Zurich Australia Ltd has announced that it has finalised the transfer and integration of the life insurance business of OnePath Life Ltd.
A statement from Zurich says that in July 2022, the Federal Court of Australia confirmed the Scheme for the transfer of the business to Zurich, under Part 9 of the Life Insurance Act 1995 (Cth).
It says the completion transfers OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich from 1 August 2022. OnePath Life will, however, continue to retain assets to meet regulatory capital requirements.
Zurich says OnePath Life policies are “…now treated as if they had been issued and administered by Zurich rather than OnePath Life. For OnePath Life policy owners – other than a change to the insurer and statutory fund to which it is referable – these policies continue to operate and be administered in the same way.”
It adds that Zurich remains committed to retaining the OnePath brand “…continuing a proud heritage of insuring and protecting Australians.”
Click here for further information, and to access the Scheme documents.
