Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025

Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025

made under the Financial Sector (Shareholdings) Act 1998 and the Insurance Acquisitions and Takeovers Act 1991

Compilation No. 1

Compilation date: 3 October 2025

Includes amendments: Financial Sector (Shareholdings) (Resolution Life) Amendment (Delayed Commencement) Instrument 2025

Prepared by The Treasury

About this compilation

This compilation

This is a compilation of the Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025 that shows the text of the law as amended and in force on 3 October 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1  Name 

2  Commencement

3  Authority

4  Schedules

Schedule 1—Amendments

Part 1—New approvals

Financial Sector (Shareholdings) (Resolution Life) Instrument 2021

Notice of Approval under the Financial Sector (Shareholdings) Act 1998 - Nippon Life Insurance [C2016G01405]

Part 2—Repeals

Financial Sector (Shareholdings) (Resolution Life) Instrument 2021

Part 3—Amendments relating to decisions under the Insurance Acquisitions and Takeovers Act 1991

Financial Sector (Shareholdings) (Resolution Life) Instrument 2021

1  Name

  This instrument is the Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the following:

 (a) the Financial Sector (Shareholdings) Act 1998; and

 (b) the Insurance Acquisitions and Takeovers Act 1991.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Part 1—New approvals

Financial Sector (Shareholdings) (Resolution Life) Instrument 2021

1  Subsection 6(3) (before table item 1)

Insert:

Notice of Approval under the Financial Sector (Shareholdings) Act 1998 - Nippon Life Insurance [C2016G01405]

2  The whole of the instrument

Repeal the instrument.

Part 2—Repeals

Financial Sector (Shareholdings) (Resolution Life) Instrument 2021

3  Section 5

Repeal the following definitions:

 (a) definition of APRA;

 (b) definition of accounting standards;

 (c) definition of ACSC;

 (d) definition of auditing standards;

 (e) definition of Australian law;

 (f) definition of Australian policy holder;

 (g) definition of control;

 (h) definition of entity;

 (i) definition of entity connected with a corporation;

 (j) definition of hold;

 (k) definition of personal information;

 (l) definition of the Treasury.

4  Subsection 6(2) (table)

Repeal the table, substitute:

5  Subsection 6(3) (table item 3A)

Repeal the item.

6  Subsection 6(3) (table item 4A and 4C)

Repeal the items.

7  Subsection 6(3) (table item 5A)

Repeal the item.

8  Section 7

Repeal the section.

Part 3—Amendments relating to decisions under the Insurance Acquisitions and Takeovers Act 1991

Financial Sector (Shareholdings) (Resolution Life) Instrument 2021

9  At the end of the instrument

Add:

Part 4—Go‑ahead decision: trigger proposal relating to Nippon Life and Resolution Life

9  Unconditional go-ahead decision

  Under subsection 55(1) of the Insurance Acquisitions and Takeovers Act 1991, the Commonwealth Government has no objection, unconditionally, to the trigger proposal by Nippon Life Insurance Company and RLGH Finance Bermuda Ltd (Bermuda) to enter into an agreement to allow:

 (a) Nippon Life Insurance Company and RLGH Finance Bermuda Ltd (Bermuda) to accustom or oblige the directors of the boards of Resolution Life Australasia Limited (ABN 84 079 300 379), MLC Limited (ABN 90 000 000 402) and RLNM Limited (ABN 72 004 020 437), whether formal or informal, to act in accordance with the directions, instructions or wishes of Nippon Life Insurance Company and RLGH Finance Bermuda Ltd (Bermuda); and

 (b) Nippon Life Insurance Company and RLGH Finance Bermuda Ltd (Bermuda) to appoint and remove directors to the boards of Resolution Life Australasia Limited, MLC Limited and RLNM Limited.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

[1]  Commencement of Part 2 has been later modified to 1 January 2026.