Protection controller IRDAI on Wednesday drifted draft standards on giving credits or brief advances to full-time representatives of the guarantors.
"In perspective of the above, it has required to casing regulations on credits and brief advances to the full time representatives of the insurers... No advances or makeshift advances to non entire time Director or to their relatives with the exception of as gave under Section 29 (1) of the Insurance Act, 1938," the draft said.
Protection and Regulatory Development Authority of India said workers might be conceded advances or makeshift advances for advance for buying of auto, credit for acquiring of PC, advance for buying of furniture.
Additionally, credit for building or getting a house for individual utilize and progress for celebration can be given by insurance agency .
Some other reason as might be indicated by the Authority, it included.
"The financing cost charged on advance or transitory advances to entire time chiefs and different officers can't be lower than the rate charged on advances or makeshift advances to the safety net provider's own particular workers," it included.
