Document ID: chunk:federal_register_of_legislation:F2022N00004:body:0:p1
Version: federal_register_of_legislation:F2022N00004
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Character Range: 1–2745

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 28 of 2021

 Financial Sector (Shareholdings) Act 1998

    To: The persons in schedule 1 (the Existing Approval Holders) and the persons named in schedule 2 (the Applicants)

 SINCE:

      1. On 29 November 2018, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in HDI Global Specialty SE ABN 58 129 395 544 (HGS) (formally International Insurance Company of Hannover SE), a financial sector company under the Act (the Existing Approval);

    B.            On 10 December 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

    C.            On 10 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for the following approval:

        1. HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (HDI VaG) to hold a 100% stake in each of Talanx AG (Talanx), HDI Global SE ABN 55 490 279 016 (HG), HDI Global Specialty Holding GmbH (HGSH) and HGS, each a financial sector company under the Act;

b.        Talanx to hold a 100% stake in HG, HGSH and HGS, each a financial sector company under the Act;

c.         HG to hold a 100% stake in HGSH and HGS, each a financial sector under the Act; and

d.        HGSH to hold a 100% stake in HGS, a financial sector company under the Act.

    D.            I am satisfied it is in the national interest to grant the approval.

 I, Gloria Yu, a delegate of the Treasurer:

    (a)          under section 18(3) of the Act revoke the Existing Approval, with the revocation commencing on and from 31 March 2022; and

    (b)          under section 14(1) of the Act approve:
        1. HDI VaG holding a 100% stake in each of Talanx, HG, HGSH and HGS;

b.        Talanx holding a 100% stake in each of HG, HGSH and HGS;

c.         HG holding a 100% stake in each of HGSH and HGS; and

d.        HGSH holding a 100% stake in HGS.

 The approval commences on the day it is made and remains in force indefinitely. Date: 23 December 2021

 [Signed]

 Gloria Yu
 Acting 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