INSURANCE ACT 1973 (CTH)
Notice of intention to apply to the Federal Court for confirmation of a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) to transfer the general insurance business of MTA Insurance Limited to AAI Limited
Notice is given that AAI Limited ABN 48 005 297 807 (AAI) proposes to make an application to the Federal Court of Australia seeking confirmation of a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) to transfer the general insurance business of MTA Insurance Limited ABN 35 070 583 701 (MTAI) to AAI (Scheme). AAI and MTAI are part of the Suncorp Group of companies and the Scheme is being undertaken as part of an internal reorganisation of the group.
As a consequence of the Scheme, all of the general insurance business of MTAI will be transferred to AAI and AAI will be substituted for MTAI under policies underwritten by MTAI on or about 1 July 2015.
The date fixed for the hearing of the application is 16 June 2015 at 2.15pm or on such other date as the Court appoints. The hearing will be held at the New South Wales Registry of the Federal Court of Australia, which is located at the Law Courts Building, Queens Square, Sydney NSW 2000. Any person who holds a policy underwritten by MTAI or who in the Court's opinion is otherwise affected by the Scheme (Affected Policyholders), may attend the Court hearing and request to be heard by the Court on the application for confirmation of the Scheme.
It is important that Affected Policyholders take notice of the Scheme and consider whether they wish to attend the hearing. If an Affected Policyholder wishes to be heard at the hearing, it would assist if you let our lawyer, Ms Pamela Madafiglio of Minter Ellison know at least 3 days before the date fixed for hearing. Ms Madafiglio's contact details are:
Before 18 May 2015 Level 19, Aurora Place 88 Phillip Street Sydney NSW 2000
| From 18 May 2015 Level 40, Governor Macquarie Tower 1 Farrer Place Sydney NSW 2000
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The telephone number is (02) 9921 8888. Affected policyholders are not required to take any action if they have no objection to the Scheme.
Copies of this notice, the Scheme, a summary of the Scheme approved by the Australian Prudential Regulation Authority (Scheme Summary) and the actuarial report prepared by Tim Andrews of Finity Consulting Pty Limited dated April 2015, as updated by the supplementary letter dated 16 April 2015, on which the Scheme is based (Actuarial Report) (Scheme Documents) will be available on www.schemesummary.com.au from tomorrow. Copies of these documents will also be available for inspection by affected policyholders between 11 May 2015 to 5 June 2015 (inclusive), between 9:00am and 5:00pm, Monday to Friday (other than public holidays) at:
(a) the offices of Minter Ellison at the following addresses:
New South Wales (before 18 May 2015) Minter Ellison Level 19, Aurora Place 88 Phillip Street Sydney NSW 2000
| New South Wales (from 18 May 2015) Minter Ellison Level 40, Governor Macquarie Tower 1 Farrer Place Sydney NSW 2000
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Queensland Minter Ellison Level 22, Waterfront Place 1 Eagle Street Brisbane QLD 4000
| Victoria Minter Ellison Level 23, Rialto Towers 525 Collins Street Melbourne VIC 3000
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Australian Capital Territory Minter Ellison Level 3, 25 National Circuit Forrest ACT 2603
| Western Australia Minter Ellison Level 4, Allendale Square 77 St Georges Terrace Perth WA 6000
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Northern Territory Minter Ellison Level 1, 60 Smith Street Darwin NT 0800
| South Australia Minter Ellison Level 10, Grenfell Centre 25 Grenfell Street Adelaide SA 5000
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(b) and the offices of Dobson Mitchell & Allport at the following address:
Tasmania
Dobson Mitchell & Allport
59 Harrington Street
Hobart TAS 7000
If an Affected Policyholder has any questions in relation to the Scheme or any information contained in this notice, please contact AAI's dedicated Scheme hotline by calling 1300 731 042. An Affected Policyholder may request a copy of the Scheme Documents (free of charge) by contacting the Scheme hotline.
We recommend that each Affected Policyholder obtain and review the Scheme, the Scheme Summary and the Actuarial Report, which contains a discussion of the impact of the Scheme on policyholders.