authorised, on the coming into operation of section 16(1)(b) of the Insurance Act, 2000, as an authorised investment business firm until the supervisory authority has granted or refused authorisation to it, provided that no later than 3 months after the coming into operation of section 16(1)(b) of the Insurance Act, 2000, that person applies to the supervisory authority under section 10 of this Act for authorisation.
(2) For the purposes of this section, references in section 10 of this Act to a proposed investment business firm shall be construed as references to a person who stands authorised as an investment business firm under subsection (1) of this section.
(3) Pending a decision by the supervisory authority