Frequently Asked Questions

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:

• AIAA and Resolution Life now intend to complete a statutory asset transfer of AIAA’s Superannuation and Investments life insurance business to Resolution Life under Part 9 of the Life Insurance Act 1995 (Cth).
  
• AIAA and Resolution Life will seek confirmation from the Federal Court of Australia to confirm the Scheme and proceed with the transfer.
• If successful, the Scheme will transfer the assets and liabilities of AIAA's Superannuation and Investments life insurance business to Resolution Life.

• The transfer is taking place by way of Scheme under Part 9 of the Life Insurance Act 1995 (Cth) (the Life Act).
• The Scheme must be confirmed by the Federal Court of Australia before it can take effect.  Part 9 of the Life Act sets out the rules for transfers and amalgamations of Australian life insurance businesses.
• Should the Federal Court of Australia confirm the Scheme, AIAA's Superannuation and Investments life insurance business will be transferred to Resolution Life at a date specified by the Court (the Transfer Date).

• Should the Federal Court of Australia confirm the Scheme, from the Transfer Date, the insurer of your policy will be Resolution Life instead of AIAA. 
• There will be a change to the relevant statutory fund (that is, your policy will become referable to Resolution Life’s Statutory Fund No.1, No.2 or No.3).
• For certain term life, disability income, trauma and life insurance policies, inclusion of a right for Resolution Life to make changes to the policy terms and insurance benefits provided under the policy, provided there is no adverse impact on policy holders or other insured persons. The only exception to the above is where you are suffering from a condition or symptom prior to a change. In this case, notwithstanding any changes made to the terms of your policy, any claim that is affected by the condition or symptom will continue to be assessed as if the policy terms had not been changed.
  • For example, Resolution Life may decide to enhance policy coverage and remove an exclusion for a specified illness. If you already have symptoms or a diagnosis for this illness at the time this policy exclusion is removed, you’ll be deemed to have a pre-existing condition or symptom. If you then make a claim and the claim is affected by this pre-existing condition or symptom, you will not have the benefit of the policy change that removes the exclusion and will instead be assessed under the previous policy terms. This is because your illness or condition existed before the policy change was made.
• For certain insurance bond and allocated annuity policies, inclusion of a right for Resolution Life to make changes to the unit price used in product transactions (such as payment of premiums, investment switches and benefit payments) to be the next available unit price after receiving all relevant information required to process the transaction. This means that product transactions will no longer be finalised based on the last quoted unit price and instead, will be finalised based on the next available unit price. You will be notified in writing 30 days before any such change takes effect. 

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:
 

• Cheque, your cheque will need to be payable to ‘Resolution Life Australasia Limited’
• Direct Debit, you may need to sign a new Direct Debit Authority form 
• BPAY, you will need to note the new biller code on your payment notice 
• AUSPOST, you will need to note the new QR code on your payment notice
• Cheque directly to AIAA, you will be notified of these changes in your payment notice

• While AIAA has a material portfolio of Superannuation and Investments policies, AIAA’s strategy for the future is to be the leading life, health, and wellness provider in Australia, rather than be a service provider to Superannuation and Investments life insurance business. In comparison, Resolution Life’s focus is to add to its existing portfolios of life insurance business, which includes a large, existing portfolio of Superannuation and Investments business. Resolution Life aims to provide a long-term home and customer focused service to policy holders with Superannuation and Investments policies.

• It is a requirement under Part 9 of the Life Insurance Act 1995 (Cth) that the Federal Court of Australia must confirm a Scheme to transfer life insurance business between life companies before the Scheme can take effect. 
• The Scheme, if confirmed, will result in the transfer of AIAA’s assets and liabilities referable to its Superannuation and Investments business to Resolution Life

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• If the Scheme is confirmed, the following policies will automatically become Resolution Life policies:
  • In-force policies connected to the products administered by AIAA; and 
  • Expired policies for which benefits remain payable or a person has a guaranteed renewal right
• Resolution Life will be responsible for administering your policy and paying any claims and meeting all other obligations arising under your policy. Any premiums will also be payable to Resolution Life. Please refer to how your policy or product terms and conditions may change.
• All transferring policies will change to Resolution Life branding following the Scheme.

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.

• AIAA policy holders:
  • Phone: 1800 879 078 or (02) 8365 9141 (if calling from overseas); (Between 9 am and 5 pm AEDT)
  • Email: supportpart9@aia.com
• Resolution Life policy holders:
  • Phone: 133 731 (Between 8.30 am and 5:30 pm AEDT)
  • Email:  AIATransfer@resolutionlife.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 NOls) is to tell policy holders 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.

