(1) An offshore insurance intermediary shall not open, maintain or carry on business through a representative, branch or contact office in the country unless it has obtained the prior written approval of the Commission.

(2) A person shall not

(a) establish or maintain a place of business to solicit insurance intermediary's business, or

(b) establish or maintain a representative, branch or contact office in the country, for an offshore insurance intermediary, unless the offshore insurance intermediary has obtained the written approval of the Commission under subsection (1).

(3) In this section "offshore insurance intermediary" means an insurance intermediary incorporated, constituted or formed with its main place of business outside the country.