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

4   Subsections 5(2) and (3)

Repeal the subsections, substitute:

(2) The Minister may, by legislative instrument, determine circumstances in which a person is taken, for the purposes of paragraph (1)(b), to be in a position of influence over an Australian-registered insurance company.

(3) Subsection (2) does not limit the circumstances in which a person is taken to be in such a position of influence.

Matters to which Minister has regard in considering public interest

(4) The following paragraphs apply in relation to the Minister considering, for the purposes of this Act, whether a particular matter is contrary to the public interest:

(a) in considering whether the matter is likely to have the effect mentioned in paragraph (1)(a), the Minister:

(i) must have regard to any matters determined under subsection (6) for the purposes of this subparagraph; and

(ii) may have regard to any matters determined under that subsection for the purposes of this subparagraph;

(b) in considering whether the matter is likely to have the result mentioned in paragraph (1)(b), the Minister:

(i) must have regard to any matters determined under subsection (6) for the purposes of this subparagraph; and

(ii) may have regard to any matters determined under that subsection for the purposes of this subparagraph;

(c) in considering whether the matter is likely to have the effect mentioned in paragraph (1)(c), the Minister:

(i) must have regard to any matters determined under subsection (6) for the purposes of this subparagraph; and

(ii) may have regard to any matters determined under that subsection for the purposes of this subparagraph;

(d) in considering whether the matter is contrary to the national interest as mentioned in paragraph (1)(d), the Minister:

(i) must have regard to any matters determined under subsection (6) for the purposes of this subparagraph; and

(ii) may have regard to any matters determined under that subsection for the purposes of this subparagraph;

(e) in considering whether the matter is contrary to the public interest other than as mentioned in paragraph (1)(a), (b), (c) or (d), the Minister:

(i) must have regard to any matters determined under subsection (6) for the purposes of this subparagraph; and

(ii) may have regard to any matters determined under that subsection for the purposes of this subparagraph.

(5) Subsection (4) does not limit the matters to which the Minister may have regard.

(6) The Minister may, by legislative instrument, determine matters for the purposes of subparagraph (4)(a)(i) or (ii), (b)(i) or (ii), (c)(i) or (ii), (d)(i) or (ii) or (e)(i) or (ii).

Note: The making of certain decisions or orders under Parts 3 and 4 in relation to an Australian-registered insurance company depends on the Minister being satisfied that a particular matter (such as a proposal, acquisition or arrangement) is, would be or will be contrary to the public interest.