In forceAmended2020 Revised EditionCurrent version · 2020 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
Insurance Act 1966 · 2020 Revised Edition · Part 2 · Conduct of Insurance Business
37. Restriction on granting of unsecured loans or advances to directors and employees of insurers
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Last amended by an amending law of 2013.
(1)
A licensed insurer must not in respect of its business in Singapore grant, directly or indirectly, unsecured loans or advances —
licensed insurer
Defined · s 2
“licensed insurer” means an insurer which is for the time being licensed under section 11;
(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.
(2)
In this section, “director” includes the wife, husband, father, mother, son or daughter of a director.[32