Member Benefits
Learn more about the range of benefits available to AIA Health Insurance members.
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{{label}}Please find below frequently asked questions regarding the Scheme. If your question isn’t answered here, ask us via the feedback form, or reach out on the contact details below.
What is the Part 9 transfer / the Scheme?
What is the impact to me as a policy owner?
Do I need to do anything?
What’s the story so far?
Why is CBA selling its CommInsure Life insurance business to AIAA?
Why is the AIAA and CMLA transfer good for AIAA and CommInsure Life customers?
What does the 25-year distribution agreement between AIAA and CBA actually mean for customers?
Why is AIA Group completing the transaction by way of a Scheme?
Which brands are affected by the Scheme?
Will you keep these affected brands operating?
What is changing as a result of the Scheme?
Will you keep both AIA Australia and CMLA’s products open and available for new business?
Why are you announcing the Scheme through newspaper notices?
What is the process for the Scheme?
What happens if the Court does not confirm the Scheme?
How are the interests of affected policy owners and other parties protected?
AIAA is part of a large global insurer. How do I know they will really care about me?
Can policy owners make changes to their product or policy following the transfer?
Can I expect the same level of service?
If new policy owners purchase a policy from CMLA during the period between the Court confirmation and the transfer effective date, what will happen?
Will banking or payment arrangements for premiums change?
What does the Scheme mean for my policy or product?
Do I have to update my details?
Will the transfer change who I call to manage my CommInsure life products, to make a claim or to ask questions?
Why did I receive a letter about this when I don’t have a policy, account or product with CMLA?
What happens if I want to provide feedback on the Scheme?
What will happen to my feedback?
What’s the deadline for any feedback?
Can a policy owner opt-out of the transfer?
ACT:
Ashurst
Level 11
12 Moore Street
Canberra ACT 2601
NSW:
Ashurst
Level 11
5 Martin Place
Sydney NSW 2000
SA:
Minter Ellison
Level 10, Grenfell Centre
25 Grenfell Street
Adelaide SA 5000
TAS:
Dobson Mitchell Allport
59 Harrington Street
Hobart TAS 7000
NT:
Minter Ellison
Level 1
60 Smith Street
Darwin NT 0800
VIC:
Ashurst
Level 26
181 William Street
Melbourne VIC 3000
QLD:
Ashurst
Level 38
Riverside Centre
123 Eagle Street
Brisbane QLD 4000
WA:
Ashurst
Level 10 and 11
Brookfield Place Tower II
123 St Georges Terrace
Perth WA 6000
What is the consultation period?
Can I be heard in Court?
I would like to review the Scheme documents. Can I access them?
NSW:
Ashurst
Level 11
5 Martin Place
Sydney NSW 2000
SA:
Minter Ellison
Level 10, Grenfell Centre
25 Grenfell Street
Adelaide SA 5000
TAS:
Dobson Mitchell Allport
59 Harrington Street
Hobart TAS 7000
NT:
Minter Ellison
Level 1
60 Smith Street
Darwin NT 0800
VIC:
Ashurst
Level 26
181 William Street
Melbourne VIC 3000
QLD:
Ashurst
Level 38
Riverside Centre
123 Eagle Street
Brisbane QLD 4000
WA:
Ashurst
Level 10 and 11
Brookfield Place Tower II
123 St Georges Terrace
Perth WA 6000
What can I do if I have any concerns regarding the sharing of my personal information as a result of the transfer?
What does the transfer mean for me as an adviser?
What should advisers tell their customers?
What will happen to external relationships with current AIAA contact/s?
Is any action by advisers required?
The actuarial reports referred to on this website refer to reports produced by actuaries assessing the impact of the Scheme on the interests of policy owners.
An actuary is a person with expertise in the fields of economics, statistics and mathematics who assesses risks and opportunities. Amongst other responsibilities they calculate premiums for a life insurance company and assess the amount of money the company needs to meet its obligations to policyholders. Each life insurance company in Australia is required to have an actuary appointed by the company – known as the “appointed actuary”. The appointed actuary is responsible for providing impartial advice in relation to the life company's operations, financial condition, capital base, prescribed capital amount and policy liabilities.
The AIA Group, of which AIAA forms a part, comprises AIA Group Limited and its subsidiaries. It is the largest independent publicly listed pan-Asian life insurance group – with a presence in 18 markets across the Asia-Pacific region. Established in 1919, AIA has been serving millions of people and generations of families all around the Asia-Pacific region for over a century.
AIA Group Limited is incorporated and headquartered in Hong Kong.
The Colonial Mutual Life Assurance Society Limited (ABN 12 004 021 809 AFSL 235035) is a life insurance company and wholly owned subsidiary of the Commonwealth Bank of Australia (CBA). Founded in 1873, this company has evolved over the years through a number of mergers and acquisitions. It currently uses a number of brands, including under licence from CBA, such as CommInsure, Colonial and Commonwealth Financial Services. It is the life insurance assets and liabilities of this entity which are the subject of the proposed transfer to AIAA.
The person or persons covered by an insurance policy.
“Part 9” refers to Part 9 of the Life Insurance Act 1995, which contains the statutory regime for transfers and amalgamations of Australian life insurance businesses. We are now following the provisions in Part 9 to transfer CMLA’s life insurance business to AIAA.
We refer to “the Scheme” as another term to describe the transfer of CMLA’s life insurance business to AIAA under Part 9.