Desmond Tan on Insurance (Amendment) Bill

The central committee of the National Trades Union Congress (NTUC) only knew about the capital reduction plan in the proposed deal between Income Insurance and Allianz when it was announced in Parliament, said NTUC Deputy Secretary-General Desmond Tan. He pointed out that NTUC is a major shareholder of NTUC Enterprise but does not get involved in the day-to-day running of operations. Speaking in Parliament on Wednesday (Oct 16), he highlighted the key considerations of NTUC in the proposed deal and its commitment to the larger social mission. Mr Tan said Income has played an important role in providing affordable insurance for workers and Singaporeans. NTUC has reviewed the matter and accepts the Government's considerations and decisions on the proposed transaction. It also supports the Bill to amend the Insurance Act. Mr Tan said Income has committed to studying carefully the implications and will work closely with the relevant stakeholders to decide on the next course of action. From the outset, NTUC’s objective was to build a stronger Income so that it can do well and do good, he said. The labour movement will continue to “do right by our people” and what is necessary for the longer-term interests to serve workers and the people of Singapore, he added.