Insurance (Amendment) Bill

The Insurance (Amendment) Bill 2024 amends the Insurance Act 1966 to introduce a new requirement for Ministerial approval for specific applications regarding licensed insurers. The applications affected are those involving co-operative societies or entities closely related to them seeking effective control or substantial shareholding in licensed insurers. The Minister can withhold approval in the public interest and may impose conditions upon granting approval, with violations considered an offence. The bill also revises certain sections of the act to incorporate these approvals into the decision-making process of the Monetary Authority of Singapore. There is no expected additional financial expenditure for the government associated with this amendment.