OnePath Life Limited (OnePath Life) and Zurich Australia Limited (Zurich) give notice of their intention to make a joint application to the Federal Court of Australia (the Court) seeking confirmation of a scheme (the Scheme) under Part 9 of the Life Insurance Act 1995 (Cth) to transfer the life insurance business of OnePath Life to Zurich. The confirmation hearing is scheduled for 6 July 2022, or such other date and time as the Court determines. The proposed effective date of the transfer being 1 August 2022.
Further information on the Scheme
The following documents filed with the Court, provide further information about the Scheme:
- Notice of Intention
- 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.
Subject to state and territory health orders, physical copies of these documents are available for public inspection during the period 23 May 2022 to 24 June 2022 in each State and Territory at a location set out in the Scheme Summary.
The Scheme Summary includes important details about the Scheme and the rights of affected policy owners, including information on the Court hearing and how to attend if interested.
Policy owners have the right to attend the hearing and request to be heard on the Scheme. You may wish to do so if you believe the Scheme may detrimentally impact the interests of policy owners affected by the Scheme.
What does this mean for policy owners?
While this is an important milestone in bringing together the life insurance businesses of the Zurich Group, if the Scheme is confirmed, policy owners do not need to do anything. Existing policies will automatically transfer to Zurich and cover will remain unchanged.
The Scheme will not affect the following:
- Policy terms and conditions
- Any income payments, claims in progress, active requests, applications, or complaints already submitted
- How customers and their policies are serviced
If confirmed by the Court, the Scheme will transfer OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich on the effective date. OPL will, however, retain assets to meet regulatory capital requirements.
OnePath Life customers will receive notification of the proposed transfer of OnePath Life to Zurich via mail or email over the coming weeks, along with further information on what the transfer means for policy owners.
Should you have any questions about the Scheme or any of these documents, please contact our Customer Care team by calling 1800 161 163, weekdays between 8:30am and 5:00pm AEST, or email us at firstname.lastname@example.org.
No action is required if you have no objection to the Scheme.
After acquiring OnePath Life Limited on 31 May 2019 from the Australia and New Zealand Banking Group (ANZ), Zurich have been busy transitioning OnePath Life systems, processes and records and integrating them with Zurich’s operations.
The final step in the process of integrating OnePath Life with the Zurich Group is to formally bring together the businesses of our two Australian life insurers, OnePath Life and Zurich. While doing so we are committed to continuing to protect our customers and the things they love.