Document ID: chunk:federal_register_of_legislation:F2022N00025:body:0:p1
Version: federal_register_of_legislation:F2022N00025
Segment Type: other
Provision Reference: 
Character Range: 1–2716

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 4 of 2022

 Financial Sector (Shareholdings) Act 1998

 To: The Existing Approval Holders named in Schedule 1 and the Applicants named in Schedule 2

 SINCE:

      1. On 6 January 2021, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 30% stake in Integrity Group Holdings Limited ABN 33 159 865 666 (IGHL) and to hold a 100% stake in Integrity Life Australia Limited ABN 83 089 981 073 (ILAL), each a financial sector company under the Act (the Existing Approval);

     B.     On 7 December 2021 and 23 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in each of IGHL and ILAL, each a financial sector company under the Act (the New Application);

     C.     On 27 January 2022, the Existing Approval Holders requested that, upon the New Application being approved, the Existing Approval be revoked;

     D.     I am satisfied it is in the national interest for the Applicants to hold a 100% stake in each of IGHL and ILAL,

 I, Peter Kohlhagen, a delegate of the Treasurer:

      1. under subsection 18(3) of the Act, revoke the Existing Approval;

     B.     under subsection 14(1) of the Act, approve each Applicant to hold a 100% stake in each of IGHL and ILAL (the Approval); and

     C.     under subsection 16(1) of the Act, impose the condition on the Approval set out in Schedule 3.

 This notice commences on the day it is made and remains in force indefinitely. Date: 10 February 2022

 [Signed]

 Peter Kohlhagen General Manager Insurance Division

 Interpretation

 In this notice:

 Act means the Financial Sector (Shareholdings) Act 1998.
 APRA means the Australian Prudential Regulation Authority.
 financial sector company has the meaning given in section 3 of the Act.
 stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

 Notes

 Note 1 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the
 applicant and financial sector company concerned and this instrument will be registered in the Federal Register of Legislation as a notifiable instrument.

 Note 2 Section 19 of the Act provides for flow-on approvals. If an Approval has been granted for the holding of a stake in a financial sector company and the financial sector company is a holding company for an
 authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in