He Ting Ru on Insurance (Amendment) Bill
The passing of legislation which has or is seen to have retrospective effect must not be taken lightly, said MP He Ting Ru. This is especially so when it adversely affects the rights and interests of persons and has the potential to hurt Singapore's reputation for certainty, stability and predictability in the commercial landscape, she said in Parliament on Wednesday (Oct 16). Ms He said it is fair to ask whether the proposed amendments are strictly necessary. She hopes the Government can address the legitimate concerns raised about how the Insurance (Amendment) Bill and its passage may be perceived as “harmful retrospective legislation” and “rushed” legislation with its attendant negative impact on Singapore’s reputation as a financial and corporate hub. She wanted to know how the Government would address the concerns that future parties may have about the risks. The Workers’ Party supports the Government's blocking of the proposed acquisition in its current form on public interest grounds, based on publicly available information, she said. It would not be rejecting the Bill but would need to register its abstention, she added.
The passing of legislation which has or is seen to have retrospective effect must not be taken lightly, said MP He Ting Ru. This is especially so when it adversely affects the rights and interests of persons and has the potential to hurt Singapore's reputation for certainty, stability and predictability in the commercial landscape, she said in Parliament on Wednesday (Oct 16). Ms He said it is fair to ask whether the proposed amendments are strictly necessary. She hopes the Government can address the legitimate concerns raised about how the Insurance (Amendment) Bill and its passage may be perceived as “harmful retrospective legislation” and “rushed” legislation with its attendant negative impact on Singapore’s reputation as a financial and corporate hub. She wanted to know how the Government would address the concerns that future parties may have about the risks. The Workers’ Party supports the Government's blocking of the proposed acquisition in its current form on public interest grounds, based on publicly available information, she said. It would not be rejecting the Bill but would need to register its abstention, she added.