The joint application by OnePath Life Limited (OnePath Life) and Zurich Australia Limited (Zurich) to the Federal Court of Australia (the Court), to transfer the life insurance business of OnePath Life to Zurich by way of a scheme (the Scheme) was confirmed on 6 July 2022. The effective date of the transfer will be 1 August 2022.
What does this mean for policy owners?
While this is an important milestone in bringing together the life insurance businesses of the Zurich Group in Australia, policy owners do not need to do anything.
The Scheme transfers OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich on the effective date (being 1 August 2022). OnePath Life will, however, retain assets to meet regulatory capital requirements.
Existing OnePath Life policies will automatically transfer to Zurich, and insurance cover under OnePath Life policies will not change as a consequence of the transfer.
The Scheme will not affect the following:
- Policy terms and conditions, except that Zurich will replace OnePath Life as the insurer and OnePath Life issued policies will become referable to a Zurich statutory fund
- The brand that appears on your policy. Therefore, if you hold a ‘OnePath’ branded policy before the effective date, your policy will continue to be branded ‘OnePath’ after the effective date
- Any income payments, claims in progress, active requests, applications, or complaints already submitted
- How customers and policies are serviced.
Further information on the Scheme
OnePath Life policy owners were sent notification of the proposed transfer by mail or email during May and early June.
We also recommend you read the following Scheme documents, and access our Customer FAQ document to learn more about the Scheme and what it means for policy owners.
- Scheme Summary
- Actuarial Report jointly prepared by the Appointed Actuary of OnePath Life and the Appointed Actuary of Zurich
- Independent Actuarial Report on the Scheme
- Notice of Intention.
Should you have any questions about the Scheme or any of these documents, please contact our Customer Care team by calling 133 667, weekdays between 8:30am and 5:00pm AEST.