4.—(1) The Minister or such person as the Minister may appoint may, upon application by a company that is a direct insurance broker, general reinsurance broker or life reinsurance broker and if the Minister or the person (as the case may be) considers it expedient in the public interest to do so, approve the company as an approved insurance broker.
(2) Any approval granted under paragraph (1) is for a period of 5 years.