In 2017, the Commonwealth Bank of Australia (CBA) announced the sale of its CommInsure life insurance business in Australia, which includes The Colonial Mutual Life Assurance Society (CMLA), to the AIA Group.
CBA and the AIA Group now intend to complete the transaction by way of a statutory asset transfer of CMLA’s life insurance business to AIA Australia (AIAA) under Part 9 of the Life Insurance Act 1995. The Part 9 transfer is also referred to as the Scheme. The Scheme will need to be confirmed by the Federal Court of Australia (the Court). It is anticipated the hearing will occur in March 2021.
The Scheme represents an opportunity to finalise the transaction by transferring CommInsure / CMLA’s assets and liabilities to AIAA. While a significant milestone for our business, the Scheme will not affect your policy terms and conditions, or how you do business with us.
We’ve built these pages to help ensure you have access to important information about the Scheme, and to provide you with a channel to ask questions and provide feedback.