Document ID: chunk:federal_register_of_legislation:F2022N00246:body:0
Version: federal_register_of_legislation:F2022N00246
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Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 20 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 10 June 2022, the Existing Approval Holders were granted approval under paragraph 14(1)(a) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Domestic & General Insurance Plc ABN 11 124 040 768 (Domestic & General Insurance), an authorised insurance company, and the financial sector companies of Domestic & General Insurance (the Existing Approval1);

    B.            On 13 October 2022, the Existing Approval Holders requested that the Existing Approval be revoked;

    C.            On 13 October 2022, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3; and

    D.            I am satisfied it is in the national interest for each of the Applicants to hold a stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3 of more than 20%,

 I, Sharyn Reichstein, a delegate of the Treasurer:

    (a)          under subsection 18(3) of the Act, revoke the Existing Approval on and from 31 October 2022; and

    (b)          under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3.

 This approval commences on the day it is made and remains in force indefinitely. Date: 27 October 2022

 1 Registration number F2022N00131.
 Sharyn Reichstein General Manager Insurance Division
 Australian Prudential Regulation Authority

 Interpretation

 In this notice:

 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.