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Please find below frequently asked questions regarding the Scheme.
What's the story so far?
In February 2022, AIAA announced the sale of its Superannuation and Investments life insurance business in Australia to Resolution Life. Since then, we have been working with regulators to prepare for the transfer:
What is the Part 9 transfer / the Scheme?
What is the impact to me as a policy holder?
Do I need to do anything?
Shortly after the Federal Court of Australia confirms the Scheme, your policy or policies will be automatically transferred to Resolution Life. There will be some changes to banking / payment arrangements – if you make payments by:
Why is AIAA selling its Superannuation and Investments business to Resolution Life Australasia?
Why is AIAA completing the transfer by way of a Scheme?
What is changing as a result of the Scheme?
Will you keep both AIAA and Resolution Life Australasia's products open and available for new business?
Both companies' open products at the time of the transfer will remain open. Some products are closed to new business but will 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.
Why are you announcing the Scheme through newspaper notices?
What is the process for the Scheme?
Why was the 31 May 2023 confirmation hearing date adjourned?
The issue that caused the adjournment of the 31 May 2023 confirmation hearing has now been resolved between AIAA and Resolution Life. The issue involved a question relating to the ongoing application of a contractual indemnity for the benefit of Resolution Life under a contract between AIAA and Resolution Life. The parties have now agreed that Resolution Life will retain the benefit of the indemnity in the event of an expected change in the ultimate holding company of Resolution Life (to occur under a separate transaction). The settlement of this issue preserves the interests of AIAA policy owners transferring to Resolution Life and Resolution Life’s existing policy owners.
Will there be any change to the proposed effective date of the Scheme as a result of the adjournment of the 31 May 2023 confirmation hearing date?
Subject to the approval of the Court, we currently anticipate the Scheme will take effect on 1 July 2023. An update will be provided in the Important Update banner of the website soon after the confirmation hearing on 28 June 2023.
When will the Court confirmation hearing take place?
The Part 9 Confirmation hearing that was due to be heard in the Federal Court on 31 May 2023 has been delayed. Further details in relation to the Confirmation hearing will be advised as soon as they are available.
What happens if the Court does not confirm the Scheme?
How are the interests of affected policy holders and other parties protected?
Can policy holders make changes to their product or policy following the transfer?
What if I also hold an existing AIA product that is not transitioning as part of the Scheme – how will I manage my personal details change with two organisations?
Will the transfer impact how I receive payments for claims against my policies?
Can I expect the same level of service?
If new policy holders purchase a policy from AIAA during the period between the Court confirmation and the transfer effective date, what will happen?
Will banking or payment arrangements for premiums change?
There will be some changes to banking / payment arrangements – if you make payments by:
Do I have to update my details?
If you received a letter explaining your direct debit authority needed to be updated, you will need to complete the attached form and return it to us. Please contact us if you need a direct debit authority form.
Will the transfer change who I call to manage my Superannuation and Investments products, to make a claim or to ask questions?
You can continue using the same contact details you currently use to manage your products, make a claim or ask questions. The only exception is the number to contact if calling from oversaes; this number will change to +61 2 7202 0216 after the transfer.
Will my policy number change?
What are the other bank and insurance cover changes indicated in the SEN I received?
Why did I receive a letter about this when I don't have a policy, account or product with AIAA?
Will this letter affect my rollover to an external fund?
Will my Third Party Authorities (TPA) be impacted?
How can I provide feedback on the Scheme?
What will happen to my feedback?
What’s the deadline for any feedback?
Can a policy holder opt-out of the transfer?
ACT:
Chamberlains Law Firm
Level 8, 224 Bunda Street
Canberra, Australian Capital Territory 2601.
Contact: Reception
NSW:
Herbert Smith Freehills
Level 34, ANZ Tower, 161 Castlereagh Street,
Sydney, New South Wales 2000.
Contact: Reception
NT:
HWL Ebsworth
Level 9, Mitchell Centre
59 Mitchell Street
Darwin, Northern Territory 0800.
Contact: Reception
QLD:
Herbert Smith Freehills
Level 31, 480 Queen Street,
Brisbane, Queensland 4000.
Contact: Reception
SA:
DMAW Lawyers
Level 10, 81 Flinders Street
Adelaide, South Australia 5000.
Contact: Reception
TAS:
Dobson Mitchell Allport Lawyers
59 Harrington Street
Hobart, Tasmania 7000
Contact: Reception
VIC:
Herbert Smith Freehills
Level 24, 80 Collins Street
Melbourne, Victoria 3000.
Contact: Reception
WA:
Ashurst
Level 10, Brookfield Tower 2
123 St Georges Terrace
Perth, Western Australia 6000
Contact: Reception
What is the consultation period?
Can I be heard in Court?
I would like to review the Scheme documents. Can I access them?
ACT:
Chamberlains Law Firm
Level 8, 224 Bunda Street
Canberra, Australian Capital Territory 2601.
Contact: Reception
NSW:
Herbert Smith Freehills
Level 34, ANZ Tower, 161 Castlereagh Street,
Sydney, New South Wales 2000.
Contact: Reception
NT:
HWL Ebsworth
Level 9, Mitchell Centre
59 Mitchell Street
Darwin, Northern Territory 0800.
Contact: Reception
QLD:
Herbert Smith Freehills
Level 31,480 Queen Street,
Brisbane, Queensland 4000.
Contact: Reception
SA:
DMAW Lawyers
Level 10, 81 Flinders Street
Adelaide, South Australia 5000.
Contact: Reception
TAS:
Dobson Mitchell Allport Lawyers
59 Harrington Street
Hobart, Tasmania 7000
Contact: Reception
VIC:
Herbert Smith Freehills
Level 24, 80 Collins Street
Melbourne, Victoria 3000.
Contact: Reception
WA:
Ashurst
Level 10, Brookfield Tower 2
123 St Georges Terrace
Perth, Western Australia 6000
Contact: Reception
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?
Will there be a delay in processing policy owner claims as a result of this transfer?
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.
Resolution Life Australasia is part of the Resolution Life Group. It has approximately $30 billion in assets under management and is a well-capitalised business with a dedicated focus on servicing its existing 1.1 million customers and providing them with competitive premiums, quality investment management, great customer service and efficient claims management.
Superannuation, investment and retirement products are a core part of Resolution Life’s portfolio. AIAA’s Superannuation and Investments business will be fully integrated into Resolution Life’s local business operations where policyholders will benefit from Resolution Life’s dedicated focus on existing customers and significant investment in technology and digital capabilities.
The person or persons covered by an insurance policy.
This 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 AIAA’s superannuation and investments life insurance business to Resolution Life Australasia.
We refer to “the Scheme” as another term to describe the transfer of AIAA’s superannuation and investments business to Resolution Life Australasia under Part 9.
AIAA
Please call 1800 879 078 or
+61 2 8365 9141 (if calling from overseas)
Resolution Life
Phone: 133 731