All CommInsure Life policyholders to be notified in writing of intended transfer
Melbourne, 18 January 2021 – Life insurer AIA Australia has today published notices in major Australian newspapers, signaling its intent to take on the Commonwealth Bank of Australia's (CBA) life insurance and investments business (known as "CommInsure Life").
CommInsure Life policyholders will receive a letter from AIA Australia and CommInsure Life, informing them of the intended transfer by way of a scheme under Part 9 of the Life Insurance Act.
The transfer will allow AIA Australia to finalise its acquisition of CommInsure Life from CBA.
AIA Australia noted that the scheme would not affect any policy terms and conditions, nor how policyholders and customers do business with their insurer.
Policyholders will receive a scheme overview and details of how they can access more information, including the scheme documents and actuaries' reports. They will also receive information on how they can provide feedback about the scheme.
The Federal Court of Australia is expected to consider the scheme at a hearing in March 2021.
More information about the scheme can be found at www.aia.com.au/part9scheme.
Contact: Sarah Phillips
T: +61 498 494 791