Debate on the Insurance Act amendment to withhold approval for Allianz's acquisition of Income скачать в хорошем качестве

Debate on the Insurance Act amendment to withhold approval for Allianz's acquisition of Income

On Monday, the government intervened to stop German insurer Allianz from acquiring Income Insurance after the Monetary Authority of Singapore (MAS) provided the Ministry of Culture, Community, and Youth (MCCY) with information about a proposed S$1.85 billion capital extraction by the parties involved in the deal. When Income was corporatised in 2022, it was exempted from Section 88 of the Co-operative Societies Act, allowing it to transfer about S$2 billion in surplus to the new corporate entity. The proposed capital reduction "runs counter" to the basis for granting this exemption, Minister for Culture, Community, and Youth Edwin Tong previously said. This led to an urgent bill being debated and passed in Parliament on Wednesday, amending the Insurance Act. The amendment allows the Monetary Authority of Singapore (MAS) to consider the views of the Ministry of Culture, Community, and Youth (MCCY) when an application for regulatory approval involves an insurer that is either a cooperative or linked to one. 0:00 Statement by Edwin Tong 16:23 Additional statement from Chee Hong Tat 43:18 Clarification sought by Jamus Lim 48:58 Clarification sought by Leong Mun Wai 57:00 Clarification sought by Ong Hua Han 58:02 Clarification sought by Sylvia Lim 1:01:16 Clarification sought by Hazel Poa 1:05:36 Clarification sought by He Ting Ru 1:11:00 Further clarification sought by Jamus Lim 1:14:12 Further clarification sought by Leong Mun Wai 1:20:05 Further clarification sought by Hazel Poa 1:21:24 Passing of the 2nd and 3rd Reading of the bill