Federal Register of Legislation - Australian Government

Primary content

The instrument gives a go ahead decision to a trigger proposal relating to Zurich Australia Limited and OnePath Life Limited.
Administered by: Treasury
Registered 17 Jun 2022

Commonwealth Coat of Arms of Australia

 

Insurance Acquisitions and Takeovers (Zurich Australia Limited and OnePath Life Limited) Decision 2022

I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, make the following decision.

Dated               15 June 2022

 

Stephen Jones

Assistant Treasurer
Minister for Financial Services

 

  

  

  


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 Zurich Australia Limited and OnePath Life Limited                                                                                                             2

5  Unconditional go-ahead decision.............................................................................................. 2

 


Part 1—Preliminary

 

1  Name

                   This instrument is the Insurance Acquisitions and Takeovers (Zurich Australia Limited and OnePath Life Limited) Decision 2022.

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 after 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Note:          This table relates only to the provisions of this instrument as originally made.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 Business Number) Act 1999.

decision-making principles means decision-making principles 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 Zurich Australia Limited and OnePath Life Limited

 

5  Unconditional go-ahead decision

             (1)  Under section 41 of the Act, and in compliance with the decision-making principles, the Commonwealth Government has no objection, unconditionally, to the trigger proposal by Zurich Australia Limited (ABN 92 000 010 195) and OnePath Life Limited (ABN 33 009 657 176) for Zurich Australia Limited to acquire all of the assets, interests, rights and benefits of OnePath Life Limited’s statutory funds and shareholder fund, including all of the life insurance policies of OnePath Life Limited, by way of a scheme to be confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995.