Document ID: chunk:federal_register_of_legislation:F2022N00003:body:0:p1
Version: federal_register_of_legislation:F2022N00003
Segment Type: other
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Character Range: 0–2820

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 29 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 23 December 2020, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Sirius International Insurance Corporation ABN 26 764 933 0011, an authorised insurance company (SIIC), and related financial sector companies under the Act (the Existing Approval);

    B.            On 22 October 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

    C.            On 22 October 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in SIIC and the related financial sector companies as set out in Schedule 3;

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

 I, Sharyn Reichstein, a delegate of the Treasurer:

    (a)          under subsection 18(3) of the Act, revoke the Existing Approval on and from 1 January 2022; and

    (b)          under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in SIIC and the related financial sector companies as set out in Schedule 3,

 The approval commences on the day it is made and remains in force indefinitely. Date: 23 December 2021
 [Signed]
 Sharyn Reichstein
 General Manager, Insurance Division

 1 To be renamed SiriusPoint International Insurance Corporation.
 Interpretation

 In this notice:

 APRA means the Australian Prudential Regulation Authority.
 authorised insurance company has the meaning given in section 3 of the Act.
 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.
 unacceptable shareholding situation has the meaning given in section 10 of 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 each financial sector company that is a 100% subsidiary of the