Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025
I, Jim Chalmers, Treasurer, being satisfied of the matters in paragraph 14(1)(a) and subsection 18(1) of the Financial Sector (Shareholdings) Act 1998, and subsection 55(1) of the Insurance Acquisitions and Takeovers Act 1991, make the following instrument.
Dated 9 July 2025
Dr Jim Chalmers
Treasurer
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Part 1—New approvals
Financial Sector (Shareholdings) (Resolution Life) Instrument 2021
Notice of Approval under the Financial Sector (Shareholdings) Act 1998 - Nippon Life Insurance [C2016G01405]
Part 2—Repeals
Financial Sector (Shareholdings) (Resolution Life) Instrument 2021
Part 3—Amendments relating to decisions under the Insurance Acquisitions and Takeovers Act 1991
Financial Sector (Shareholdings) (Resolution Life) Instrument 2021
This instrument is the Financial Sector (Shareholdings) (Resolution Life) Amendment Instrument 2025.
(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. Sections 1 to 4 and anything in this instrument not elsewhere covered by this table | The day after this instrument is registered. |
|
2. Schedule 1, Part 1 | The day after this instrument is registered. |
|
3. Schedule 1, Part 2 | The 90th day after this instrument is registered. |
|
4. Schedule 1, Part 3 | 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Note: This table relates only to the provisions of this instrument as originally made.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.
This instrument is made under the following:
(a) the Financial Sector (Shareholdings) Act 1998; and
(b) the Insurance Acquisitions and Takeovers Act 1991.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
1 Subsection 6(3) (before table item 1)
Insert:
1A | MLC Limited | 90 000 000 402 | 100% |
2 The whole of the instrument
Repeal the instrument.
3 Section 5
Repeal the following definitions:
(a) definition of APRA;
(b) definition of accounting standards;
(c) definition of ACSC;
(d) definition of auditing standards;
(e) definition of Australian law;
(f) definition of Australian policy holder;
(g) definition of control;
(h) definition of entity;
(i) definition of entity connected with a corporation;
(j) definition of hold;
(k) definition of personal information;
(l) definition of the Treasury.
4 Subsection 6(2) (table)
Repeal the table, substitute:
Item | Name of applicant | ABN of applicant (if any) |
1 | Nippon Life Insurance Company |
|
2 | Resolution Life AAPH Limited | 78 069 123 011 |
3 | Resolution Life Australia Pty Ltd | 48 629 568 912 |
4 | Resolution Life Financial Services Holdings Limited | 45 076 716 704 |
5 | Resolution Life Group Holdings Ltd |
|
6 | Resolution Life NOHC Pty Ltd | 48 633 375 069 |
7 | RLGH Finance Bermuda Ltd |
|
5 Subsection 6(3) (table item 3A)
Repeal the item.
6 Subsection 6(3) (table item 4A and 4C)
Repeal the items.
7 Subsection 6(3) (table item 5A)
Repeal the item.
8 Section 7
Repeal the section.
9 At the end of the instrument
Add:
Under subsection 55(1) of the Insurance Acquisitions and Takeovers Act 1991, the Commonwealth Government has no objection, unconditionally, to the trigger proposal by Nippon Life Insurance Company and RLGH Finance Bermuda Ltd (Bermuda) to enter into an agreement to allow:
(a) Nippon Life Insurance Company and RLGH Finance Bermuda Ltd (Bermuda) to accustom or oblige the directors of the boards of Resolution Life Australasia Limited (ABN 84 079 300 379), MLC Limited (ABN 90 000 000 402) and RLNM Limited (ABN 72 004 020 437), whether formal or informal, to act in accordance with the directions, instructions or wishes of Nippon Life Insurance Company and RLGH Finance Bermuda Ltd (Bermuda); and
(b) Nippon Life Insurance Company and RLGH Finance Bermuda Ltd (Bermuda) to appoint and remove directors to the boards of Resolution Life Australasia Limited, MLC Limited and RLNM Limited.