Neil Parekh Nimil Rajnikant on Insurance (Amendment) Bill

Singapore must remain an attractive and competitive market to attract global capital but it must do everything possible to protect the long-term interest of Singaporeans by continuing to carefully nurture national treasures like Income Insurance, said NMP Neil Parekh Nimil Rajnikant. Such national treasures should never be passed on to foreigners, he added. Speaking in Parliament on Wednesday (Oct 16), he believes the criticisms Singapore may face in the short term will dissipate quickly. He noted that Income Insurance clearly requires strengthening, but it does not mean ceding control to foreigners. Perhaps what is needed is a new Singaporean-controlled board of directors with real talent, experience and vision to come up with a coherent business plan. This new board should be given complete authority and full responsibility in recruiting experienced talent from international insurers to help develop the right products and services while protecting Singaporeans first. He also sought clarifications on the kind of deal with the new investor that would satisfy the Government, the guardrails to ensure that Income will continue to meet its obligations to society, as well as ensure that any future financial partner can contribute to the financial strength of Income while preserving its social mission.