Financial Sector (Shareholdings) (Resolution Life) Instrument 2021
made under the Financial Sector (Shareholdings) Act 1998 and the Insurance Acquisitions and Takeovers Act 1991
Compilation No. 7
Compilation date: 1 January 2026
Includes amendments: Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025
Prepared by The Treasury
About this compilation
This compilation
This is a compilation of the Financial Sector (Shareholdings) (Resolution Life) Instrument 2021 that shows the text of the law as amended and in force on 1 January 2026 (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. Any modifications affecting the law are accessible on the Register.
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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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
Part 1—Preliminary
1 Name
3 Authority
5 Definitions
Part 2—Approvals to exceed 20% shareholding limit
6 Approvals of applications
Part 3—Go ahead decision: trigger proposal relating to Resolution Life and AIA Australia
8 Unconditional go-ahead decision
Part 4— Go‑ahead decision: trigger proposal relating to Nippon Life and Resolution Life
9 Unconditional go-ahead decision
Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Part 1—Preliminary
1 Name
This instrument is the Financial Sector (Shareholdings) (Resolution Life) Instrument 2021.
3 Authority
This instrument is made under:
(a) the Financial Sector (Shareholdings) Act 1998; and
(b) the Insurance Acquisitions and Takeovers Act 1991.
5 Definitions
Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Financial Sector (Shareholdings) Act 1998 as in force from time to time.
In this instrument:
ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.
the Act means the Financial Sector (Shareholdings) Act 1998.
Part 2—Approvals to exceed 20% shareholding limit
6 Approvals of applications
(1) Under paragraph 14(1)(a) of the Act, each applicant covered by subsection (2) is granted approval:
(a) to hold more than a 20% stake in a financial sector company covered by subsection (3); and
(b) to hold no more of the stake specified in the financial sector company as is specified in subsection (3).
(2) For the purposes of subsection (1), an applicant is covered by this subsection if the applicant is listed in an item of the following table:
Item | Name of applicant | ABN of applicant (if any) |
1 | Nippon Life Insurance Company |
|
2 | Resolution Life AAPH Limited | 78 069 123 011 |
3 | Resolution Life Australia Pty Ltd | 48 629 568 912 |
4 | Resolution Life Financial Services Holdings Limited | 45 076 716 704 |
5 | Resolution Life Group Holdings Ltd |
|
6 | Resolution Life NOHC Pty Ltd | 48 633 375 069 |
7 | RLGH Finance Bermuda Ltd |
|
(3) For the purposes of subsection (1), a financial sector company is covered by this subsection if the company is listed in an item of the following table:
Item | Financial sector company | ABN of financial sector company | Approved holding in the financial sector company |
1A | MLC Limited | 90 000 000 402 | 100% |
1 | Resolution Life Australasia Limited | 84 079 300 379 | 100% |
2 | Resolution Life AAPH Limited | 78 069 123 011 | 100% |
3 | Resolution Life Australia Pty Ltd | 48 629 568 912 | 100% |
4 | Resolution Life Financial Services Holdings Limited | 45 076 716 704 | 100% |
5 | Resolution Life NOHC Pty Ltd | 48 633 375 069 | 100% |
6 | RLNM Limited | 72 004 020 437 | 100% |
(4) To avoid doubt, subsection (1) does not have the effect of granting an applicant approval to hold any stake in itself.
(5) The approvals granted under subsection (1) remain in force until repealed or otherwise revoked.
Part 3—Go ahead decision: trigger proposal relating to Resolution Life and AIA Australia
8 Unconditional go-ahead decision
Under section 41 of the Insurance Acquisitions and Takeovers Act 1991, and in compliance with the decision-making principles, the Commonwealth Government has no objection, unconditionally, to the trigger proposal by Resolution Life NOHC Pty Ltd (ABN 48 633 375 069), for Resolution Life Australasia Limited (ABN 84 079 300 379) to acquire the assets and liabilities referable to the superannuation and investment business of AIA Australia Limited (ABN 79 004 837 861) by way of a scheme to be confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995.
