When congress meets on Tuesday ( Aug 6), questions will be raised about the current bid by European employer Allianz to purchase a majority interest in Income Insurance.
A number of Parliamentarians have posed inquiries about the subject.
For instance, Mr. Liang Eng Hwa ( PAP-Bukit Panjang ) questioned the long-term viability and affordability of essential insurance products for both mass consumers and small businesses.
Mr Don Wee ( PAP-Chua Chu Kang ) asked , whether the government will work with the National Trades Union Congress (NTUC) to assess the potential impact on Income’s social mission if it is acquired by a foreign-listed profit-driven commercial entity.
Mr. Saktiandi Supaat ( PAP-Bishan-Toa Payoh ) questioned whether Income Insurance would continue to offer Singaporeans accessible insurance products.
Ms. He Ting Ru ( WP-Sengkang ) inquired about how the MAS has evaluated the impact of the agreement on the social mission of income insurance and what options are there for policyholders to address their concerns.
Mr. Leong Mun Wai, a Non-Constituency MP from the Progress Singapore Party ( PSP), questioned how the government would continue to support the co-operative movement in providing Singaporeans with affordable, essential goods and services in the future.
Income Insurance was set up in 1970 to offer affordable coverage to under-served employees. In 2022, it was extorted.