35.—(1) For the purposes of this Act, no person acting for —
(a)
a society registered under the Societies Act (Cap. 311);
(b)
an organisation registered under the Mutual Benefit Organisations Act (Cap. 191); or
(c)
a company engaged primarily in the business of export credit insurance,
shall be deemed to be an insurance intermediary.
(2) No reference in this Act to a contract of insurance shall apply to any contract whereby an insurance is effected with any society, organisation or company referred to in subsection (1).
(3) Sections 3, 16 and 28 shall not apply to any financial institution licensed under the Banking Act (Cap. 19), Finance Companies Act (Cap. 108), Futures Trading Act (Cap. 116), Monetary Authority of Singapore Act (Cap. 186) or Securities Industry Act (Cap. 289) and such other person as may be prescribed.
(4) The Authority may, subject to such conditions as it may think fit, exempt any person or class of persons from all or any of the provisions of this Act.
(5) An exemption granted under subsection (4) may be withdrawn by the Authority at any time.