Insurance Act, 2000

Amendment of section 27 of Act of 1995 (Requirements for investment product intermediaries).

24.—Section 27 of the Act of 1995 is hereby amended—

(a) by the deletion of paragraph (a),

(b) in paragraph (c) by the insertion after “provisions of this Act” of “and, insofar as he is acting as an insurance intermediary, with the provisions of the Insurance Acts,”, and

(c) by the designation of that section as subsection (1) and the addition of the following:

“(2) Notwithstanding subsection (1) of this section, where it considers that the clients of the intermediaries are otherwise adequately protected, the supervisory authority may, from time to time, exempt a class or classes of intermediary from the requirement to hold professional indemnity insurance.”.