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

Financial Sector (Shareholdings) Act 1998

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

Since:

1. On 10 June 2022, the Existing Approval Holders were granted approval under paragraph 14(1)(a) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Domestic & General Insurance Plc ABN 11 124 040 768 (Domestic & General Insurance), an authorised insurance company, and the financial sector companies of Domestic & General Insurance (the Existing Approval1);

B. On 13 October 2022, the Existing Approval Holders requested that the Existing Approval be revoked;

C. On 13 October 2022, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3; and

D. I am satisfied it is in the national interest for each of the Applicants to hold a stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3 of more than 20%,

I, Sharyn Reichstein, a delegate of the Treasurer:

(a) under subsection 18(3) of the Act, revoke the Existing Approval on and from 31 October 2022; and

(b) under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3.

This approval commences on the day it is made and remains in force indefinitely. Date: 27 October 2022

1 Registration number F2022N00131. Sharyn Reichstein General Manager Insurance Division Australian Prudential Regulation Authority