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
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