Insurance Act 1966 s 37

s 37 Restriction on granting of unsecured loans or advances to directors and employees of insurers

37.—(1) A licensed insurer must not in respect of its business in Singapore grant, directly or indirectly, unsecured loans or advances —(a) to a director of the insurer which in the aggregate and outstanding at any one time exceed the sum of $5,000; or (b) to an employee of the insurer which in the aggregate and outstanding at any time exceed one year’s emolument of that employee.[11/2013] (2) In this section, “director” includes the wife, husband, father, mother, son or daughter of a director.[32