The insurer did not submit an application for capital reduction. The Monetary Authority of Singapore (MAS) has issued a detailed response to three open letters from former Income Insurance CEO Tan Suee Chieh, clarifying its regulatory actions regarding Allianz Europe B.V.'s proposed acquisition of Income Insurance Limited. Tan's letters—published in August 2024 and April 2025—raised questions about MAS' oversight of the attempted transaction. In response, MAS reiterated that Allianz's proposal to acquire a 51% stake in Income was subject to regulatory approval under the Insurance Act. Whilst MAS granted preliminary consent for Allianz and NTUC Enterprise to negotiate the deal, formal approval for Allianz to gain control had not been submitted as of October 2024. MAS confirmed it had received Allianz's preliminary business plan in July 2024, which included a projected capital reduction. However, MAS stressed that no application for capital reduction had been submitted and no approval had been given.