Singapore halted a deal between Allianz and Income Insurance over concerns for social mission impact.

The Singapore government, led by Prime Minister Lawrence Wong, halted a deal between German insurer Allianz and Income Insurance due to concerns over the deal's structure and its impact on Income's social mission. Law Minister K. Shanmugam clarified that the decision was based on an amendment to the Insurance Act and emphasized the government's commitment to accountability and lawful processes. Future applications will consider input from the Ministry of Culture, Community and Youth.

November 06, 2024
6 Articles