(e) No director or officer of an insurer doing business in this state shall receive, in addition to his fixed salary or compensation, any money or valuable thing, directly or indirectly, or through any substantial interest in any other corporation or business unit, for negotiating, procuring, recommending or aiding in any purchase or sale of property, or loan, made by such insurer or any affiliate or subsidiary thereof; nor shall he be pecuniarily interested, as principal, co-principal, agent or beneficiary, directly or indirectly, or through any substantial interest in any other corporation or business unit, in any such purchase, sale or loan. This subsection shall not prohibit:

1. (1) a member of the board of directors of an insurer, other than life, from receiving his share of the usual commission earnings of a stock exchange firm of which he is a partner;
2. (2) an insurer, other than life, or any life insurer all of whose shares (except directors' qualifying shares) is owned by any corporation organized primarily for, and engaged primarily in the business of, providing support, relief, pensions, annuities or insurance for the priests, clergy or ministers of any religious denomination or their dependents, from paying any corporation or partnership in which any director of the insurer has an interest or is an officer or director or partner, a reasonable fee for investment advice, provided such compensation is not in excess of the amounts customarily charged for the same type of service; or
3. (3) any transaction or class of transactions which comply with section one thousand five hundred five or article sixteen of this chapter.

(f)

1. (1) No insurer doing business in this state shall, except as provided in subsection (h) hereof, make any loan to any of its directors or officers, directly or indirectly, or through its subsidiaries; nor shall any such director or officer accept any such loan directly or indirectly.
2. (2) No such insurer shall make any advance to any of its directors or officers for future services to be performed beyond a period of one year from the date of making such advance.

(h) Nothing contained in this chapter shall prohibit a life insurance company from making a policy loan upon its policy or contract in an amount not exceeding the net reserve value of the policy or contract, or any insurer from:

1. (1) Acquiring (i) in the case of an insurer making investments under the authority of section one thousand four hundred four of this article, such real property serving as the residence of a non-director officer as may be acquired under the provisions of paragraph five of subsection (a) of section one thousand four hundred four of this article, or (ii) in the case of an insurer making investments under the authority of section one thousand four hundred five of this article, real property serving as the residence of a non-director officer, under the provisions of paragraph four of subsection (a) of section one thousand four hundred five of this article and with the approval of the superintendent in the case of domestic insurers, in connection with the relocation by the insurer of the place of employment of such officer (including any relocation in connection with initial employment), at a purchase price not exceeding the lesser of the value of such property as determined by an independent appraiser for the purpose of such acquisition or one hundred fifty thousand dollars, provided such officer has made reasonable efforts otherwise to dispose of such property for a period of not less than one month immediately prior to such acquisition; or
2. (2) Making a loan to a non-director officer secured by real property owned by such officer and improved with a one-family dwelling, which is to serve as such officer's residence, provided that (i) such loan qualifies under paragraph four of subsection (a) of section one thousand four hundred four (in the case of an insurer that makes investments under the authority of section one thousand four hundred four) or paragraph three of subsection (a) of section one thousand four hundred five (in the case of an insurer that makes investments under the authority of section one thousand four hundred five) of this article, (ii) such loan is made in connection with the relocation by the insurer of the place of employment of such officer (including any relocation in connection with initial employment), and (iii) in the case of a domestic insurer, such loan is approved by the superintendent. For the purposes of paragraphs one and two of this subsection, paragraphs four and five of subsection (a) of section one thousand four hundred four and paragraphs three and four of subsection (a) of section one thousand four hundred five of this article, real property shall include a condominium unit and stock of a cooperative apartment corporation, if such stock entitles the holder thereof to a proprietary lease of a one-family apartment serving as the residence of the officer.