Yip Hon Weng on Insurance (Amendment) Bill

The Insurance (Amendment) Bill gives the minister in charge the power to approve or reject sales or acquisitions involving co-operative insurers based on what is considered “public interest”. MP Yip Hon Weng said while this power can be necessary, it also raises questions. He called for clear definitions of “public interest” to avoid ambiguity and ensure accountability; guiding principles for the minister’s decision-making to ensure consistency and maintain public trust; and an impartial appeals process to ensure that decisions are fair and inspire confidence. Mr Yip said Singapore must strike the right balance between protecting local interests and maintaining Singapore’s attractiveness to global insurers. He added that he was glad Allianz has reportedly agreed to consider revising its offer to Income after the current deal was halted. He said this shows Allianz’s willingness to work within Singapore’s regulatory framework and underscores the importance of mutual respect between private companies and the Government. Mr Yip spoke in Parliament on Wednesday (Oct 16).