Frequently Asked Questions

• The transfer, also known as a Scheme, is taking place under Part 9 of the Life Insurance Act 1995, which contains the rules for transfers and amalgamations of Australian life insurance businesses.
• The transfer is part of AIAA’s acquisition of CommInsure Life in Australia, including The Colonial Mutual Life Assurance Society Limited (CMLA). 

• The existing terms and conditions of your policy or policies will remain unchanged.
• CMLA policies will be automatically transferred to AIAA. There will be no changes to the benefits contained in your existing policies, or the quality of service we provide to you.
• An AIAA-appointed actuary and a CMLA-appointed actuary have each concluded that the Scheme will not adversely impact the contractual benefits and rights or the reasonable benefit expectations of the policyholders of AIAA and CMLA, and that the security of AIAA and CMLA policyholders' benefits will continue to be appropriate following the Scheme. The CMLA-appointed actuary assessed the impact on CMLA policy owners, while the AIAA-appointed actuary assessed the impact on AIAA policy owners.
• An independent actuary has also confirmed that the Scheme “will not materially prejudice the interests of policyholders of both CMLA and AIAA”.
• Copies of the actuarial reports are available on the overview page.

• Your policy or policies will be automatically transferred to AIAA. There will be no changes to the service and quality you expect from AIAA.

• In September 2017, the Commonwealth Bank of Australia (CBA) announced the sale of CommInsure Life in Australia, including CMLA, to the AIA Group. Since then, the businesses have worked together with regulators to progress the transaction.
• On 1 November 2019, AIAA, CMLA and CBA, among others, commenced a Joint Cooperation Arrangement (JCA). The JCA enabled CommInsure Life and AIAA’s business to run as a single business under one executive team, building on the strengths of both companies and delivering the best outcomes for our people and policy owners. It also marked the commencement of a 25-year distribution arrangement with CBA.
• CBA and the AIA Group now intend to complete a statutory asset transfer of CMLA’s life insurance business to AIAA under Part 9 of the Life Insurance Act 1995.
• AIAA and CMLA will seek confirmation from the Federal Court of Australia (the Court) to confirm the Scheme and proceed with the transfer.
• If successful, the Scheme will transfer CMLA’s assets and liabilities, including all of the life insurance policies issued by CMLA, to AIAA. It is expected that the Court will hear the application on 8 March 2021.

• Joining together with AIAA means we can bring together the best of each of our organisations for the benefit of both AIAA and CommInsure Life customers. For CBA, selling its life insurance business to AIAA is part of its plan to become a better, simpler bank.

• AIAA’s purpose is to make a difference in people’s lives. We want to help champion Australia and New Zealand to be the healthiest and most-protected nations in the world.
• AIAA is widely recognised as an industry leader with an innovative health and wellbeing program, AIA Vitality, and market leading rehabilitation and return to work programs. 

• It means that some AIAA products are available to CBA customers through CBA’s distribution network. This complements, and is in addition to, our existing partnerships.
• Together, we are committed to offering products which meet the needs of CBA customers, and to providing them quality support and service. 

• The transaction was originally intended to occur by way of a transfer of the shares in CMLA, among other entities, to the AIA Group.
• The share transfer was subject to approval by an overseas regulator in respect of the disposal by CMLA of its 37.5% equity interest in BoCommLife Insurance Company Limited, a life insurance company registered in China.
• Even though that transaction was approved by the Chinese regulator in December 2020, AIAA and CBA had already agreed to proceed with the Scheme as an alternative transaction structure.
• The Scheme will result in the transfer of CMLA’s assets and liabilities (rather than the shares in CMLA) to AIAA.

• CMLA uses several brands or associated trademarks, including those of CBA (including CommInsure, Colonial and Commonwealth Financial Services).
• All life insurance products and their associated policies and services issued under those brands will transfer to AIAA by virtue of the Scheme. You can find the complete list of products transferring to AIAA in the Scheme Summary, available on the ‘overview’ page of this site. 
• The ongoing use of CBA brands is subject to arrangements between AIAA and CBA, and brands used for certain products will change to AIAA branding in the future.

