Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 4   Insurance

Part 1   Public interest

Insurance Acquisitions and Takeovers Act 1991

13   Subsection 55(1)

Repeal the subsection, substitute:

(1) The Minister may decide that the Minister has no objection to a trigger proposal, if the Minister is satisfied that the trigger proposal, if carried out, is not likely to be contrary to the public interest.

Note: See section 5 (about what is contrary to the public interest).

(1A) The Minister may decide that the Minister has no objection to a trigger proposal so long as the person or company concerned complies with specified conditions, if the Minister is satisfied that the trigger proposal, if carried out, is not likely to be contrary to the public interest if the person or company complies with those conditions.

Note: See section 5 (about what is contrary to the public interest).