4321

(1) Subject to the provisions set forth in subsection (2) of this section, an international insurer may not, directly or indirectly:\n(a) Grant a loan to an officer of the insurer, or the spouse or child of such director or officer, or\n(b) guarantee or provide a guarantee with respect to a loan made by another person to any of the persons referred to in clause (a).\n(2) None of the provisions in subsection (1) of this section, shall prohibit a loan from being:\n(a) Granted on a policy issued to a person referred to in subsection (1)(a), when the amount of the loan is below the cash surrender value of a life insurance policy issued to such person by the international insurer, or\n(b) guaranteed by a first mortgage, when the amount of the loan does not exceed seventy-five percent (75%) of the market value of the mortgaged property.\nHistory —Ins. Code, added as § 61.210 on Sept. 22, 2004, No. 399, § 1, eff. 180 days after Sept. 22, 2004.