• Following the Scheme, we will replace certain branding currently used by CMLA (including Colonial, CommInsure and Commonwealth Financial Services) with AIAA branding across all collateral. This rebranding exercise will occur at different times for different products. 

• If the Scheme is confirmed, all life insurance policies previously issued by CMLA will automatically become AIAA policies.
• Existing terms and conditions of both AIAA and CMLA policies will not change as a result of the Scheme.
• Client and member insurance, superannuation and investment policies will remain in place and will continue to be honoured.
• There will be no change to the services offered, claims payment or processing arrangements, or quality of service we provide to policy owners.
• While your payment arrangements with us won’t change following the Scheme’s confirmation, policy owners with products issued under brands used by CMLA including CommInsure, Colonial and Commonwealth Financial Services may see on their bank statement that our account name includes a reference to AIA Australia. This is a name change at our end only, and you do not need to update any payment or bank account details.
• All transferring policies with branding currently used by CMLA, including CommInsure, Colonial and Commonwealth Financial Services, will change to AIAA branding following the Scheme. This includes Product Disclosure Statements (PDSs), marketing collateral, written communications and product information.

• Both companies’ open products at the time of the transfer will remain open. Some products, such as CommInsure Protection, are closed to new business, but remain open for existing customers. If you are unsure about the status of your policy or product, please contact us on the details below, or speak to your financial adviser.
• AIAA policy owners:
  • Phone: 1800 333 613 (8am to 6pm AEDT)
  • Email: supportpart9@aia.com
• CommInsure/CMLA policy owners:
  • Phone: 13 10 56 (8am – 6pm AEDT)
  • Email: supportpart9@cba.com.au
• For policy-specific questions, you can also speak to your financial adviser.

• The newspaper notices are required to be published under the Life Insurance Act 1995 (Cth).
• The purpose of the newspaper notices (also called Notices of Intention, or NOIs) is to tell policy owners about the transfer and provide them with details of where to obtain additional information and seek clarification should they have any questions on the transfer.
• We have also written to CMLA policy owners individually, providing an overview of the Scheme, information about what it means for them and a copy of the Scheme Summary. 

• The Scheme will be effected under Part 9 of the Life Insurance Act 1995 (Cth) (Life Insurance Act).
• In accordance with the process set out in the Life Insurance Act, CMLA and AIAA have applied to the Federal Court of Australia (the Court) for certain orders in relation to the policyholder communication process. Once that process has been completed, CMLA and AIAA will apply to the Court again to seek its confirmation of the Scheme, which will give effect to the transfer.
• It is expected that the application for confirmation will be heard before the Court in Sydney on 8 March 2021.
• When the Court confirms a scheme, it also determines the exact time and date of the transfer. AIAA and CMLA have proposed an effective time for the Scheme of 12.01 am on 1 April 2021.
• AIAA and CMLA have already obtained all necessary approvals or notices under the Insurance Acquisitions and Takeovers Act 1991 (Cth) and the Foreign Acquisitions and Takeovers Act 1975 (Cth). 

• The Scheme cannot proceed unless it is confirmed by the Court.
• If the Court refuses to provide its confirmation, then CMLA’s assets and liabilities will not transfer to AIAA, and the parties will continue to work towards implementing the transaction. 

• The interests of affected parties are protected by a rigorous review and confirmation process. The process includes:
  • An AIAA-appointed actuary and a CMLA-appointed actuary have each concluded that the Scheme will not adversely impact the contractual benefits and rights or the reasonable benefit expectations of the policyholders of AIAA and CMLA, and that the security of AIAA and CMLA policyholders' benefits will continue to be appropriate following the Scheme. The CMLA-appointed actuary assessed the impact on CMLA policy owners, while the AIAA-appointed actuary assessed the impact on AIAA policy owners.
  • An independent actuary has also confirmed that the Scheme “will not materially prejudice the interests of policyholders of both CMLA and AIAA”.
  • Copies of the actuarial reports are available on the overview page. 
  • The Scheme is subject to confirmation by the Federal Court of Australia (the Court). This confirmation will only be provided where the Court is satisfied that policy owners are not adversely impacted by the transfer.
  • Any affected policy owner may attend the Court confirmation hearing and can request to be heard by the Court.
  • We will capture all feedback on the Scheme from policy owners, and will provide a summary of that feedback to the Court as part of its consideration of the Scheme.
  • AIAA and CMLA have already obtained all necessary approvals or notices under the Insurance Acquisitions and Takeovers Act 1991 (Cth) and the Foreign Acquisitions and Takeovers Act 1975 (Cth), which included a consideration of the Scheme and/or the broader transaction by the Australian Prudential Regulation Authority (APRA) and the Australian Department of Treasury.
• Protecting our policy owners’ and partners’ interests is our priority. AIAA operates under a rigorous regulatory environment, with strict controls and processes in place to ensure that all policies remain secure.

