Federal Register of Legislation - Australian Government

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This instrument revokes the existing approval and grants a new approval for each of the applicants to hold a 100% stake in Hollard Insurance and the companies listed in Schedule 3, and a 100% stake in Commonwealth Insurance Limited.
Administered by: Treasury
Registered 08 Jun 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. 10 of 2022

Financial Sector (Shareholdings) Act 1998

 

To: The Existing Approval Holders named in Schedule 1 and the the Applicants named in Schedule 2

 

 

SINCE

 

A.            On 11 March 2013, 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 The Hollard Insurance Company Pty Ltd ABN 78 090 584 473 (Hollard Insurance) and the then holding companies of Hollard Insurance, Hollard Holdings Australia Pty Ltd ABN 30 154 586 802, Hollard Investments B.V. and Hollard Investments Coӧperatief U.A. (the Existing Approval);

 

B.            the Applicants have applied for an approval under section 13 of the Act, to hold a stake of 100% in Hollard Insurance and each of the companies listed in the attached Schedule 3, each financial sector companies under the Act (the companies);

 

C.           the Applicants have also applied for an approval under section 13 of the Act, to hold a stake of 100% in Commonwealth Insurance Limited ABN 96 067 524 216 (Commonwealth Insurance), a financial sector company under the Act;

 

D.           the Existing Approval Holders have requested that the Existing Approval be revoked;

 

E.            I am satisfied that it is in the national interest for each Applicant to hold a stake in Hollard Insurance and the companies of more than 20%; and

 

F.            I am satisfied that it is in the national interest for each Applicant to hold a stake in Commonwealth Insurance of more than 20%.

 

I, Sharyn Reichstein, a delegate of the Treasurer:

 

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

 

 

(b)               under subsection 14(1) of the Act, APPROVE each of the Applicants to hold a 100% stake in Hollard Insurance and the companies; and


(c)                under subsection 14(1) of the Act, APPROVE each of the Applicants to hold a 100% stake in Commonwealth Insurance.

 

 

This instrument commences on the day it is made and remains in force indefinitely. Dated: 1/06/2022

 

Sharyn Reichstein General Manager Insurance Division

 

 

 

Interpretation

 

In this instrument:

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. 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.         IVM Intersurer B.V.

 

2.         Richard Enthoven as Trustee of the Arcadia Trust (formerly the Enthoven Family Trust).

 

3.         Adrian Enthoven as Trustee of the Arcadia Trust (formerly the Enthoven Family Trust).

 

4.         Robert Enthoven as Trustee of the Arcadia Trust (formerly the Enthoven Family Trust).

 

5.         Les Perlman as Trustee of the Arcadia Trust (formerly the Enthoven Family Trust).

 

6.         Gregory Picard as Trustee of the Arcadia Trust (formerly the Enthoven Family Trust).

 

7.         Geoffrey Snelgar as Trustee of the Arcadia Trust (formerly the Enthoven Family Trust).

 

8.         HSBC Guyerzeller Trust Company AG as Trustee of the Taro III Trust.

 

9.         Cura Treuinstitut as Trustee of the Taro III Trust.

 

10.     Yellowwoods Holdings S.a.r.l.

 

11.     Hollard Insurance Company Limited (South Africa)

 

12.     Hollard Investments Coӧperatief U.A.

 

13.     Hollard Investments B.V.

 

14.     Hollard Holdings Australia Pty Ltd ABN 30 154 586 802

 

 

 

 

Schedule 2 - the Applicants

1.         Cura Treuinstitut as Trustee of the The Taro III Trust, Liechtenstein

 

2.         R&H Trust Co. (Zurich) AG as Trustee of the The Taro III Trust, Liechtenstein

 

3.         The Taro III Trust, Liechtenstein

 

4.         Yellowwoods Holdings S.a.r.l., Luxembourg

 

5.         Leslie Perlman

 

6.         L. Perlman S.E.C.S., Luxembourg

 

7.         IVM Intersurer B.V.

 

8.         Hollard Investments B.V.

 

9.         Hollard Holdings Australia Pty Ltd ABN 30 154 586 802


Schedule 3 the Financial Sector Companies other than the Hollard Insurance Company Pty Ltd ABN 78 090 584 473

 

1.         Hollard Holdings Australia Pty Ltd ABN 30 154 586 802

 

2.         Hollard Investments B.V.

 

3.         IVM Intersurer B.V.

 

4.         L. Perlman S.E.C.S., Luxembourg