CommInsure Life’s policyholders will be transferred to AIA Australia by way of a scheme under Part 9 of the Life Insurance Act, subject to the Federal Court of Australia.
In an announcement, AIA said this would allow it to finalise its acquisition of CommonInsure Life from the Commonwealth Bank of Australia.
It noted that the scheme would not affect any policy terms and conditions or how policyholders and customers did business with their insurer.
Policyholders would receive a letter from AIA Australia and CommInsure Life informing them of the intended transfer and would receive a scheme overview and details of the transfer.
The acquisition of the life insurance business included The Colonial Mutual Life Assurance Society Limited (CMLA). CMLA also included other brands such as Colonial and Commonwealth Financial Services. AIA said all life insurance products and associated policies and services issued under those brands would transfer to AIA.
The transfer would be heard by the Federal Court of Australia on 8 March, 2021, and if confirmed the court would determine the exact time and date of the transfer which parties had proposed would be 12.01am on 1 April, 2021.