(1) A person shall not carry on business as, or purport to carry on business as, an insurance intermediary in or from within the country unless

(a) the person holds a licence issued under sections 115 and 116 in the appropriate category, and

(b) the licence has not been suspended under section 176.

(2) For the purposes of subsection (1), a company incorporated under the Companies Code or a person resident in the country that carries on business as an insurance intermediary outside the country carries on the business of an insurance intermediary from within the Republic.

(3) A person who carries on or purports to carry on business as an insurance intermediary contrary to subsection (1) commits an offence and is liable on summary conviction to the penalty stated in the First Schedule