(1) A person who satisfies the Registrar that he or she holds a professional diploma in insurance issued by a body recognised by the Registrar, and covering the class of insurance business for which he or she is applying, may be exempted from the examinations referred to in these Regulations.
(2) A person who satisfies the Registrar that he or she has carried on business for a period of not less than 3 years as an insurance agent, insurance broker or insurance salesman in a particular class of insurance business in an efficient manner, or has been employed by an insurer, an insurance agent or insurance broker in a technical capacity in a particular class of insurance business, may be exempted from the examinations referred to in these Regulations.