Section 38 in The Insurance Regulatory And Development Authority (Conditions Of Service Of Officers And Other Employees) Regulations, 2000
38. Lending or borrowing .-No officer and other employee shall in his individual capacity,-
(a)borrow or permit any member of his family to borrow or otherwise place himself or a member of his family under a pecuniary obligation to a broker or a money-lender or an officer and other employee of the Authority or any person, association of persons, firm, company or institution, whether incorporated or not, having dealings with the Authority:Provided that any loans on mortgage of property or on policies of insurance raised in the ordinary course shall not be prohibited;(b)indulge in wagering or betting or speculation activities;(c)guarantee in his private capacity the pecuniary obligations of another person or agree to indemnify in such capacity another person from loss except with the previous permission of the competent authority:Provided that an officer and other employee may give to or accept from a relative or personal friend a purely temporary loan of a small amount free of interest, or operate a credit account with a bona fide tradesman or make an advance of pay to his private employee:Provided further that an officer and other employee may obtain a loan from a bank or a co-operative credit society of which he is a member or stand as surety in respect of a loan taken by another member from a co-operative credit society of which he is a member.