• While part of a global insurance group, AIAA retains a local focus and a commitment to serving Australians. AIAA has 47 years’ experience offering insurance products and is backed by AIA Group, the largest independent publicly listed pan-Asian life insurance group – with a presence in 18 markets around the Asia Pacific region.
• AIAA’s purpose is to make a difference in people’s lives, and we want to help champion Australia and New Zealand as the healthiest and best-protected nations in the world. AIAA is widely recognised as an industry leader with an innovative health and wellbeing program AIA Vitality, and market leading rehabilitation and return to work programs.
• Find out more about AIAA.

• Yes, policy owners can make changes to their policy at any time as normal.

• The experience that both AIAA and CommInsure Life deliver today will continue tomorrow. Our priority is to make this transition as seamless as possible and maintain or enhance all current service experiences.

• New policy owners will be informed of the transfer of their policies upon receiving their welcome letter.
• CMLA policies will be automatically transferred to AIAA. There will be no changes to the benefits contained in your policies, or the quality of service we provide to you.

• No, payment arrangements including bank account numbers, will not change, and premium payments will continue as normal.
• While payment arrangements won’t change following the Scheme’s confirmation, policy owners with products issued under brands used by CMLA including CommInsure, Colonial and Commonwealth Financial Services may see on their bank statement that our account name includes a reference to AIA Australia. This is a name change at our end only, and you do not need to update any payment or bank account details.

• The terms and conditions of your policy will not change as a result of the Scheme. The transfer simply means that your policy will be transferred from CMLA to AIAA. You do not need to do anything as a result of the transfer.
• Following the Scheme, we will replace certain branding currently used by CMLA (including Colonial, CommInsure and Commonwealth Financial Services) with AIAA branding across all collateral. This rebranding exercise will occur at different times for different products.

• No, you do not need to update any details or do anything as a result of the transfer.

• No. You can continue using the same contact details you currently use to manage your products, make a claim or ask questions.

• While you may not have a policy with CMLA, you may hold a product or be a member of a fund in respect of which CMLA acts as the administrator and insurer (where relevant).
• If you think you’ve received the letter notifying you of the transfer in error, of if you have any further questions about your policy or product, please call us on 13 10 56 (8am – 6pm AEDT).

• Policy owners have the option to provide feedback on the Scheme. If you wish to provide feedback, in the first instance please do so via the feedback form. Alternatively, you may provide feedback by contacting us on the following details:
  • AIAA policy owners:
    • Phone: 1800 333 613 (8am to 6pm AEDT)
    • Email: supportpart9@aia.com
  • CMLA policy owners:
    • Phone: 13 10 56 (8am – 6pm AEDT)
    • Email: supportpart9@cba.com.au
• Policy owners can also request to be heard in Court. If you wish to do so, please contact AIAA and CMLA’s lawyers, Ashurst, on the details provided in the Scheme Summary, which is available on the overview page. 

• We will capture all feedback on the Scheme, and provide a summary to the Court as part of its consideration of the Scheme.

• Policy owners may provide feedback on the Scheme to AIAA and/or CMLA during the consultation period. 
• The consultation period will begin on the date the notice of intention is published and will continue until shortly before the confirmation hearing (which is expected to be on 8 March 2021).

