Income-Allianz deal: MAS to hold both sides to account to ensure existing policies stay same

The Monetary Authority of Singapore said fostering a competitive insurance market is key to ensuring access to affordable policy options in the long term. Questions were raised in Parliament today over a proposed acquisition of a majority stake in Income Insurance by Germany's Allianz. The questions were answered by Minister of State for Culture, Community and Youth, Alvin Tan, as well as Second Minister for Finance and MAS Board Member, Chee Hong Tat. The MAS also assured that there will be no change to the terms and conditions of existing insurance contracts. It added that it will hold both parties to these commitments. Nicolas Ng reports.