Singapore legislation
Clause 9
Clause 9
New section 30A
The Insurance Act is amended by inserting, immediately after section 30, the following section:“Restriction on granting of unsecured loans to directors and employees of insurer30A.—
(1)
No registered insurer shall in respect of its business in Singapore grant, whether directly or indirectly, unsecured loans —
(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) For the purpose of this section, “director” includes the wife, husband, father, mother, son or daughter of a director.”.