The proposed transfer of OnePath General Insurance Limited to Zurich Australian Insurance Limited

Who is Zurich?

Zurich Australian Insurance Limited (Zurich) is part of the worldwide Zurich Insurance Group, a global insurance specialist founded in 1872, employing more than 54,000 people and operating in 210 countries and territories.  Our Australian heritage dates back to 1920.

Why are you making this change?

OnePath General Insurance Pty Limited (OnePath General) has been part of the Zurich Group for more than five years. The Zurich Group now proposes to bring together our two general insurers in Australia, OnePath General and Zurich Australian Insurance Limited (Zurich).  This consolidation will assist us in managing our regulatory requirements more effectively and simplify financial, operational and administrative processes. 

What does the transfer process involve?

There are several steps in the process to transfer the business of OnePath General to Zurich, including making a joint application to the Federal Court of Australia (the Court) seeking confirmation of a scheme (the Scheme) under Division 3A of The Insurance Act 1973 (Cth) (Insurance Act).

The confirmation hearing is scheduled for 16 November 2023, or such other date as the Court determines, and we aim to have the transfer completed by 1 December 2023. 

If the proposed transfer occurs, when would it take effect?

If the proposed transfer is confirmed by the Court, it would take effect on Friday 1 December 2023 or such other date the Court determines.

When will I be advised of the outcome of Zurich’s transfer proposal?

The outcome of the transfer proposal will be published on www.onepath.com.au/general-scheme and www.zurich.com.au/general-scheme after 16 November 2023.

Which products are affected by the proposed transfer?

All policies issued or insured by OnePath General, including those issued under the following products:

• Income Protection (Series 1)
• Credit Card Protection Insurance

OnePath General and QBE are co-insurers of certain personal lines (home, motor and travel) policies sold through the ANZ bank network during the period 2008 to 2015.  Claims in respect of these policies will continue to be managed by QBE and will not be affected by the transfer.

How will I be affected by the transfer as a OnePath General policyholder?

If confirmed by the Court, from the Effective Date (expected to be 1 December 2023), other than Zurich replacing OnePath General as the insurer there will be no changes to:

• your policy terms and conditions;
• the key features of your policy; or
• the brand and name of your policy;
• the type and level of cover you have;
• your current payment arrangements;
• any Beneficiary Nomination you've made; or
• Customer Service contact details.

This means the way you're covered or amount of cover in your existing policy will not be affected.  OnePath General customers will continue to experience the same levels of service they have experienced to date.

How will I be impacted by the proposed transfer as a Zurich general insurance policyholder? 

As a Zurich policyholder, your policy will not be impacted by the proposed transfer. There will be no changes to the terms and conditions of your policy as a result of the Scheme.

Do I need to take any action as a result of the transfer?

OnePath General and Zurich policyholders do not need to take any action as a result of the transfer unless you wish to raise an objection to the Scheme, in which case you’ll have the right to request to be heard by the Court (see below for details).

If you wish to stay up-to-date on the progress of the transfer or read more information on the Scheme, visit onepath.com.au/general-scheme or zurich.com.au/general-scheme. You can also contact us using the details below should you require any further information.

OnePath General Scheme Contact Centre
Telephone: 1800 161 167
Email: division3ascheme@onepath.com.au

Zurich Scheme Contact Centre
Telephone: 1800 161 166
Email: division3ascheme@zurich.com.au

I'm a OnePath General policyholder, if the proposed transfer is confirmed, will I receive new policy documents?

You will not receive new policy documents if the transfer is confirmed. All policy terms and conditions will remain unchanged post-transfer except that all references to OnePath General in your Policy will be read as references to Zurich.

Will the transfer result in any changes to my policy fees and premiums? 

The transfer will not result in any changes to policy fees and premiums for either OnePath General or Zurich policyholders. Insurance pricing and fees are reviewed and adjusted on a regular basis and this would continue.

I am a OnePath General policyholder and would like to know what will happen to my death benefit and other life insurance benefits under my policy?

