Prohibition of Loans :

Section 29 prohibits grant of any loans or temporary advances to any Director, Actuary or Auditor of the insurance company or to any company or firm in which any such Director, Actuary or Auditor holds the position of a Director, Actuary or partner. This prohibition is not applicable to:

(a) loans made by an insurer to a banking company in which such Director, Actuary or Auditor is interested

(b) loans or advances made by an insurance company to its subsidiary or to the loans or advances made by an insurance company to its holding company

(c) Policy loans granted by the insurance company within the surrender value of the policy