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      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?
      A Policyholders Correct Answer Incorrect Answer
      B Shareholders Correct Answer Incorrect Answer
      C Directors, managers, actuaries, auditors, or officers of the insurer Correct Answer Incorrect Answer
      D Employees of the insurer Correct Answer Incorrect Answer
      E Other insurance companies Correct Answer Incorrect Answer

      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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