• The Scheme will be effected under Part 9 of the Life Insurance Act 1995 (Cth) (Life Act).
• In accordance with the process set out in the Life Act, AIAA and Resolution Life have applied to the Federal Court of Australia (the Court) for certain orders in relation to the policy holder communication process. Once that process has been completed, AIAA and Resolution Life will apply to the Court again to seek its confirmation of the Scheme, which if confirmed will give effect to the transfer.
• The application for confirmation will be heard before the Court on 28 June 2023.
• Should the Court confirm the Scheme, it will also determine the exact time and date of the transfer. AIAA and Resolution Life have proposed an effective date of July 1 2023 for the Scheme.

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.

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.

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.

• The Scheme cannot proceed unless it is confirmed by the Federal Court of Australia.
• If the Court refuses to provide its confirmation, then assets and liabilities of AIAA's Superannuation and Investments life insurance business will not transfer to Resolution Life.

• The interests of affected parties are protected by a rigorous review and confirmation process. The process includes:
  • An AIAA appointed actuary and a Resolution Life appointed actuary have each concluded that the Scheme will not materially prejudice the contractual benefits and rights or the reasonable benefit expectations of the policy owners of AIAA and Resolution Life, and that the security of AIAA and Resolution Life policy owners' benefits will continue to be appropriate following the Scheme. The AIAA appointed actuary assessed the impact on transferring and retained AIAA policy holders, while the Resolution Life appointed actuary assessed the impact on Resolution Life’s existing and transferring policy holders.
  • An independent actuary has also confirmed that the Scheme will not materially prejudice the interests of policy owners of both AIAA and Resolution Life.
  • 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 holders are not materially prejudiced by the transfer.
  • Any affected policy holder 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 holders and will provide a summary of that feedback to the Court as part of its consideration of the Scheme.
• Protecting our policy holders’ 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.

• Yes. Policy holders can make changes to their policy at any time as normal and as per their existing terms and conditions.

• You can still contact us (AIAA) for any changes or enquiries related to existing AIAA policies that are not transferring to Resolution Life.
• Once the transfer has occurred, you will need to contact Resolution Life for any changes to policies that have transitioned to their management.

• Resolution Life will be responsible for administering your policy and paying any claims and meeting all other obligations arising under your policy. 

• The experience that both AIAA and Resolution Life deliver today will continue tomorrow. Our priority is to make the transfer as seamless as possible.

• New policy holders will be informed of the transfer of their policies with their welcome letter.

There will be some changes to banking / payment arrangements – if you make payments by:

• Cheque, your cheque will need to be payable to ‘Resolution Life Australiasia Limited’
• Direct Debit, you may need to sign a new Direct Debit Authority form 
• BPAY, you will need to note the new biller code on your payment notice 
• Via AUSPOST, you will need to note the new QR code on your payment notice
• Cheque directly to AIAA, you will be notified of these changes in your payment notice

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. 

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.

• No, your policy number will stay the same.

• Detailed information on the banking changes can be found on our website at how you manage your policy or product may change.

• While you may not have a policy with AIAA, you may hold a product or be a member of a fund in respect of which AIAA acts as the administrator and insurer (where relevant).
• Please contact us if you believe you've received the letter notifying you of the transfer in error.

• Any rollovers in will be transitioned to Resolution Life on the Scheme effective date.

• Third Party Authorities (TPA) will not be impacted by the transfer.

• Policy holders have the option to provide feedback on the Scheme. If you wish to provide feedback, please contact us on the following details:
  • AIAA policy holders:
    • Phone: 1800 879 078 or (02) 8365 9141 (if calling from overseas); (Between 9 am and 5 pm AEDT)
    • Email: supportpart9@aia.com
  • Resolution Life policy holders:
    • Phone: 133 731 (Between 8:30 am and 5:30 pm AEDT)
    • Email: AIATransfer@resolutionlife.com.au
• Policy holders can also request to be heard in Court. please contact AIAA’s lawyer, Ashurst or Resolution Life’s lawyer, Herbert Smith Freehills (HSF), on the details provided in the Scheme Summary, which is available on the Overview page. 

• Feedback on the Scheme will be captured and a summary of the feedback will be provided to the Federal Court of Australia as part of its consideration of the Scheme.

• Policy holders may provide feedback on the Scheme to AIAA and/or Resolution Life 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 will held on 28 June 2023).

