Approval to hold a stake in a financial sector company of more than 20% No. 9 of 2023
Financial Sector (Shareholdings) Act 1998
To: Wood Insurance Holdings Pty Ltd ABN 64 663 189 259 and the applicants listed in the Schedule (the Applicants).
Since:
- On 17 July 2023, the Applicants applied to the Treasurer under section 13(1) of the Act for approval to hold a stake of no more than 80% in Ivory Insurance Pty Ltd ABN 54 608 092 566 (the Company), a prospective financial sector company under the Act; and
B. I am satisfied it is in the national interest for the Applicants to hold a stake of no more than 80% in the Company,
I, Peter Kohlhagen, a delegate of the Treasurer, under section 14(1)(a) of the Act, approve the Applicants to hold a stake of no more than 80% in the Company.
This approval commences on the day, if any, the Company is authorised as a General Insurer under the Insurance Act 1973 and remains in force indefinitely.
Date: 28 November 2023
Peter Kohlhagen
Acting 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.