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The Insurance Act was amended after Parliament passed a Bill on Wednesday (Oct 16). The new amendment requires the Monetary Authority of Singapore (MAS) to seek the approval of the Ministry of Culture, Community and Youth (MCCY) for applications related tIncome-Allianz deal: MPs clash over Insurance Act amendment in 4-hour debate
The Insurance Act was amended after Parliament passed a Bill on Wednesday (Oct 16). The new amendment requires the Monetary Authority of Singapore (MAS) to seek the approval of the Ministry of Culture, Community and Youth (MCCY) for applications related to insurers that are co-operative societies (co-ops) or are linked to co-ops. The bill was tabled and discussed on Wednesday, following the government's announcement on Monday that it halted the deal between Income and German insurance provider Allianz in its current form to safeguard public interest, although it remains open to a transaction that addresses its concerns. As he presented the Bill for debate, 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.» Read more