Four Bills introduced in Parliament

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FOUR BILLS. HA HA.

Four Bills were introduced in Parliament today.

The Insurance (Amendment) Bill seeks to enhance the supervisory powers of the Monetary Authority of Singapore (MAS). With these enhanced powers, the MAS will be able to approve and remove key personnel of insurers, inspect overseas branches and subsidiaries of locally-incorporated insurers.

The Financial Institutions (Miscellaneous Amendments) Bill seeks to expand the existing resolution regime applicable to banks and insurers to a wider group of financial institutions.

Under the proposed amendments, the MAS will be empowered to exercise a wider range of options in dealing with a failed financial institution.

The Financial Holding Companies Bill and Monetary Authority of Singapore (Amendment) Bill were also introduced.