Zurich Australia Ltd has announced that it has finalised the transfer and integration of the life insurance business of OnePath Life Ltd.<\/p>\n
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<\/em> (Cth).<\/p>\n It says the completion transfers OnePath Life\u2019s 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.<\/p>\n Zurich says OnePath Life policies are \u201c\u2026now treated as if they had been issued and administered by Zurich rather than OnePath Life. For OnePath Life policy owners \u2013 other than a change to the insurer and statutory fund to which it is referable \u2013 these policies continue to operate and be administered in the same way.\u201d<\/p>\n It adds that Zurich remains committed to retaining the OnePath brand\u00a0 \u201c\u2026continuing a proud heritage of insuring and protecting Australians.\u201d<\/p>\n