• If the Scheme is confirmed by the Court, all AIAA policies will automatically transfer to Resolution Life. The policy holder’s consent is not required for this transfer to occur.
• Policy holders 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 holders in the first instance to provide feedback to us directly via the feedback form.
• Alternatively, policy holderers can provide feedback at the following details:
  • AIAA policy holders:
    • Phone: 1800 879 078 (Between 9 am and 5 pm AEDT)
    • Email: supportpart9@aia.com (AIA policy owners)
  • CommInsure/ CMLA policy holders:
    • Phone: 13 10 56 (Between 8:30 am and 5:30 pm AEDT)
    • Email: AIATransfer@resolutionlife.com.au
• If you wish to be heard in Court, please contact AIAA’s lawyer, Ashurst or Resolution Life’s lawyer, Herbert Smith Freehills (HSF) using the details provided in the Scheme Summary.
• Policy holders can also inspect a physical copy of the Scheme Summary, the Scheme, actuarial reports and the notice of intention during the inspection period at the following locations. Please note you may be required to follow COVID-19 health and safety directions when attending these locations.

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       

• The consultation period is the time during which policyholders can provide feedback on the Scheme to AIAA and Resolution Life.
• 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 will be held on 28 June 2023).

• Yes, affected policy holders can attend the Court confirmation hearing and can request to be heard by the Court.
• The court confirmation hearing will be held on 28 June 2023.
• If you would like to be heard in Court, please contact AIAA’s lawyer, Ashurst or Resolution Life’s lawyer, Herbert Smith Freehills (HSF), 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 approved by the Australian Prudential Regulation Authority (APRA), a copy of the independent actuarial report, the appointed actuary reports and the notice of intention are available on the Overview page. 
• We can also send you a copy of the Scheme document free of charge
• As a policyholder you can also inspect physical copies of the above documents during the inspection period at the following locations.  Please note you may be required to follow COVID-19 health and safety directions when attending these locations.

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

• We can send you specific details on how and when your personal information will be shared. 

• 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.
• AIAA policy holders 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.

• Generally speaking, it’s business as usual. 
• AIAA policies will automatically transfer to Resolution Life
• There will be a change to the relevant statutory fund (that is, the policy will become referable to Resolution Life’s Statutory Fund No.1, No.2 or No.3)
• For certain term life, disability income, trauma and life insurance policies, inclusion of a right for Resolution Life to make changes to the policy terms and insurance benefits provided under the policy, provided there is no adverse impact on policy holders or other insured persons. The only exception to the above is where a policy owner is suffering from a condition or symptom prior to a change. In this case, notwithstanding any changes made to the terms of the policy, any claim that is affected by the condition or symptom will continue to be assessed as if the policy terms had not been changed.
  • For example, Resolution Life may decide to enhance policy coverage and remove an exclusion for a specified illness. If a policy owner already has symptoms or a diagnosis for this illness at the time this policy exclusion is removed, the policy owner will be deemed to have a pre-existing condition or symptom. If the policy owner makes a claim and the claim is affected by this pre-existing condition or symptom, the policy owner will not have the benefit of the policy change that removes the exclusion and will instead be assessed under the previous policy terms. This is because the policy owner's illness or condition existed before the policy change was made.
• For certain insurance bond and allocated annuity policies, Resolution Life can change the unit price used in product transactions (such as payment of premiums, investment switches and benefit payments) to be the next available unit price after receiving all relevant information required to process the transaction. This means that product transactions will no longer be finalised based on the last quoted unit price and instead, will be finalised based on the next available unit price. Policy owners will be notified in writing 30 days before any such change takes effect.
• An independent actuary has confirmed the Scheme “will not materially prejudice the interests of policy owners of both AIAA and Resolution Life.” A copy of the independent actuary report is available on the overview page.
• The appointed actuary of AIAA and the appointed actuary of Resolution Life have each concluded that the Scheme will not adversely impact the contractual benefits and rights or the reasonable benefit expectations of the policy owner of AIAA and Resolution Life, and that the security of AIAA and Resolution Life policy owners' benefits will continue to be appropriate following the Scheme.
• Following the transfer, AIAA policy holders will see branding on their products change to Resolution Life branding.

• 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.

• There will be some changes to banking and payment arrangements for some transferring policy owners. Please refer to how you manage your policy or product may change. 
  
• There will be no changes to the benefits offered under policies or the quality of service we provide to policy owners.

• 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. Any in-flight claims on transferring policies will be transitioned to Resolution Life on the Scheme effective date.