The government will put a halt to the deal between NTUC Income and German insurer Allianz to protect public interest, said Minister for Culture, Community and Youth Edwin Tong.
Govt halts Income-Allianz deal in current form, remains open if public-interest concerns are addressedPHOTO: The Business Times file
"MCCY is not confident that the proposed transaction would not affect the ability of the co-operative society movement as a whole, or of Income itself to carry out its social mission." During Income's corporatisation in 2022, it had sought an exemption to carry over surplus, made as a co-operative, on the basis that it needed the capital to meet the changing demands of the insurance landscape.
"Let me make clear, there is no reason not to accept this arrangement. The representations that were made at the corporatisation exercise, the exemption that was granted, and the circumstances proposed for capital to be extracted, those are the reasons," he said.These amendments will allow the Monetary Authority of Singapore, which oversees the law, to consider MCCY's views on applications by an insurer that is either a co-op or linked to a co-op.
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