Approval to hold a stake in a financial sector company of more than 20% No. 3 of 2023
Financial Sector (Shareholdings) Act 1998
To: PetSure Holdings Pty Ltd ABN 50 606 792 509 and the applicants listed in the Schedule (the Applicants)
Since:
- On 9 June 2022, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in PetSure Holdings Pty Ltd ABN 50 606 792 509 and PetSure (Australia) Pty Ltd ABN 95 075 949 923 (the Companies), each a financial sector company under the Act;
B. I am satisfied it is in the national interest for the Applicants to hold a 100% stake in the Companies,
I, Sean Carmody, a delegate of the Treasurer, under section 14(1) of the Act, approve each of the Applicants to hold a 100% stake in the Companies.
This approval commences on the day, if any, PetSure (Australia) Pty Ltd ABN 95 075 949 923 is authorised as a general insurer and remains in force indefinitely.
Date 14 March 2023
Sean Carmody Executive Director Insurance Division
Interpretation
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
Note 1 Under section 14 of the Act, the Treasurer must give written notice of the approval to the applicant and financial sector company concerned and this instrument will be registered on the Federal Register of Legislation as a notifiable instrument.
Note 2 Section 19 of the Act provides for flow-on approvals. If an approval has been granted for the holding of a stake in a financial sector company and the financial sector company is a holding company for an authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in each financial sector company that is a 100% subsidiary of the holding company.