Restriction on granting of unsecured loans or advances to directors and employees of insurers
32.—(1)  No licensed 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.
[32/93; 30/99]
[Act 11 of 2013 wef 18/04/2013]
(2)  In this section, “director” includes the wife, husband, father, mother, son or daughter of a director.