15.—(1) The reference in section 35ZE(1) of the Act to a contract of insurance shall not apply to insurance risks relating to —
(a)
maritime liabilities of ship owners insured by a marine mutual insurer; or
[S 747/2007 wef 01/01/2008]
(b)
marine, aviation and transit business insured with an approved MAT insurer.
(2) For the purpose of paragraph (1)(b), “approved MAT insurer” has the same meaning as in regulation 2 of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations (Rg 15).