Singapore's new insurance law gives govt more power to check buyout deals

Singapore's new insurance law gives govt more power to check buyout deals

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File photo

In a rare move, Singapore this week rushed to table and pass a bill giving the government more power to check buyouts of cooperative-linked insurers after German giant Allianz’s proposed acquisition of a local company sparked public concern.