The government had intervened to stop the proposed deal between Income Insurance and German insurer Allianz.
No need for Income policyholders to be concerned as insurer has enough capital, amid blocked Allianz deal: Chee Hong Tat No need for Income policyholders to be concerned as insurer has enough capital, amid blocked Allianz deal: Chee Hong Tat
“The existing policyholders of Income need not be concerned as MAS will continue to regulate Income as a licensee,” said Mr Chee, in response to a question from MP Desmond Choo on what the intervention means for policyholders moving forward. Mr Chee emphasised that MAS had not yet approved the proposal. He added that the best way to protect policyholders, apart from ensuring the insurers have sufficient capital, is to ensure that Singapore has “a competitive insurance industry”.
“MAS takes its international reputation very seriously, and this is the reason why we want to handle this matter in an open and transparent manner, coming to parliament to pass the amendments to the Insurance Act, and to do so with urgency,” he said. In response, Mr Tong said: “You can't expect that every time information about a potential application or an acquisition, or a deal is proposed to be made and information given to MAS, that it is shared with all in sundry. That's not how MAS works.”
“This is after all a live transaction that’s going on, and there is market-sensitive information as well.”
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