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Joan Pereira on Insurance (Amendment) Bill

03:13 Min

The Income-Allianz deal has drawn a great deal of public interest as the majority of Singaporean households have insurance policies with NTUC Income or Income Insurance, said MP Joan Pereira in Parliament on Wednesday (Oct 16). Due to the nature and valuation of the deal, one would expect close coordination among the relevant authorities, such as the Monetary Authority of Singapore (MAS) and the Ministry of Culture, Community and Youth (MCCY) at all stages during the process of evaluation, she said. Ms Pereira asked if the relevant information shared by MAS with MCCY could have been shared with Parliament when the topic was heavily debated in the House in August. She added that while she fully supported the amendments in the interest of the public, given that this is “a high-profile cross-border deal”, would Singapore be setting a precedent where investors need to factor in potentially unexpected changes to regulations. She also asked if there might be other businesses organised as co-operatives, institutions of public character or critical infrastructure operators which may require similar legislative amendments to prevent something similar from happening.

The Income-Allianz deal has drawn a great deal of public interest as the majority of Singaporean households have insurance policies with NTUC Income or Income Insurance, said MP Joan Pereira in Parliament on Wednesday (Oct 16). Due to the nature and valuation of the deal, one would expect close coordination among the relevant authorities, such as the Monetary Authority of Singapore (MAS) and the Ministry of Culture, Community and Youth (MCCY) at all stages during the process of evaluation, she said. Ms Pereira asked if the relevant information shared by MAS with MCCY could have been shared with Parliament when the topic was heavily debated in the House in August. She added that while she fully supported the amendments in the interest of the public, given that this is “a high-profile cross-border deal”, would Singapore be setting a precedent where investors need to factor in potentially unexpected changes to regulations. She also asked if there might be other businesses organised as co-operatives, institutions of public character or critical infrastructure operators which may require similar legislative amendments to prevent something similar from happening.

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