After about four hours of debate, the House passed the Insurance (Amendment) Bill, which will allow the Government to halt German insurer Allianz's planned offer to take a controlling stake in Income Insurance. Income's majority shareholder - NTUC Enterprise - is a cooperative.
The move paves the way for the Monetary Authority of Singapore (MAS) to consider the views of the Ministry of Culture, Community and Youth (MCCY) when an application for regulatory approval involves an insurer that is either a cooperative or linked to one. There is currently no legal provision for the authority to do so in such cases.
Income had taken on the assets of Income Co-operative when it became a company in 2022, and NTUC Enterprise has a 72.8 per cent stake in the insurer.
The changes will allow the minister in charge of MAS to withhold approval of applications involving insurers like Income if he considers that it is in the public interest to do so. There will be no avenue for appeals when this happens.
Presenting the Bill for debate on Oct 16, MAS deputy chairman and Second Minister for Finance Chee Hong Tat said: "We are making the amendments on an urgent basis because the proposed transaction is under active consideration by Income's shareholders."
Mr Chee noted that Income is now a corporate entity, and no longer subject to regulations that govern cooperatives.
Sixteen backbench MPs spoke on the Bill, with many - including Mr Liang Eng Hwa (Bukit Panjang), Mr Yip Hon Weng (Yio Chu Kang) and Nominated MP Mark Lee - raising concerns about whether blocking the Allianz-Income deal would damage Singapore's reputation as a global centre that is pro-business and welcomes foreign investments.
هذه القصة مأخوذة من طبعة October 17, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة October 17, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Jung Ho-yeon takes on Hollywood in Disclaimer
The drama series marks the Squid Game star's first English-speaking role
French pianist Helene Grimaud plays with time
Acclaimed French classical pianist Helene Grimaud, who has earned a reputation for playing by her own rules, thinks there should be no contradiction between freedom and fidelity.
Eisner Award winner submitted her comic as practice
Erica Eng submitted her web comic Fried Rice for the Eisner Awards on a whim in 2020.
Two-time Booker Prize nominee almost gave up writing
Acclaimed Canadian novelist Esi Edugyan has had first-hand encounters with the vagaries of the publishing and book-selling worlds.
A frank, and funny, work about the female body
Cat Bohannon wrote her best-selling non-fiction debut Eve: How The Female Body Drove 200 Million Years Of Human Evolution (2023) while also having two children, completing a doctorate and surviving the Covid-19 pandemic.
SILAT WILL MOVE 'UPHILL'
SSF chief plans to improve governance, selection process and coaching quality
One C'ship lets go of 'a few dozen employees'
Mixed martial arts (MMA) organisation One Championship has laid off a number of employees - including those from its Singapore headquarters - on Oct 16.
EPL pays highest price for injuries
Players in Germany's Bundesliga are most likely to be injured among Europe's top five domestic leagues, but the English Premier League bears the most injury-related costs, according to a report published on Oct 16.
Cantona slams 'scandalous' decision to axe Ferguson
Manchester United's most successful manager Alex Ferguson will step down as a global ambassador after the club's part-owners Ineos ended his multi-million pound contract.
PROFLIGATE PORTUGAL LACK MAGIC: COACH
Martinez's men can't find way past stubborn Scotland, but have one hand on q-final spot
