Income-Allianz deal to be discussed in parliament after MPs raise questions

SINGAPORE: Concerns about the recent bid by German insurer Allianz to buy a majority stake in Income Insurance will be discussed when parliament sits on Tuesday (Aug 6).

Several Members of Parliament have filed questions on the matter.

Mr Liang Eng Hwa (PAP-Bukit Panjang), for instance, asked how the proposed sale would affect the affordability and availability of essential insurance products to mass consumers and small enterprises in the long term.

Mr Don Wee (PAP-Chua Chu Kang) asked whether the government will work with the National Trades Union Congress (NTUC) to assess the potential impact on Income's social mission if it is acquired by a foreign-listed profit-driven commercial entity.

Mr Saktiandi Supaat (PAP-Bishan-Toa Payoh) asked whether the Monetary Authority of Singapore (MAS) could take any steps to ensure that Income Insurance continues to provide accessible insurance products to Singaporeans.

Ms He Ting Ru (WP-Sengkang) asked about the MAS' assessment of the impact of the deal on the social mission of Income Insurance, and whether there are avenues available for policyholders to address their concerns.

Mr Leong Mun Wai, a Non-Constituency MP from the Progress Singapore Party (PSP), asked how the government will continue to support the co-operative movement in providing Singaporeans with affordable essential goods and services in the future.

Income Insurance was set up in 1970 to provide affordable insurance to under-served workers. It was corporatised in 2022.

MPs also filed questions about the presence of formaldehyde in products like paint and new furniture.

This comes after CNA reported in July that home owners are seeking professional help to get rid of formaldehyde from their furniture. One family who moved into their new flat said their children fell sick quite often from the smell of the cancer-causing chemical.

Formaldehyde is commonly used in furniture as it can make strong resins and glues. It is also currently used in some paints as a preservative to inhibit bacterial and fungal growth.

MP Rachel Ong (PAP-West Coast) asked whether the ban on the addition of formaldehyde in paints used for building interiors can be brought forward from 2026, and what penalties firms would face for using interior paint products with formaldehyde content exceeding the limit of 0.01 per cent of the paint weight.

Ms Cheryl Chan (PAP-East Coast) asked whether the Ministry of Sustainability and Environment conducts checks on companies selling building products to ensure the products do not contain or emit formaldehyde.

She also asked whether the ministry would consider requiring renovation contractors to show proof that formaldehyde concentration levels indoors are within the limit when renovations are completed.

There were also questions submitted on the shuttle bus service for Marine Parade cluster residents, with Leader of the Opposition Pritam Singh asking about the total cost of providing the service and the various sources of funding.

Five Bills will be introduced, including the Casino Control (Amendment) Bill. 

The two PSP NCMPs - Mr Leong and Ms Hazel Poa - have filed a motion that calls on the government to review the process by which electoral boundaries are determined in order to increase the transparency and fairness of the electoral boundary review process for all political parties.