Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% - 3 of 2020
Financial Sector (Shareholdings) Act 1998
To: Through Transport Mutual Insurance Association Limited UK company number: 02657093 ('the applicant')
SINCE:
- on 18 February 2009 an approval was granted (the existing approval) under section 14 of the Financial Sector (Shareholdings) Act 1998 (the Act) for the applicant to hold a stake of 75% in the financial sector company TT Club Mutual Insurance Limited ABN 31 129 394 618 (the Company); and
B. the applicant has applied to the Treasurer:
- under section 18(3) of the Act to revoke the existing approval; and
b. under section 13(1) of the Act for approval to hold a 100% stake in the Company; and
C. I am satisfied it is in the national interest to approve the applicant holding a stake of more than 20% in the Company,
I, Sharyn Reichstein, General Manager:
(a) under section 18(3) of the Act, revoke the existing approval; and
(b) under section 14(1) of the Act, approve the applicant holding a stake of 100% in the Company.
This instrument commences on the date of the instrument and remains in force indefinitely. Dated: 24 December 2020
[Signed]
Sharyn Reichstein1
General Manager, Insurance Division
1 A delegate of the Treasurer.
Interpretation
Act means the Financial Sector (Shareholdings) Act 1998.
APRA means the Australian Prudential Regulation Authority.
stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.
Note 1 The Treasurer, or the Treasurer’s delegate, is required to give a copy of this instrument to the applicant(s) and the financial sector company to which this instrument relates.
Note 2 Subsection 14(1) of the Act provides the Treasurer may, by notifiable instrument, grant the application.
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