Hazel Poa on Insurance (Amendment) Bill
Progress Singapore Party (PSP) is “heartened” that the Government has intervened to stop the proposed deal to sell a majority stake in Income Insurance to Allianz as it has not been in favour of it, said NCMP Hazel Poa. Speaking in Parliament on Wednesday (Oct 16), she said while PSP supports the decision to stop the deal, it still has concerns about amending the Insurance Act “in a hurry” to block it. Ms Poa said this approach sets an “unsettling precedent”. She said the Government should, as far as possible, rely on existing laws when assessing deals for regulatory approval as it provides confidence to investors that Singapore’s regulatory framework is stable. She asked the Government to clarify why it is necessary to amend the Insurance Act instead of relying on existing provisions. Ms Poa said PSP agrees with the Government that it would be in the public interest to stop the deal from proceeding in its current form and will support this "urgent" Bill.
Progress Singapore Party (PSP) is “heartened” that the Government has intervened to stop the proposed deal to sell a majority stake in Income Insurance to Allianz as it has not been in favour of it, said NCMP Hazel Poa. Speaking in Parliament on Wednesday (Oct 16), she said while PSP supports the decision to stop the deal, it still has concerns about amending the Insurance Act “in a hurry” to block it. Ms Poa said this approach sets an “unsettling precedent”. She said the Government should, as far as possible, rely on existing laws when assessing deals for regulatory approval as it provides confidence to investors that Singapore’s regulatory framework is stable. She asked the Government to clarify why it is necessary to amend the Insurance Act instead of relying on existing provisions. Ms Poa said PSP agrees with the Government that it would be in the public interest to stop the deal from proceeding in its current form and will support this "urgent" Bill.
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