(1) A tied insurance agent shall not act in relation to contracts of insurance which -
(a) are offered or issued by an insurance undertaking other than the undertaking with whom the tied insurance agent has entered into a tied agency agreement or arrangement, and
(b) are for the same form of insurance (whether life assurance or non-life insurance) as the contracts of insurance offered or issued by the insurance undertaking with whom the tied insurance agent has entered into a tied agency agreement or arrangement.
(2) In this section, 'tied agency agreement or arrangement' means an agreement or arrangement of the type described in the definition, in section 2(1) of this Act, of 'tied insurance agent'.