Document ID: chunk:federal_register_of_legislation:F2022N00125:body:0:p1
Version: federal_register_of_legislation:F2022N00125
Segment Type: other
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Character Range: 1–2938

Revocation of existing approval and granting of new approval to hold a stake in a financial sector  company of more              than              20% No. 10 of 2022

 Financial Sector (Shareholdings) Act 1998

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

 SINCE

       1. On 11 March 2013, 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 The Hollard Insurance Company Pty Ltd ABN 78 090 584 473 (Hollard Insurance) and the then holding companies of Hollard Insurance, Hollard Holdings Australia Pty Ltd ABN 30 154 586 802, Hollard Investments B.V. and Hollard Investments Coӧperatief U.A. (the Existing Approval);

     B.                  the Applicants have applied for an approval under section 13 of the Act, to hold a stake of 100% in Hollard Insurance and each of the companies listed in the attached Schedule 3, each financial sector companies under the Act (the companies);

     C.                 the Applicants have also applied for an approval under section 13 of the Act, to hold a stake of 100% in Commonwealth Insurance Limited ABN 96 067 524 216 (Commonwealth Insurance), a financial sector company under the Act;

     D.                 the Existing Approval Holders have requested that the Existing Approval be revoked;

     E.                  I am satisfied that it is in the national interest for each Applicant to hold a stake in Hollard Insurance and the companies of more than 20%; and

     F.                  I am satisfied that it is in the national interest for each Applicant to hold a stake in Commonwealth Insurance of more than 20%.

 I, Sharyn Reichstein, 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 to hold a 100% stake in Hollard Insurance and the companies; and

          (c)                under subsection 14(1) of the Act, APPROVE each of the Applicants to hold a 100% stake in Commonwealth Insurance.

 This instrument commences on the day it is made and remains in force indefinitely. Dated: 1/06/2022

 Sharyn Reichstein General Manager Insurance Division

 Interpretation

 In this instrument:

 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. This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

 Note 2. The Treasurer or the Treasurer's delegate is required to give a copy of this instrument to the financial sector company.

 Note 3. Section 19 of the Act provides for flow-on approvals