Federal Register of Legislation - Australian Government

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This instrument grants an unconditional go-ahead decision in relation to constitution and board composition changes to AMP Life Limited and RLNM Limited.
Administered by: Treasury
Registered 27 Sep 2021

 

Insurance Acquisitions and Takeovers (AMP Life Limited and RLNM Limited) Decision (No. 1) 2021

I, Josh Frydenberg, Treasurer, make the following decision.

Dated               24 September 2021

 

Josh Frydenberg

Treasurer

 

  

  

  


Contents

Part 1—Preliminary                                                                                                      1

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

Part 2—Go‑ahead decision:  trigger proposal relating to AMP Life Limited and RLNM Limited      2

5  Unconditional go‑head decision............................................................................................... 2

 


Part 1Preliminary

  

1  Name

                   This instrument is the Insurance Acquisitions and Takeovers (AMP Life Limited and RLNM Limited) Decision (No. 1) 2021.

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.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day this instrument is registered.

 

Note:          This table relates only to the provisions of this instrument as originally made.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 Insurance Acquisitions and Takeovers Act 1991.

4  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 Insurance Acquisitions and Takeovers Act 1991 as in force from time to time.

                   In this instrument:

ABN has the meaning given by the A New Tax System (Australian Busines Number) Act 1999.

decision‑making principles means the set out in Insurance Acquisitions and Takeovers Act 1991 Decision‑Making Principles IDM 1/1992 [F2008B00776].

the Act means the Insurance Acquisitions and Takeovers Act 1991.

Part 2Go‑ahead decision:  trigger proposal relating to AMP Life Limited and RLNM Limited

  

5  Unconditional go‑head decision

             (1)  Under section 55 of the Act, and in compliance with the decision‑making principles, the Commonwealth Government has no objection, unconditionally, to following trigger proposals:

                     (a)  the proposal by Resolution Life Finance (Bermuda) Ltd, Resolution Life NOHC Pty Ltd (ABN 48 633 375 069), Resolution Life Group Holdings (Australia) Pty Ltd (ABN 14 629 567 960) and AMP Holdings Limited (ABN 66 079 958 062) to enter into an agreement to allow Resolution Life Group Holdings (Australia) Pty Ltd (ABN 14 629 567 960), Resolution Life Finance (Bermuda) Ltd (incorporated in Bermuda) and AMP Holdings Limited to appoint and remove directors to the boards of AMP Life Limited (ABN 84 079 300 379) and RLNM Limited (ABN 72 004 020 437); and

                     (b)  the proposal by Resolution Life Finance (Bermuda) Ltd, Resolution Life NOHC Pty Ltd, Resolution Life Group Holdings (Australia) Pty Ltd and AMP Holdings Limited to amend the constitutions of AMP Life Limited and RLNM Limited to facilitate the proposal covered by paragraph (a).