Document ID: chunk:federal_register_of_legislation:F2024N00064:body:0
Version: federal_register_of_legislation:F2024N00064
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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. 8 of 2023

 Financial Sector (Shareholdings) Act 1998

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

 Since:

      1. On 7 September 2011, the Existing Approval Holders were granted approval under subsection 14(1) of the Act to hold a 100% stake in Berkley Insurance Company ARBN 126 559 706 (the company), a financial sector company under the Act (the Existing Approval);

    B.            On 24 November 2023, the Existing Approval Holders requested that the Existing Approval be revoked;

C.            On 24 November 2023, the Applicants applied to the Treasurer under section 13 of the Act, for approval to hold a 100% stake in the company, Signet Star Holdings, Inc. and
    W. R. Berkley Corporation, each a financial sector company under the Act;

D.            I am satisfied it is in the national interest for the Applicants to hold a 100% stake in the company, Signet Star Holdings, Inc. and W. R. Berkley Corporation.

 I, John Huijsen, a delegate of the Treasurer:

(a)          under subsection 18(3) of the Act, revoke the Existing Approval; and

(b)          under subsection 14(1) of the Act, approve each of the Applicants holding a 100% stake in the company, Signet Star Holdings, Inc. and W. R. Berkley Corporation.

 The instrument commences on the day it is made and remains in force indefinitely. Date: 20 December 2023

 John Huijsen General Manager Insurance Division
 Australian Prudential Regulation Authority
 Interpretation

 Act means the Financial Sector (Shareholdings) Act 1998.
 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 an approval to the applicant and financial sector company concerned and this instrument will be registered on 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 holding company.