The Insurance Act was amended after Parliament passed a Bill on Wednesday (Oct 16). The new amendment requires the Monetary Authority of Singapore (MAS) to seek the approval of the Ministry of Culture, Community and Youth (MCCY) for applications related to insurers that are co-operative societies (co-ops) or are linked to co-ops.
Second Minister for Finance Chee Hong Tat expressed dissatisfaction with statements made by Sengkang MP Jamus Lim and non-constituency MP Leong Mun Wai during the debate.The Insurance Act was amended after Parliament passed a Bill on Wednesday .
In a debate that lasted nearly four hours, 19 MPs raised questions and voiced concerns on various aspects of the Income-Allianz deal and the proposed bill.Workers Party MP Jamus Lim said it was troubling that there was no coordinated discussion between regulators MAS and MCCY on the proposed deal. These considerations were later addressed by fellow WP MP He Ting Ru, who said that passing legislation that has or is seen to have a retrospective effect must not be taken lightly.
"I accept that sometimes, because of market sensitive information, it may not be possible to publicly disclose the full details of a proposed transaction," he said. "But in this case, we are talking about information being shared within the government, between agencies." "While we trust that MAS officers are highly professional and have conducted a thorough review of the deal from a prudential point of view, can the minister further explain why MAS does not have any further prudential concerns over the capital reduction plan, especially considering NTUC Enterprise's history of having to inject capital into Income over the years?"
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The gist: Urgent Bill passed to amend Insurance Act; Team Singapore honouredUpcoming public transport fare increases were also addressed in Parliament on Oct 16.
Read more »
Singapore MPs Question Communication Breakdown Over Allianz's Income Insurance Offer HaltSingaporean Members of Parliament (MPs) raised concerns about communication failures between government agencies during a debate on halting German insurer Allianz's planned acquisition of Singapore's Income Insurance. MPs questioned why the Monetary Authority of Singapore (MAS) didn't disclose Allianz's plan to return $1.85 billion in cash to shareholders sooner, potentially impacting Parliament's August deliberations.
Read more »
Allianz's Offer For Majority Stake in Singapore's Income Insurance Called OffSingapore's government has called off an offer by German insurer Allianz to take a majority stake in Income Insurance, citing concerns that the deal would not be in the public's interest.
Read more »
Allianz's Stake in Income Insurance Sparks Criticism: Profit Over People?The planned acquisition of a majority stake in Income Insurance by German insurance giant Allianz has sparked criticism. Is former NTUC co-operative, Income Insurance, prioritizing profit over people? CNA speaks to experts to understand the implications.
Read more »
No need for Income policyholders to be concerned as insurer has enough capital, amid blocked Allianz deal: Chee Hong TatThe government had intervened to stop the proposed deal between Income Insurance and German insurer Allianz.
Read more »
CNA Explains: What you need to know about the Income-Allianz deal being blocked by SingaporeThe Singapore government intervened to stop a proposed deal between Income Insurance and German-based insurance giant Allianz, with three Cabinet ministers explaining the rationale.
Read more »