The gist: Urgent Bill passed to amend Insurance Act; Team Singapore honoured
PM Lawrence Wong and Cabinet ministers posing for a group photo with Team Singapore Olympians and Paralympians on Oct 16
SINGAPORE – After nearly four hours of debate, Parliament passed a Bill to amend the Insurance Act on Oct 16 to block German insurer Allianz’s offer to take a controlling stake in Singapore’s Income Insurance.
The House also congratulated and honoured Team Singapore Olympians and Paralympians for their achievements at the 2024 Paris Olympic and Paralympic Games.
Here are the key takeaways from the latest sitting:
Insurance (Amendment) Bill passed
A Bill was passed to amend the Insurance Act, paving the way for 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.
Mr Chee Hong Tat, Second Finance Minister and deputy chairman of the Monetary Authority of Singapore, said during the second reading of the Insurance (Amendment) Bill that the amendments were made on an urgent basis. This was because the proposed transaction was under active consideration by Income’s shareholders.
MPs raised concerns about the urgency to pass the Bill, with members of the Workers’ Party abstaining from voting.
With the amendment, the Minister-in-Charge of MAS can withhold approval of the application in the public’s interest.
The first reading was on Oct 14, the same day the Government blocked Allianz’s planned offer in its current form. This was due to concerns over the deal structure and Income’s ability to continue its social mission.
Why it matters
There is currently no provision in the Insurance Act for the financial regulator to consider the views of MCCY in such cases. The amendment is critical, given that Income is now a corporate entity, and is no longer subject to regulations that govern cooperatives.
Before the amendment, the approval of the planned transaction rested with MAS, which assesses an application on prudential grounds, such as taking into account the financial strength and track record of the applicant.
However, Income has a social mission for which the views of the minister overseeing co-ops need to be considered.
The proposed deal has sparked public concerns that Income will abandon workers and Singaporeans’ interests if it becomes part of a profit-driven international player.
Singapore athletes honoured
Minister for Culture, Community and Youth Edwin Tong moved a motion in Parliament to honour Team Singapore athletes who competed at the 2024 Paris Olympic and Paralympic Games.
Seventeen of the 33 athletes who competed at the Paris Olympics and Paralympics attended the parliamentary sitting on Oct 16.
Mr Tong said that while not all of them won a medal in Paris, they are all winners who fought hard in the toughest of arenas, and pushed themselves above and beyond their limits.
Why it matters
Singapore was represented by a 23-strong contingent at the July 26 to Aug 11 Olympics, with Maximilian Maeder winning a historic kitefoiling bronze medal.
This was followed by the Aug 28 to Sept 8 Paralympics, where 10 athletes achieved the country’s best showing of two gold medals and a silver. Swimmer Yip Pin Xiu retained her 50m and 100m backstroke S2 titles to take her Games gold medal haul to seven, while Jeralyn Tan won a historic silver medal in boccia.
Reiterating the Government’s support for the country’s athletes, Mr Tong stressed the importance of developing the local sporting ecosystem. He added that today’s athletes should be the giants on whose shoulders future athletes will stand, so that Singapore can achieve more with each succeeding generation of Team Singapore athletes.
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