Personal Explanation

Debated in Parliament on 9 Sep 2024.

Summary written by AI (learn more)

He Ting Ru clarified that during a previous question time, she misquoted the capital adequacy ratio (CAR) requirement for Income Insurance, noting that the baseline set by the Monetary Authority of Singapore (MAS) is 100%, not 120% as mentioned in her earlier reference to a Zero One report.
She acknowledged that from 1 January 2024, Income Insurance is subject to higher capital requirements because MAS designated it as a domestic systematically important insurer.
The clarification was made to correct her earlier statement regarding Income Insurance's reported CAR of 193% being in excess of the regulatory requirement, which she now understands is based on the 100% baseline plus any additional MAS-imposed amounts.

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He Ting Ru (Sengkang)

Thank you, Mr Speaker. During Question Time last month on 6 August 2024, I quoted a December 2023 Zero One report which stated that Income Insurance's reported capital adequacy ratio (CAR) of 193% was in excess of the 120% required under the Insurance Act and other applicable regulations. [Please refer to "Regulatory Assessment of Allianz Insurance's Planned Acquisition of Income Insurance", Official Report, 6 August 2024, Vol 95, Issue 138, Oral Answers to Questions section.]

I would like to clarify that while the report mentioned a value of 120%, I understand that the baseline CAR level currently required by the Monetary Authority of Singapore (MAS) is 100%, plus any additional amounts imposed upon MAS upon individual insurers. I further note that from 1 January 2024, Income is required to maintain higher capital requirements due to it being designated by MAS as a domestic systematically important insurer.

Summary written by AI (learn more)

He Ting Ru clarified that during a previous question time, she misquoted the capital adequacy ratio (CAR) requirement for Income Insurance, noting that the baseline set by the Monetary Authority of Singapore (MAS) is 100%, not 120% as mentioned in her earlier reference to a Zero One report.
She acknowledged that from 1 January 2024, Income Insurance is subject to higher capital requirements because MAS designated it as a domestic systematically important insurer.
The clarification was made to correct her earlier statement regarding Income Insurance's reported CAR of 193% being in excess of the regulatory requirement, which she now understands is based on the 100% baseline plus any additional MAS-imposed amounts.

Questions identified by AI (learn more)

Personal Explanation | PAPERCUTS

Personal Explanation

Debated in Parliament on 9 Sep 2024.

Summary written by AI (learn more)

He Ting Ru clarified that during a previous question time, she misquoted the capital adequacy ratio (CAR) requirement for Income Insurance, noting that the baseline set by the Monetary Authority of Singapore (MAS) is 100%, not 120% as mentioned in her earlier reference to a Zero One report.
She acknowledged that from 1 January 2024, Income Insurance is subject to higher capital requirements because MAS designated it as a domestic systematically important insurer.
The clarification was made to correct her earlier statement regarding Income Insurance's reported CAR of 193% being in excess of the regulatory requirement, which she now understands is based on the 100% baseline plus any additional MAS-imposed amounts.

Questions identified by AI (learn more)

Full Transcript

He Ting Ru (Sengkang)

Summary written by AI (learn more)

He Ting Ru clarified that during a previous question time, she misquoted the capital adequacy ratio (CAR) requirement for Income Insurance, noting that the baseline set by the Monetary Authority of Singapore (MAS) is 100%, not 120% as mentioned in her earlier reference to a Zero One report.
She acknowledged that from 1 January 2024, Income Insurance is subject to higher capital requirements because MAS designated it as a domestic systematically important insurer.
The clarification was made to correct her earlier statement regarding Income Insurance's reported CAR of 193% being in excess of the regulatory requirement, which she now understands is based on the 100% baseline plus any additional MAS-imposed amounts.

Questions identified by AI (learn more)

Personal Explanation

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He Ting Ru (Sengkang)

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Personal Explanation

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He Ting Ru (Sengkang)

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