AIA Australia has announced that it has published notices in major Australian newspapers signaling its intent to take on the Commonwealth Bank of Australia’s life insurance and investments business, known as CommInsure Life.
The insurer says that CommInsure Life policyholders will receive a letter from AIA Australia and CommInsure Life, informing them of the intended transfer by way of a scheme under Part 9 of the Life Insurance Act.
It says the transfer will allow AIA Australia to finalise its acquisition of CommInsure Life from CBA (see: AIA Finalises CommInsure Takeover).
AIA notes that the scheme would not affect any policy terms and conditions, nor how policyholders and customers do business with their insurer.
“Policyholders will receive a scheme overview and details of how they can access more information, including the scheme documents and actuaries’ reports. They will also receive information on how they can provide feedback about the scheme,” the statement says.
The Federal Court of Australia is expected to consider the scheme at a hearing in March 2021.
AIA says that more information about the scheme can be found here.
