Approval to hold a stake in a financial sector company of more than 15%
Financial Sector (Shareholdings) Act 1998
SINCE
- AAI Limited ABN 48 005 297 807 and the person(s) named in the attached Schedule (the applicants) have applied to the Treasurer under section 13 of the Financial Sector (Shareholdings) Act 1998 (the Act), for approval to hold a stake of more than 15% in MTA Insurance Limited ABN 50 070 583 701 (the Company), a financial sector company under the Act; and
B. I am satisfied that it is in the national interest to approve the applicants holding a stake in the Company of more than 15%,
I, Robyn McMahon, a delegate of the Treasurer, under subsection 14(1) of the Act, APPROVE the applicants holding a stake in the Company of 100 %.
This Approval commences on the date it is signed and remains in force indefinitely. Dated: 22 August 2014
[Signed]
Robyn McMahon General Manager
Diversified Institutions Division
Interpretation Document ID: 214143
In this Notice:
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.
unacceptable shareholding situation has the meaning given in section 10 of the Act.
Note 1
Under paragraph 16(2)(a) of the Act, the Treasurer may, by written notice given to a person who
holds an Approval under section 14, impose one or more conditions or further conditions to which the Approval is subject. Under paragraph 16(2)(b) of the Act, the Treasurer may revoke or vary any condition imposed under paragraph 16(2)(a) of the Act or specified in the Notice of Approval. The Treasurer’s power under subsection 16(2) of the Act may be exercised on the Treasurer’s own initiative or on application made to the Treasurer in accordance with the requirements of subsection 16(4) of the Act, by the person who holds the Approval (see subsection 16(3) of the Act).
Note 2
A person who holds an Approval under section 14 may apply to the Treasurer under section 17(1) of
the Act, to vary the percentage specified in the Approval.
Note 3
Under subsection 17(6) of the Act, the Treasurer may, on the Treasurer’s own initiative, by written
notice given to a person who holds an Approval under section 14, vary the percentage specified in the Approval if the Treasurer is satisfied that it is in the national interest to do so.
Note 4
The circumstances in which the Treasurer may revoke a person’s Approval under section 14 are set
out in subsection 18(1) of the Act.
Note 5
Section 19 of the Act provides for flow-on approvals. If an Approval has been granted for the
holding of a stake in a financial sector company and the financial sector company is a holding company for an authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in each financial sector company that is a 100% subsidiary of the holding company.
Note 6
Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant
and financial sector company concerned, and must publish a copy of this Notice in the Gazette.
Note 7
Under section 11 of the Act, a person or 2 or more persons under an arrangement are guilty of an
offence if the person(s) acquires shares in a company and the acquisition has the result, in relation to a financial sector company, that:
(i) an unacceptable shareholding situation comes into existence; or
(ii) if an unacceptable shareholding situation already exists in relation to the company and in relation to a person – there is an increase in the stake held by the person in the company;
and the person(s) was reckless as to whether the acquisition would have that result. A maximum penalty of 400 penalty units applies or by virtue of subsection 4B(3) of the Crimes Act 1914, in the case of a body corporate, a penalty not exceeding 2,000 penalty units. By virtue of section 39 of the Act, an offence against section 11 is an indictable offence.
