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Amendment of section 27 of Act of 1995 (Requirements for investment product intermediaries).
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24.—Section 27 of the Act of 1995 is hereby amended—
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(a) by the deletion of paragraph (a),
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(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
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(c) by the designation of that section as subsection (1) and the addition of the following:
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“(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.”.
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