Federal Register of Legislation - Australian Government

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This instrument revokes the existing approval and approves for applicants to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4.
Administered by: Treasury
General Comments: This instrument revokes the existing approval, C2017G01184, registered on 6 November 2017.
Registered 14 Apr 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. 1 of 2022

Financial Sector (Shareholdings) Act 1998

 

To:    The Existing Approval Holders named in Schedule 1 and the Applicants named in Schedule 3.

 

Since:

 

A.        On 1 November 2017, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in RGA Reinsurance Company of Australia Limited ABN 14 072 292 712 (RGAA) (an authorised insurance company) and the financial sector companies as set out in Schedule 2 (the Existing Approval);

 

B.        On 3 December 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

 

C.        On 3 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4; and

 

D.        I am satisfied it is in the national interest for the Applicants to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4,

 

I, Sharyn Reichstein, a delegate of the Treasurer:

 

(a)           under subsection 18(3) of the Act, revoke the Existing Approval; and

 

(b)          under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in RGAA and the financial sector companies as set out in Schedule 4.

 

This instrument commences on the day it is made and remains in force indefinitely. Date: 13 April 2022

 

 

 

 

Sharyn Reichstein General Manager Insurance Division

Australian Prudential Regulation Authority


Interpretation

 

100% subsidiary has the meaning given by section 3 of the Act.

authorised insurance company has the meaning given by subsection 3 of the Act.

financial sector company has the meaning given in section 3 of the Act.

holding company has the meaning given by section 4 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. This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

 

Note 2. The Treasurer or the Treasurer’s delegate is required to give a copy of this instrument to the financial sector company.

 

Note 3. Section 19 of the Act provides for flow-on approvals for an approval under paragraph 14(1)(a) of the Act. If the approval relates to a financial sector company that is a holding company of an authorised deposit-taking institution or authorised insurance company, subsection 19(1) provides for flow-on approvals that relate to each financial sector company that is a 100% subsidiary of the holding company. If the approval is held by a company, subsection 19(3) provides for flow-on approvals to be held by each officer of the company.


Schedule 1 – the Existing Approval Holders

1.             Reinsurance Group of America Incorporated (United States of America) (RGA Inc)

 

2.             RGA Americas Reinsurance Company Limited (Bermuda) (RGA Americas)

 

3.             RGA Australian Holdings Pty Limited ABN 20 071 125 507 (RGAH)

 

Schedule 2 – the financial sector companies in addition to RGAA the subject of the Existing Approval

1.             RGA Inc as a:

a.         holding company of RGA Americas, RGAH and RGAA.

 

2.             RGA Americas as a:

a.         100% subsidiary of RGA Inc; and

b.        holding company of RGAH and RGAA.

 

3.             RGAH as a:

a.         100% subsidiary of RGA Inc and RGA Americas; and

b.        holding company of RGAA.

 

Schedule 3 – the Applicants

1.             RGA Inc

 

2.             RGA Americas

 

3.             RGA Americas Investments LLC (United States of America) (RAIL)

 

4.             RGAH

 

Schedule 4 – the financial sector companies in addition to RGAA the subject of this approval:

1.             RGA Inc as a:

a.         holding company of RGA Americas, RAIL, RGAH and RGAA.

 

2.             RGA Americas as a:

a.         100% subsidiary of RGA Inc; and

b.        holding company of RAIL, RGAH and RGAA

 

3.             RAIL as a:

a.         100% subsidiary of RGA Inc and RGA Americas; and

b.        holding company of RGAH and RGAA.

 

4.             RGAH as a:

a.         100% subsidiary of RGA Inc, RGA Americas and RAIL; and

b.        holding company of RGAA.