Comparison View

Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  1994 RevEd
Restriction on granting of unsecured loans to directors and employees of insurers
31.—(1)  No registered insurer shall in respect of its business in Singapore grant, 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.
[30A
Informal Consolidation | Amended Act 30 of 1999
Restriction on granting of unsecured loans or advances to directors and employees of insurers
31.—(1)  No registered insurer shall 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.
(2)  For the purpose of this section, “director” includes the wife, husband, father, mother, son or daughter of a director.
[30A
[Act 32/93wef 31.12.93 vide S 442/93]