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]