Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 9 of 2022

Financial Sector (Shareholdings) Act 1998

To: The Existing Approval Holders named in the Schedule and Southern Cross Medical Care Society (the Applicant)

SINCE:

1. On 10 October 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 Southern Cross Health Trust (SCHT) and Southern Cross Benefits Limited ABN 99 133 401 939 (SCBL), each a financial sector company under the Act (the Existing Approval);

B.            On 5 May 2022, the Existing Approval Holders requested that the Existing Approval be revoked;

C.            On 22 February 2022, the Applicant applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in SCBL; and

D.            I am satisfied it is in the national interest for the Applicant to hold a 100% stake in SCBL; 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 the Applicant to hold a 100% stake in SCBL. This instrument commences on the day it is made and remains in force indefinitely.

Date: 7 June 2022

Sharyn Reichstein General Manager Insurance Division

Interpretation

In this instrument:

Act means the Financial Sector (Shareholdings) Act 1998.

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

Under section 14 of the Act, the Treasurer must give written notice of this Approval to the applicant and financial sector company concerned, and this instrument will be registered in the Federal Register of Legislation as a notifiable instrument.

Schedule – The Existing Approval Holders

1. SCHT

2.        Southern Cross Insurance Services Ltd (formerly Activa Health Limited)

3.        SCBL

4.        Southern Cross Health Services Limited

5.        Southern Cross Hospitals Limited

6.        Southern Cross Medical Care Society

7.        Southern Cross Primary Care Limited