SINGAPORE – After nearly four hours of debate, Parliament passed a Bill to amend the Insurance Act on Oct 16 to block German insurer Allianz’s offer to take a controlling stake in Singapore’s Income Insurance.

       The House also congratulated and honoured Team Singapore Olympians and Paralympians for their achievements at the 2024 Paris Olympic and Paralympic Games.

       Here are the key takeaways from the latest sitting:

       A Bill was passed to amend the Insurance Act, paving 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.

       Mr Chee Hong Tat, Second Finance Minister and deputy chairman of the Monetary Authority of Singapore, said during the second reading of the Insurance (Amendment) Bill that the amendments were made on an urgent basis. This was because the proposed transaction was under active consideration by Income’s shareholders.

       MPs raised concerns about the urgency to pass the Bill, with members of the Workers’ Party abstaining from voting.

       With the amendment, the Minister-in-Charge of MAS can withhold approval of the application in the public’s interest.

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       The first reading was on Oct 14, the same day the Government blocked Allianz’s planned offer in its current form. This was due to concerns over the deal structure and Income’s ability to continue its social mission.

       There is currently no provision in the Insurance Act for the financial regulator to consider the views of MCCY in such cases. The amendment is critical, given that Income is now a corporate entity, and is no longer subject to regulations that govern cooperatives.

       Before the amendment, the approval of the planned transaction rested with MAS, which assesses an application on prudential grounds, such as taking into account the financial strength and track record of the applicant.

       However, Income has a social mission for which the views of the minister overseeing co-ops need to be considered.

       The proposed deal has sparked public concerns that Income will abandon workers and Singaporeans’ interests if it becomes part of a profit-driven international player.

       READ MORE HERE: Parliament passes Bill to allow Govt to block deals like Allianz-Income tie-up

       Minister for Culture, Community and Youth Edwin Tong moved a motion in Parliament to honour Team Singapore athletes who competed at the 2024 Paris Olympic and Paralympic Games.

       Seventeen of the 33 athletes who competed at the Paris Olympics and Paralympics attended the parliamentary sitting on Oct 16.

       Mr Tong said that while not all of them won a medal in Paris, they are all winners who fought hard in the toughest of arenas, and pushed themselves above and beyond their limits.

       Singapore was represented by a 23-strong contingent at the July 26 to Aug 11 Olympics, with Maximilian Maeder winning a historic kitefoiling bronze medal.

       This was followed by the Aug 28 to Sept 8 Paralympics, where 10 athletes achieved the country’s best showing of two gold medals and a silver. Swimmer Yip Pin Xiu retained her 50m and 100m backstroke S2 titles to take her Games gold medal haul to seven, while Jeralyn Tan won a historic silver medal in boccia.

       Reiterating the Government’s support for the country’s athletes, Mr Tong stressed the importance of developing the local sporting ecosystem. He added that today’s athletes should be the giants on whose shoulders future athletes will stand, so that Singapore can achieve more with each succeeding generation of Team Singapore athletes.

       READ MORE HERE: Singapore’s Paris Olympians and Paralympians honoured in Parliament

       The Public Transport Council (PTC), which regulates bus and train fares here, has signalled that it intends to continue taking a “gradual approach” to future fare revisions to mitigate the impact on passengers, said Transport Minister Chee Hong Tat.

       Responding to questions from MPs about the upcoming fare increase announced in September, Mr Chee said the PTC was able to grant a smaller fare increase than what was allowed in 2024 as the Government had committed to providing $250 million in extra subsidies in 2025 to cover the resulting funding gap.

       However, while the Government has stepped in to provide these additional subsidies to moderate the impact of recent fare hikes, the minister said these extra subsidies are ultimately borne by current and future generations of taxpayers, and the gap should be gradually closed over time.

       He said the PTC considers economic and social factors such as fare affordability, rising costs and the current economic climate, when deciding on fare adjustments.

       When there are fare increases, Mr Chee said, the Government also provides public transport vouchers to cushion the blow on lower-income households. Given the concerns over cost of living, the income eligibility criterion for the vouchers was raised so that 60,000 more households could qualify. The voucher amount was also raised from $50 to $60.

       Bus and train fares will go up by 10 cents from Dec 28 for adults who pay by card, after the PTC decided to raise fares by 6 per cent in 2024 to help operators cover rising costs.

       Fares were also raised in 2023, 2022 and 2021, and are likely to continue rising due to a 12.9 per cent hike that the PTC has rolled over to future fare review exercises.

       The recent hikes have sparked concerns about their cumulative impact on the average public transport user. There were also concerns among backbenchers about financial sustainability of the public transport sector, and the impact of the recent fare revisions on service and reliability levels.

       READ MORE HERE: PTC intends to continue taking ‘gradual approach’ to future fare adjustments: Chee Hong Tat

       It is not practical for the Ministry of Manpower (MOM) to set blanket rules for exactly when companies should stop work in the event of extreme weather conditions.

       This is because of the wide range of possible weather conditions and their varying effects on different worksites, said Senior Minister of State for Manpower Zaqy Mohamad.

       He added that employers and worksite occupiers have to ensure that workplace safety guidelines are all adhered to.

       MOM will also study the long-term implications of erratic weather conditions on workers, and will look at the scientific evidence to determine if any action should be taken.

       Mr Sharael Taha (Pasir Ris-Punggol GRC) asked if the Ministry of National Development could consider promoting orang laut (sea nomads) culture by setting aside permanent spaces for such purposes, or integrating heritage trails into plans for the Greater Southern Waterfront and West Coast Park.

       National Development Minister Desmond Lee said the ministry is in touch with the orang laut community, and will consider Mr Sharael’s suggestions.