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This instrument revokes the Existing Approval, with the revocation commencing on and from 31 March 2022. This instrument also grants a new approval for HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit to hold a 100% stake in each of Talanx AG (Talanx), HDI Global SE (HG), HDI Global Specialty Holding GmbH (HGSH) and HDI Global Specialty SE (HGS); Talanx to hold a 100% stake in each of HG, HGSH and HGS; HG to hold a 100% stake in each of HGSH and HGS; and HGSH to hold a 100% stake in HGS.
Administered by: Treasury
General Comments: This instrument revokes C2018G00970, registered on 6 December 2018.
Registered 05 Jan 2022

Commonwealth Coat of Arms

 

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 28 of 2021

Financial Sector (Shareholdings) Act 1998

 

To:    The persons in schedule 1 (the Existing Approval Holders) and the persons named in schedule 2 (the Applicants)

 

SINCE:

 

A.        On 29 November 2018, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in HDI Global Specialty SE ABN 58 129 395 544 (HGS) (formally International Insurance Company of Hannover SE), a financial sector company under the Act (the Existing Approval);

 

B.        On 10 December 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

 

C.        On 10 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for the following approval:

 

a.      HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (HDI VaG) to hold a 100% stake in each of Talanx AG (Talanx), HDI Global SE ABN 55 490 279 016 (HG), HDI Global Specialty Holding GmbH (HGSH) and HGS, each a financial sector company under the Act;

 

b.      Talanx to hold a 100% stake in HG, HGSH and HGS, each a financial sector company under the Act;

 

c.      HG to hold a 100% stake in HGSH and HGS, each a financial sector under the Act; and

 

d.      HGSH to hold a 100% stake in HGS, a financial sector company under the Act.

 

D.        I am satisfied it is in the national interest to grant the approval.

 

I, Gloria Yu, a delegate of the Treasurer:

 

(a)       under section 18(3) of the Act revoke the Existing Approval, with the revocation commencing on and from 31 March 2022; and

 

(b)       under section 14(1) of the Act approve:


a.      HDI VaG holding a 100% stake in each of Talanx, HG, HGSH and HGS;

 

b.      Talanx holding a 100% stake in each of HG, HGSH and HGS;

 

c.      HG holding a 100% stake in each of HGSH and HGS; and

 

d.      HGSH holding a 100% stake in HGS.

 

The approval commences on the day it is made and remains in force indefinitely. Date: 23 December 2021

 

[Signed]

 

 

Gloria Yu

Acting General Manager Insurance Division

 

 

Interpretation

 

In this notice:

 

Act means the Financial Sector (Shareholdings) Act 1998.

APRA means the Australian Prudential Regulation Authority.

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.

 

Notes

 

Note 1 Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant and financial sector company concerned and this instrument will be registered in the Federal Register of Legislation as a notifiable instrument.

 

Note 2 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.


Schedule 1 – Existing Approval Holders

HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (German)

Talanx AG (German)

Hannover Ruck SE ABN 88 002 927 031

HDI Global SE ABN 55 490 279 016

 

Schedule 2 – Applicants

HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (German)

Talanx AG (German)

HDI Global SE ABN 55 490 279 016

HDI Global Specialty Holding GmbH (German)