Question
As per the prohibition stated in section 29 of the
Insurance Act, which of the following individuals or entities is not allowed to receive loans or temporary advances from an insurer?Solution
Section 29 Prohibition of loans- No insurer shall grant loans or temporary advances either on hypothecation of property or on personal security or otherwise, except loans on life insurance policies issued by him within their surrender value, to any director, manager, actuary, auditor or officer of the insurer, if a company or to any other company or firm in which any such director, manager, actuary or officer holds the position of a director, manager, actuary, officer or partner.
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