Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 1 of 2022 (Cth)

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 1 of 2022

Financial Sector (Shareholdings) Act 1998

To: The Existing Approval Holders named in Schedule 1 and the Applicants named in Schedule 3.

Since:

1. On 1 November 2017, 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 RGA Reinsurance Company of Australia Limited ABN 14 072 292 712 (RGAA) (an authorised insurance company) and the financial sector companies as set out in Schedule 2 (the Existing Approval);

B. On 3 December 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

C. On 3 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4; and

D. I am satisfied it is in the national interest for the Applicants to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4,

I, Sharyn Reichstein, a delegate of the Treasurer:

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

(b) under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4.

This instrument commences on the day it is made and remains in force indefinitely. Date: 13 April 2022

Sharyn Reichstein General Manager Insurance Division Australian Prudential Regulation Authority Interpretation

100% subsidiary has the meaning given by section 3 of the Act. authorised insurance company has the meaning given by subsection 3 of the Act. financial sector company has the meaning given in section 3 of the Act. holding company has the meaning given by section 4 of the Act. stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.