Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - 3 of 2020 (Cth)

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - 3 of 2020

Financial Sector (Shareholdings) Act 1998

To: Through Transport Mutual Insurance Association Limited UK company number: 02657093 ('the applicant')

SINCE:

1. on 18 February 2009 an approval was granted (the existing approval) under section 14 of the Financial Sector (Shareholdings) Act 1998 (the Act) for the applicant to hold a stake of 75% in the financial sector company TT Club Mutual Insurance Limited ABN 31 129 394 618 (the Company); and

B. the applicant has applied to the Treasurer:

1. under section 18(3) of the Act to revoke the existing approval; and

b. under section 13(1) of the Act for approval to hold a 100% stake in the Company; and

C. I am satisfied it is in the national interest to approve the applicant holding a stake of more than 20% in the Company,

I, Sharyn Reichstein, General Manager:

(a) under section 18(3) of the Act, revoke the existing approval; and

(b) under section 14(1) of the Act, approve the applicant holding a stake of 100% in the Company.

This instrument commences on the date of the instrument and remains in force indefinitely. Dated: 24 December 2020 [Signed]

Sharyn Reichstein1 General Manager, Insurance Division

1 A delegate of the Treasurer.

Interpretation

Act means the Financial Sector (Shareholdings) Act 1998. APRA means the Australian Prudential Regulation Authority. stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

Note 1 The Treasurer, or the Treasurer's delegate, is required to give a copy of this instrument to the applicant(s) and the financial sector company to which this instrument relates.

Note 2 Subsection 14(1) of the Act provides the Treasurer may, by notifiable instrument, grant the application.