Macquarie Life Limited, in the matter of Macquarie Life Limited

Macquarie Life Limited, the first applicant, applied to the Federal Court for confirmation of a scheme for the transfer of all of its life insurance business to Resolution Life Australasia Limited, the second applicant. The applicants sought confirmation of the scheme under Part 9 of the Life Insurance Act 1995 (Cth). The primary legal issue was whether the scheme met the requirements of the Act and was in the best interests of policyholders. The court considered the evidence presented, including actuarial reports and affidavits from relevant parties. The applicants argued that the transfer was in the best interests of policyholders, aligning with Resolution Life Australasia's strategy to grow its presence in the Australian market and diversify its portfolios. The court found that the scheme, with certain modifications, met the statutory requirements and was in the best interests of policyholders. Consequently, the court confirmed the scheme subject to the proposed modifications, including the deletion of certain definitions to clarify the allocation of liabilities. The scheme will take effect on 1 November 2022. The applicants were ordered to pay APRA’s costs of the proceedings.