Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - No. 5 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% - No. 5 of 2020

Financial Sector (Shareholdings) Act 1998

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

SINCE:

1. On 2 August 2016, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Eric Insurance Limited ABN 18 009 129 793 (the company), a financial sector company under the Act (the Existing Approval);

B. On 15 May 2020, 22 December 2020 and 23 March 2021, the Existing Approval Holders have requested that the Existing Approval be revoked;

C. On 20 December 2020 and 23 March 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in the company;

D. I am satisfied it is in the national interest for the Applicants to hold a 100% stake 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 each of the Applicants to hold a 100% stake in the company;

(c) under section 16(1) IMPOSE the condition set out in Schedule 3.

This instrument commences on the day it is signed and remains in force indefinitely. Dated: 21 April 2021

Sharyn Reichstein1 General Manager Insurance

1 A delegate of the Treasurer.

Interpretation

Act means the Financial Sector (Shareholdings) Act 1998. 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.

Note 1 A copy of this instrument must be provided to the persons who applied for the approval and the financial sector company concerned and a notice of this instrument will be registered on the Federal Register of Legislation as a notifiable instrument.