Zurich Australia Limited (ZAL) is the insurer of life insurance benefits under ANZ credit card insurance policies and under disability income insurance policies.  ZAL and your life benefits will continue unaffected by the Scheme.

I want to make a claim under my policy. What should I do?

Please refer to your policy document for information on how to make a claim.

Following the proposed transfer, claims will need to be made to Zurich instead of OnePath General.  There will be no changes to the claims process as a result of the proposed transfer. 

OnePath General customers will continue to experience the same levels of service they have experienced to date.

I am a OnePath General policyholder and have a claim that’s currently in progress. How will this proposed transfer affect my claim?

If the transfer is confirmed, any claim that has not been finalised by 1 December 2023 (or such other date determined by the Court) will continue to be handled in the same way – and by the same teams – as they are now. You don’t need to do anything extra and you will not be required to resubmit your claim.

OnePath General customers will continue to experience the same levels of service they have experienced to date.

I'm a Zurich policyholder and have a claim that's currently in progress.  How will this proposed transfer affect my claim?

The processing of claims will continue to be handled in the same way – and by the same teams – as they are now. You don’t need to do anything extra. Zurich customers will continue to experience the same levels of service they have experienced to date.

I am a OnePath General policyholder and have already received multiple letters regarding my policy, why are you contacting me again?

As we are proposing that OnePath General's insurance policies be transferred to Zurich, we are required by law to notify you of the transfer and give you a copy of the Scheme Summary which has been approved by the Australian Prudential Regulation Authority.

I am a OnePath General policyholder and a member of the consumer credit insurance class action against OnePath General, ANZ and others.  How does this transfer affect the compensation payment that is to be made to me under the Court approved settlement?

The proposed transfer will not affect compensation payments that are to be made to class action    members under the Court approved settlement. Slater & Gordon lawyers are managing the class action settlement process.  If you have any questions about the settlement, including questions about when you should expect to receive a compensation payment, you should contact Slater & Gordon on 1800 751 301 or via email at ANZCCI@SlaterGordon.com.au

What are my rights as a policyholder?

As a OnePath General or Zurich policyholder affected by the proposed Scheme you have the right to:

• access or obtain a copy of the Scheme Summary, the Scheme, the Notice of Intention, the appointed actuaries' actuarial report and the independent actuarial report (Scheme Documents) free of charge; and
• attend the Court hearing and request to be heard on the application for confirmation of the Scheme (see below for details).

Can I attend the Court hearing?

As a OnePath General or Zurich policyholder you have the right to attend the Court hearing and request to be heard by the Court about the proposed Scheme to transfer the policies of OnePath General to Zurich.

A joint application by OnePath General and Zurich for confirmation of the Scheme will be made to the Court in Sydney on 16 November 2023 at 10am AEST, or on such other date and time as the Court appoints.

If you’d like to appear before the Court, it would assist if you could please contact James Beaton, at MinterEllison (02 9921 8888), between 9am and 5pm (AEST), at least three business days before the hearing date. MinterEllison are the law firm acting on our behalf in this matter.

How do I provide my feedback and comments about the Scheme? 

If you’d like to ask further questions or provide feedback about the proposed Scheme, you can do so by calling the Scheme Contact Centre between 8:30am and 5pm (AEST) weekdays (excluding public holidays) or by sending us an email, using the details below:

OnePath General Scheme Contact Centre
Telephone: 1800 161 167
Email: division3ascheme@onepath.com.au

Zurich Scheme Contact Centre
Telephone: 1800 161 166
Email: division3ascheme@zurich.com.au

How do I get a copy of the Scheme document?

You can visit onepath.com.au/general-scheme or zurich.com.au/general-scheme from 28 August 2023 to view and download electronic copies of the Scheme Documents, including the Scheme, Scheme Summary and actuarial reports. Alternatively, you can contact our Scheme Contact Centre, between 8:30am and 5pm (AEST) weekdays during the period of 23 August 2023 to 1 December 2023, to obtain hard copies free of charge.

