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THE amendment of the Insurance Act took time because 'issues were rather complicated, and diverse feedback was received from a wide range of stakeholders', said Minister for Trade and Industry Lim Hng Kiang.
Ms Penny Low, MP for Pasir Ris-Punggol GRC, asked why it took such a long time to make provision for the nomination of beneficiaries.
'The Monetary Authority of Singapore had to take all these views into consideration, in addition to its impact on other pieces of legislation,' he replied.
The amended Act will 'give policy owners the assurance that the proceeds from their insurance policies will be disbursed as intended', he said.
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