In force2000 Revised EditionCurrent version · 2000 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
27. Restriction on granting of unsecured loans or advances to director and employee of or adviser engaged by insurance broker
Feedback & support(1)
No registered insurance broker shall, in respect of its business in Singapore, grant, directly or indirectly, unsecured loans or advances —
registered insurance broker
Defined · s 2
“registered insurance broker” means a person who is for the time being registered under Part III;
(a)
to a director of the insurance broker which in the aggregate and outstanding at any one time exceed the sum of $3,000; or
(b)
to an employee of the insurance broker or a person engaged by the insurance broker to provide technical advice to clients, which in the aggregate and outstanding at any one time exceed 6 months’ emolument of that employee or person.
(2)
For the purposes of this section, “director” includes the wife, husband, father, mother, son or daughter of a director.