OnePath General Scheme Contact Centre
Telephone: 1800 161 167
Email: division3ascheme@onepath.com.au

Zurich Scheme Contact Centre
Telephone: 1800 161 166
Email: division3ascheme@zurich.com.au

I’d like to physically inspect copies of the Scheme Documents. Where can I do this? 

The Scheme Documents will be available to download at zurich.com.au/general-scheme and onepath.com.au/scheme from 28 August 2023.

You can also request copies of the Scheme Documents free of charge by calling us between 8:30am and 5pm (AEST) weekdays or by sending us an email, using the details below:

OnePath General Scheme Contact Centre
Telephone: 1800 161 167
Email: division3ascheme@onepath.com.au

Zurich Scheme Contact Centre
Telephone: 1800 161 166
Email: division3ascheme@zurich.com.au

The Scheme Documents will also be available for inspection at the following locations during the hours of 9am to 5pm (local time) Monday to Friday (except public holidays in the relevant State or Territory) during the period 18 September 2023 to 20 October 2023 (inclusive).

You can also request a free copy of the Scheme Documents at these locations during these times.

New South Wales
MinterEllison
Level 40, Governor Macquarie Tower
1 Farrer Place
Sydney NSW 2000

Victoria
MinterEllison
Level 20, Collins Arch
447 Collins Street
Melbourne VIC 3000

Queensland
MinterEllison
Level 22, Waterfront Place
1 Eagle Street
Brisbane QLD 4000

Australian Capital Territory
MinterEllison
Constitution Place
1 Constitution Avenue
Canberra City ACT 2601

Western Australia
MinterEllison
Level 4, Allendale Square
77 St Georges Terrace
Perth WA 6000

Northern Territory
MinterEllison
Level 1, 60 Smith Street
Darwin NT 0800

South Australia
MinterEllison
Level 10, Grenfell Centre
25 Grenfell Street
Adelaide SA 5000

Tasmania
Dobson Mitchell & Allport
59 Harrington Street
Hobart TAS 7000

Are these sites easy to access?

All buildings are modern high-rise buildings with alternate access and lifts as required. The exceptions are Hobart which is on the ground floor and Darwin which is on the first floor but has a lift. Most buildings also have a concierge service to assist anyone attending in person.

All locations are in the CBD of the capital city in each state or territory and can be reached by public transport.

I am a OnePath General policyholder and I haven’t received a copy of the notification letter and/or Scheme Summary. Why? 

OnePath General policyholders can expect to receive a notification letter or email, with access to the Scheme Summary between 31 August 2023 and 11 September 2023. If you have not received your communication by 10 October 2023, please call the OnePath General Scheme Contact Centre on 1800 161 167 between 8:30am and 5pm (AEST) weekdays or email division3ascheme@onepath.com.au, and we can send you a copy of the notification letter/email and Scheme Summary.

I am a Zurich policyholder, why didn’t I receive a notification letter and Scheme Summary?  

Zurich policyholders are not required to be given a direct notification letter/email and Scheme Summary as the Court has made orders to dispense with this requirement on condition that we take a number of other actions to bring the scheme to the attention of affected policyholders. Zurich customers can learn more about the transfer at zurich.com.au/general-scheme, and access the Scheme Documents free of charge, including the Scheme Summary.

What is a Scheme Summary?

The Scheme Summary, which has been approved by the Australian Prudential Regulation Authority
(APRA), explains:

• the proposed transfer;
• how the transfer will occur;
• your rights as a policyholder;
• how the proposed transfer will affect you; and
• where to find out more information about the Scheme, and other aspects of the proposed transfer that you should know about.
  

It is a summary of the full Scheme document. Both the Scheme Summary and Scheme document are available to view or download free of charge from onepath.com.au/general-scheme. Alternatively email us at division3ascheme@onepath.com.au or call us on 1800 161 167 from 8:30am to 5pm (AEST), Monday to Friday to request copies.