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
ad = added or inserted | orig = original |
am = amended | p = page(s) |
amdt = amendment | para = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub‑subparagraph(s) |
ch = Chapter(s) | pres = present |
cl = clause(s) | prev = previous |
cont. = continued | (prev…) = previously |
def = definition(s) | pt = Part(s) |
Dict = Dictionary | r = regulation(s)/Court rule(s) |
disallowed = disallowed by Parliament | reloc = relocated |
div = Division(s) | renum = renumbered |
exp = expires/expired or ceases/ceased to have | rep = repealed |
effect | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | /rule(s)/subrule(s)/order(s)/suborder(s) |
LIA = Legislative Instruments Act 2003 | sch = Schedule(s) |
(md not incorp) = misdescribed amendment | SLI = Select Legislative Instrument |
cannot be given effect | SR = Statutory Rules |
mod = modified/modification | sub ch = Sub‑Chapter(s) |
No. = Number(s) | sub div = Subdivision(s) |
Ord = Ordinance | sub pt = Subpart(s) |
| underlining = whole or part not |
| commenced or to be commenced |
Endnote 3—Legislation history
Name | Registration | Commencement | Application, saving and transitional provisions |
Financial Sector (Shareholdings) (Resolution Life) Instrument 2021 | 29 September 2021 | 30 September 2021 | — |
Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2022 | 15 June 2022 | 16 June 2022 | — |
Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2023 | 17 May 2023 (F2023N00110) | 18 May 2023 (except Part 2 of Schedule 1) Part 2 of Schedule 1: 15 August 2023 | — |
Financial Sector (Shareholdings) (Resolution Life) Amendment (No. 2) Instrument 2023 | 15 September 2023 (F2023N00276) | 16 September 2023 (except Part 2 of Schedule 1) Part 2 of Schedule 1: 14 November 2023 | — |
Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025 | 11 July 2025 (F2025N00556) | 12 July 2025 (except Part 2 of Schedule 1) Part 2 of Schedule 1: 1 January 2026 |
|
Endnote 4—Amendment history
Provision affected | How affected |
s 2 | rep LA s 48D |
s 3 s 4 s5 | rs F2023N00110 rep LA s48C ad F2023N00276; am F2025N00556 |
s 6(2), table item 1A s 6(2), table items 1 to 4 s 6(2), table items 5 and 6 s 6(2), table item 7 s 6(2), table items 8 and 9 s 6(2), table items 10 and 11 s 6(2), table item 11A s 6(2), table items 12 to 16 s 6(2), table item 17 s 6(2), table items 18 to 21 s 6(2), table item 21A | ad F2022N00132; rep F2025N00556 rs F2025N00556 rep F2023N00276; ad F2025N00556 rs F2025N00556 rep F2025N00556 rep F2023N00276 ad F2022N00132; rep F2023N00276 rep F2023N00276 rep F2022N00132; rep F2023N00276 rep F2023N00276 ad F2022N00132; rep F2023N00276 |
s 6(2), table items 22 and 23 s 6(2), table items 24 and 25 s 6(2), table items 25A and 25B s 6(2), table items 26 and 27 s 6(2), table items 27A to 27C s 6(2), table item 28 s 6(2), table item 28A | rep F2023N00110 rep F2023N00276 ad F2023N00110; rep F2023N00276 rep F2023N00276 ad F2023N00110; rep F2023N00276 rep F2023N00276 ad F2022N00132; rep F2023N00276 |
s 6(2), table item 28B | ad F2022N00132; rep F2023N00276 |
s 6(2), table item 28C | ad F2022N00132; rep F2023N00276 |
S 6(2), table item 29 s 6(2), table item 29A s 6(2), table item 30 s 6(2), table items 30A to 30H s 6(2), table items 31 to 37 | rep F2023N00276 ad F2022N00132; rep F2023N00276 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 |
