Insurance Regulations, 2006 · s 18

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18. Ill The value of secured loans shall be an amount not exceeding-
{a) the principal amount outstanding; or
{b) in the first year in which the secured loans are granted, 70 per cent of the net realisable value of the collateral and in subsequent years, 90 per cent of the net realisable value of the collateral, whichever is the lower.
(2)
Notwithstanding sub-regulation (1), the value of residential loans shall be an amount not exceeding the principal amount outstanding or the net realisable value of the collateral, whichever is the lower.
(3)
Notwithstanding sub-regulation (1), the value of policy loans shall be an amount not exceeding the principal amount outstanding or the cash value of the policy, whichever is the lower.
(4)
Notwithstanding sub-regulation 11), the value of loans guaranteed by a bank licensed under the Banking Act (Chapter 95), the Islamic Banking Act
!Chapter 168) or any other financial institution approved by the Authority, shall be an amount not exceeding the principal amount outstanding.
Cash, deposits and negotiable certificates of deposits.

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s 18The value of secured loans shall be an amount not exceeding-

{a) the principal amount outstanding; or

{b) in the first year in which the secured loans are granted, 70 per cent of the net realisable value of the collateral and in subsequent years, 90 per cent of the net realisable value of the collateral, whichever is the lower.

(2)

Notwithstanding sub-regulation (1), the value of residential loans shall be an amount not exceeding the principal amount outstanding or the net realisable value of the collateral, whichever is the lower.

(3)

Notwithstanding sub-regulation (1), the value of policy loans shall be an amount not exceeding the principal amount outstanding or the cash value of the policy, whichever is the lower.

(4)

Notwithstanding sub-regulation 11), the value of loans guaranteed by a bank licensed under the Banking Act (Chapter 95), the Islamic Banking Act

!Chapter 168) or any other financial institution approved by the Authority, shall be an amount not exceeding the principal amount outstanding.

Cash, deposits and negotiable certificates of deposits.