• If the Scheme is confirmed by the Court, all CMLA policies will automatically transfer to AIAA. The policy owner’s consent is not required for this transfer to occur.
• Policy owners may provide feedback on the Scheme and can attend the Court confirmation hearing and can request to be heard by the Court. We encourage policy owners in the first instance to provide feedback to us directly via the feedback form.
• Alternatively, policy owners can provide feedback at the following details:
  • AIAA policy owners:
    • Phone: 1800 333 613 (8am to 6pm AEDT)
    • Email: supportpart9@aia.com (AIA policy owners)
  • CommInsure/ CMLA policy owners:
    • Phone: 13 10 56 (8am – 6pm AEDT)
    • Email: supportpart9@cba.com.au
• If you wish to be heard in Court, please contact AIAA and CMLA’s lawyers, Ashurst, using the details provided in the Scheme Summary.
• Policy owners can also inspect a physical copy of the Scheme Summary, the Scheme, actuarial reports and the notice of intention during the inspection period, which runs from 20 January 2021 to12 February 2021 from 9:00am to 5:00pm (except weekends and public holidays in the relevant State or Territory). You can inspect the Scheme documents at the following locations. Please note you may be required to follow COVID-19 health and safety directions when attending these locations.

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

• The consultation period is the time period during which policy owners can provide feedback on the Scheme to AIAA and CMLA.
• The consultation period will begin on the date the notice of intention is published and will continue until shortly before the date of the confirmation hearing (which is expected to be on 8 March 2021).

• Yes, affected policy owners can attend the Court confirmation hearing and can request to be heard by the Court.
• The Court confirmation hearing is expected to be held on 8 March 2021.
• If you would like to be heard in Court, please contact AIAA and CMLA's lawyers, Ashurst, before the hearing date using the details provided in the Scheme Summary provided on the overview page.

• The Scheme document, a summary of the Scheme, a copy of the independent actuarial report, the appointed actuary reports and the notice of intention are available on the overview page. 
• As a policy owner you can also inspect physical copies of the above documents during the inspection period, which runs from 20 January 2021 to 12 February 2021 from 9:00am to 5:00pm (except weekends and public holidays in the relevant State or Territory). You can inspect the Scheme documents at the following locations. Please note you may be required to follow COVID-19 health and safety directions when attending these locations.

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

• Please call us on 13 10 56 (8am – 6pm AEDT), or you can leave feedback via our feedback form. 

• What we do on a day-to-day basis will not change at all. We will still deliver the same service to our customers and do so in a way that provides them with access to the products and services tailored to their specific needs. The transfer will not negatively affect your ability to sell AIAA policies.
• From a customer perspective, existing policy terms and conditions will not change as a result of the transfer.
• The independent actuarial report has confirmed the Scheme “will not materially prejudice the interests of policyholders of both CMLA and AIAA”.
• CMLA policy owners will be notified of the transfer by way of a letter which will include an overview of the Scheme, what it means for them, and a summary of the Scheme document.
• Please ensure that, if the Court confirms the transfer, any communications or other material you issue (including websites) are updated to reflect updated product names and branding, where appropriate.

• Generally speaking, it’s business as usual and AIAA and CommInsure Life’s commitment to their customers and advisers remains unchanged. Existing insurance policies remain in place and any claims will be worked through as usual.
• Existing policy terms and conditions will remain unchanged. CMLA policies will automatically transfer to AIAA, while AIAA policy owners will not be affected.
• An independent actuary has confirmed the Scheme “will not materially prejudice the interests of policyholders of both CMLA and AIAA.” A copy of the independent actuary report is available on the overview page.
• The appointed actuary of AIAA and the appointed actuary of CMLA have each concluded that the Scheme will not adversely impact the contractual benefits and rights or the reasonable benefit expectations of the policyholders of AIAA and CMLA, and that the security of AIAA and CMLA policyholders' benefits will continue to be appropriate following the Scheme. 
• Following the transfer, CMLA policy owners will see branding on their products change to AIAA branding.
• Please use these FAQs to inform conversations with policy owners.

• There will be no immediate changes to adviser and partner key contacts and relationships; in due course we will work through the best way to manage these. Rest assured we will be open, transparent and keep you updated as we progress through the regulatory approval process.

• Please ensure that, if the Court confirms the transfer, any communications or other material you issue (including websites) are updated to reflect updated product names and branding, where appropriate.
• There will be no changes to the benefits offered under policies or the quality of service we provide to policy owners. Apart from the branding and product name changes mentioned above, there is no need to do anything differently from your normal course of work.