Personal Explanation

1.30 pm

Ms 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.

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.