Schedule - the person(s) who applied for approval
ABBI Pty Ltd ABN 87 099 692 618
ACM Parts Pty Ltd ABN 78 165 321 979
All States Auto Management Pty Ltd ABN 21 050 238 036
Amy Corporation Pty Ltd ABN 15 050 238 009
APUA Pty Ltd ABN 16 090 661 528
Asteron Life Pty Limited ABN 64 001 698 228
Asteron Pty Limited ABN 94 000 015 949
Australian Alliance Insurance Company Pty Limited ABN 11 006 471 709
Australian Associated Motor Insurers Pty Limited ABN 92 004 791 744
Australian Pensioners Insurance Agency Pty Limited ABN 14 099 650 996
Aviation Office of Australia Pty Ltd ABN 19 002 490 584
Bingle.com Pty Limited ABN 93 121 114 574
Capital S.M.A.R.T. Repairs Australia Pty Ltd ABN 47 143 462 748
FN Financial Solutions Pty Limited ABN 13 060 574 432
GIO Australia Pty Limited ABN 78 052 179 996
GIO General Pty Limited ABN 22 002 861 583
GIO Insurance Investment Holdings A Pty Limited ABN 48 082 094 291
GIO Workers' Compensation (NSW) Pty Limited ABN 79 054 523 698
GIO Workers' Compensation (Victoria) Pty Limited ABN 30 060 346 509
Graham & Company Pty Limited ABN 87 010 513 907
Guardian Financial Planning Pty Limited ABN 17 000 036 626
InsureMyRide Pty Limited ABN 75 121 676 293
Just Car Insurance Agency Pty Ltd ABN 41 050 238 563 Just Home Insurance Agency Pty Ltd ACN 050 238 572
Medical & Commercial Finance Corporation Pty Limited ABN 85 010 038 865
National Finance Network Pty Limited ABN 44 010 676 178
National Marine Insurance Agency Pty Limited ABN 77 000 746 083
NTI Limited ABN 84 000 746 109
Promequity Pty Limited ABN 24 004 061 116
Promfound Pty Limited ABN 37 077 577 336
QIDC Pty Ltd ABN 95 075 437 544
QPlus Production Pty Ltd ABN 66 158 065 082
RACT Insurance Pty Ltd ABN 96 068 167 804
Repair Methods Australia Pty Ltd ABN 18 091 918 231
Resilium Pty Limited ABN 40 098 080 810
SBGH Limited ABN 83 145 980 838
Shannons Auctions Limited ABN 83 099 665 497
Shannons Pty Limited ABN 91 099 692 636
SIS Super Pty Ltd ABN 19 064 490 820
Skilled Drivers of Australia Limited ABN 71 005 918 301
SME Management Pty Limited ABN 21 084 490 166
SPDEF #2 Pty Ltd ABN 34 122 256 820
SPDEF Pty Ltd atf SPDEF Trust ACN 107 349 011 SUN Litigation Pty Ltd ABN 14 114 603 413
Suncorp Corporate Services Pty Ltd ABN 69 074 966 466
Suncorp Custodian Services Pty Ltd ABN 85 010 421 931
Suncorp Finance Pty Limited ABN 54 009 705 417
Suncorp Funds Pty Ltd ACN 153 008 354 Suncorp Group Holdings (NZ) Ltd
Suncorp Group Limited ABN 66 145 290 124 Suncorp Group Services NZ Limited
Suncorp Insurance (General Overseas) Pty Ltd ABN 49 102 606 708
Suncorp Insurance (Life Overseas) Pty Ltd ABN 66 114 577 418
Suncorp Insurance Funding 2007 Limited ABN 57 124 205 330
Suncorp Insurance Holdings Limited ABN 99 123 023 334
Suncorp Insurance Services Limited (formerly Promgroup Limited) ABN 79 000 746 092
Suncorp Insurance Ventures Pty Ltd ACN 158 182 042
Suncorp Life & Superannuation Limited ABN 87 073 979 530
Suncorp Life Holdings Limited ABN 87 064 490 795
Suncorp Metway Advances Corporation Pty Ltd ABN 89 100 845 127
Suncorp Metway Insurance Pty Limited ABN 83 075 695 966
Suncorp Portfolio Services Limited ABN 61 063 427 958
Suncorp Security Services Limited ABN 67 002 977 237
Suncorp Staff Pty Ltd ABN 31 010 869 726
Suncorp Superannuation Administration Services Pty Ltd ACN 109 269 212 Suncorp-Metway Limited ABN 66 010 831 722
Taurus Trade Finance Pty Ltd ABN 82 120 567 866
Terri Scheer Insurance Pty Ltd ABN 76 070 874 798
Vero Surety Pty Limited ABN 85 101 110 703