|
“Existing insurance intermediaries.
|
13A.—(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 to authorise a person who is an insurance intermediary and who stands authorised as an investment business firm under subsection (1) of this section, or during the 3 months referred to in that subsection, or during both such times, the supervisory authority may do all or any of the following:
|
|
|
(a) impose such conditions or requirements or both as it thinks fit relating to the proper and orderly regulation and supervision of the investment business firm or in relation to the protection of clients, including conditions and requirements, or both, which relate to matters in an associated undertaking, a related undertaking, or in both;
|
|
|
(b) issue directions under this Act.
|
|
|
(4) A person to whom subsection (1) of this section refers may appeal to the Court against the conditions or requirements imposed under subsection (3) of this section.
|
|
|
(5) On hearing an application under subsection (4) of this section, the Court may confirm, vary or rescind any condition or requirement imposed under subsection (3) of this section.”.
|
