Insurance Acquisitions and Takeovers Act 1991

NOTICE OF CONDITIONAL GO AHEAD DECISION

SINCE:

1. AMP Life Limited ABN 84 079 300 379 (AMP Life Limited) is an Australian‑registered insurance company under the Insurance Acquisitions and Takeovers Act 1991 (the Act), because it is a company registered under the Life Insurance Act 1995;
2. AMP Life Limited has given notice pursuant to paragraph 38(b) of the Act that it proposes to carry out trigger proposals under section 36 of the Act  to accept and assume all of the insurance contracts and insurance liabilities (and business assets and liabilities) of The National Mutual Life Association of Australasia Limited ABN 72 004 020 437 (NMLA) in relation to NMLA’s life insurance business in Australia and New Zealand by way of a scheme to be confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995; and

C.     I have complied with the relevant decision-making principles formulated under section 65 of the Act,

I, KELLY O’DWYER, Minister for Revenue and Financial Services, the responsible Minister of the Commonwealth by the operation of subsection 19A(1) of the Acts Interpretation Act 1901, under subsection 41(1) of the Act, MAKE a decision that the Commonwealth Government has no objection to AMP Life Limited carrying out the trigger proposals, subject to the following conditions:

1. the Scheme receiving confirmation from the Federal Court of Australia under Part 9 of the Life Insurance Act 1995; and
2. the proposed transfer of NMLA’s New Zealand insurance business to AMP Life Limited receiving the written approval of the Reserve Bank of New Zealand in accordance with sections 44 and 53(2) of the Insurance (Prudential Supervision) Act 2010 NZ.

Dated: 16 September 2016

KELLY O’DWYER

Minister for Revenue and Financial Services