Section 77: Restriction on loans to directors, etc.

(1) No insurer shall grant loans to an officer of the insurer directly or indirectly except-
(a) loans on life policies issued to such person by the insurer, or
(b) loans normally forming part or the terms and conditions of service of such officer.
(2) An insurer who grants and an officer of the insurer who receives any loan otherwise than as provided for in subsection (1) of this section commits an offence and is liable on conviction to a fine of double the amount of such loans.