Exemption from section 35W of Act
3.  Any designated entity carrying on the business of providing MAT insurance, general reinsurance or life reinsurance, as an insurance broker, to persons in Singapore, from outside of Singapore, shall be exempt from complying with section 35W of the Act (read with section 56A of the Act) if, and only if, the designated entity —
(a)is an approved insurance broker for such business;
(b)does not carry on insurance business in Singapore, other than the collection or receipt of premiums in relation to his business as an approved insurance broker; and
(c)does not have any commercial or physical presence in Singapore for the purpose of carrying on his business as an approved insurance broker.