Singapore legislation
Section 37
Section 37
Restriction on granting of unsecured loans or advances to directors and employees of insurers
Amended by11/2013
(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.
Amended by11/2013
(2)
In this section, “director” includes the wife, husband, father, mother, son or daughter of a director.[32