s 6(2), table item 37A s 6(2), table item 38 s 6(2), table item 39 s 6(2), table item 39A s 6(2), table items 40 and 41 s 6(2), table item 41A s 6(2), table item 42 | ad F2023N00110; rep F2023N00276 rep F2023N00110; ad F2023N00276; rep F2025N00556 rep F2023N00276 ad F2022N00132; rep F2023N00276 rep F2023N00276 ad F2023N00110; rep F2023N00276 rep F2023N00276 |
s 6(2), table item 42A s 6(2), table items 43 and 46 s 6(2), table item 46A s 6(2), table items 47 and 48 | ad F2022N00132; rep F2023N00276 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 |
s 6(2), table item 48A s 6(2), table items 49 to 52 | ad F2022N00132; rep F2023N00276 rep F2023N00276 |
s 6(2), table item 53 s 6(2), table items 54 and 55 s 6(2), table item 55A | rep F2023N00110 rep F2023N00276 ad F2022N00132; rep F2023N00276 |
s 6(2), table item 55B s 6(2), table items 56 to 58 s 6(2), table item 58A s 6(2), table items 59 to 62 s 6(2), table item 62A s 6(2), table items 63 and 64 | ad F2022N00132; rep F2023N00276 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 |
s 6(2), table item 65 s 6(2), table item 66 s 6(2), table item 66A s 6(2), table item 67 s 6(2), table items 68 and 69 s 6(2), table item 69A s 6(2) table item 70 s 6(2), table item 70A s 6(2), table items 71 and 72 s 6(2), table item 72A s 6(2), table items 73 to 77 s 6(2), table item 77A s 6(2), table items 78 to 94 | rep F2023N00110 rep F2023N00276 ad F2023N00110; rep F2023N00276 rep F2023N00110 rep F2023N00276 ad F2023N00110; rep F2023N00276 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 ad F2022N00132; rep F2023N00276 rep F2023N00276 |
s 6(2), table item 94A s 6(2), table items 95 to 100 | ad F2022N00132; rep F2023N00276 rep F2023N00276 |
s 6(2), table item 100A s 6(2), table items 100B and 100C s 6(2), table items 101 and 102 s 6(2), table item 102A s 6(2), table items 103 to 112 s 6(2), table item 112A s 6(2), table items 113 to 116 s 6(2), table item 117 | ad F2023N00110; rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 ad F2022N00132; rep F2023N00276 rep F2023N00276 ad F2023N00276; F2025N00556 rep F2023N00276 rep F2025N00556 |
s 6(2), table item 117A s 6(2), table items 18 to 129 s 6(2), table items 130 to 131 s 6(2), table item 132 s 6(2), table items 133 s 6(2), table items 133A and 133B s 6(2), table item 134 | ad F2022N00132; rep F2023N00276 rep F2023N00276 rep F2025N00556 rep F2023N00276 rep F2025N00556 ad F2023N00276; rep F2025N00556 rep F2023N00276 |
s 6(2), table item 134A s 6(2), table items 135 to 138 s 6(2), table item 138A s 6(2), table items 139 and 140 s 6(2), table item 141 s 6(2), table items 142 and 146 s 6(2), table item 146A s 6(2), table items 147 and 168 | ad F2022N00132; rep F2023N00276 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 rep F2025N00556 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 |
s 6(2), table item 168A s 6(2), table item 169 s 6(2), table item 169A s 6(2), table items 170 to 172 s 6(2), table item 172A s 6(2), table items 173 to 178 | ad F2023N00110; rep F2023N00276 rep F2023N00276 ad F2022N00132; rep F2023N00276 rep F2023N00276 ad F2023N00276; rep F2025N00556 rep F2023N00276 |
s 6(2), table item 179 | ad F2022N00132; rep F2023N00276 |
s 6(3), table item 1A s 6(3), table item 1 | ad F2025N00556 am F2022N00132 |
s 6(3), table item 3A | ad F2022N00132; rep F2025N00556 |
s 6(3), table item 4A | ad F2022N00132; rep F2025N00556 |
s 6(3), table item 4B | ad F2022N00132; rep F2023N00276 |
s 6(3), table item 4C | ad F2022N00132; rep F2025N00556 |
s 6(3), table item 5A | ad F2022N00132; rep F2025N00556 |
s 7 Part 3 Part 4 | am F2022N00132; rs F2023N00276; rep F2025N00556 ad F2023N00110 ad F2025N00556 |
Schedule 1 | rep LA s48C |