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SINGAPORE — The ultimate decision to amend the Insurance Act — which would prevent the current form of the Allianz-Income deal from going through — was made by Prime Minister Lawrence Wong himself, together with the Cabinet. Law and Home Affairs MiniAllianz-Income deal: Shanmugam clarifies he only passed on ex-NTUC Income chief's views
SINGAPORE — The ultimate decision to amend the Insurance Act — which would prevent the current form of the Allianz-Income deal from going through — was made by Prime Minister Lawrence Wong himself, together with the Cabinet. Law and Home Affairs Minister K. Shanmugam clarified this in a Facebook post on Wednesday (Nov 6) after former NTUC Income chief executive Tan Suee Chieh in his own Facebook post said he had passed on his feedback on the proposed deal through Shanmugam. The Government announced in Parliament in October that the deal between German insurer Allianz and Income Insurance in its current form had been called off over concerns about the deal structure and the ability of the local insurer to continue its social mission. It then rushed through an amendment to the Insurance Act to allow the approval of the deal to be withheld. This paved the way for the Monetary Authority of Singapore (MAS) to consider the views of the Ministry of Culture, Community and Youth (MCCY) in future applications related to insurers that are cooperatives or are linked to them. Read more
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