INSURANCE ACT 1973 (CTH)
NOTICE OF INTENTION TO APPLY TO THE FEDERAL COURT FOR CONFIRMATION OF SCHEMES UNDER DIVISION 3A OF PART III OF THE INSURANCE ACT 1973 (CTH) TO TRANSFER THE AUSTRALIAN INSURANCE BUSINESSES OF SUNCORP METWAY INSURANCE LIMITED, GIO GENERAL LIMITED, AUSTRALIAN ALLIANCE INSURANCE COMPANY LIMITED AND AUSTRALIAN ASSOCIATED MOTOR INSURERS LIMITED TO AAI LIMITED
Notice is given that AAI Ltd ACN 005 297 807 (AAI) proposes to make an application to the Federal Court of Australia seeking confirmation of four separate but concurrent schemes under Division 3A of Part III of the Insurance Act 1973 (Cth) to transfer the Australian general insurance businesses of each of the following Suncorp Group companies to AAI:
- Suncorp Metway Insurance Limited ACN 075 695 966 (SMIL), which currently underwrites Suncorp Insurance general insurance policies;
- GIO General Limited ACN 002 861 583 (GIO), which currently underwrites GIO, AMP and Resilium general insurance policies;
- Australian Alliance Insurance Company Limited ACN 006 471 709 (Aust Alliance), which currently underwrites Apia, InsureMyRide and Shannons general insurance policies; and
- Australian Associated Motor Insurers Limited ACN 004 791 744 (AAMI) which currently underwrites AAMI, Bingle.com.au and Just Car Insurance general insurance policies.
Each of SMIL, GIO, Aust Alliance, AAMI and AAI is part of the Suncorp Group of companies and the schemes are being undertaken as part of an internal reorganisation of the group.
As a consequence of the schemes, AAI will be substituted for each of SMIL, GIO, Aust Alliance and AAMI under policies issued or underwritten by SMIL, GIO, Aust Alliance and AAMI respectively.
The date fixed for the hearing of the application is 2 May 2013 at 10.15am 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, in the Court’s opinion, may be affected by any of the schemes can ask the Court, at the hearing, to be heard on the application.
It is important that persons affected by any of the schemes take notice of the schemes and consider whether they wish to attend the hearing. If a policyholder wishes to be heard at the hearing, it would assist if you let our lawyer, Mr Malcolm Stephens of Allens, Level 28, Deutsche Bank Place, 126 Phillip Street, Sydney NSW 2000 (Telephone (02) 9230 4828), know at least 3 days before the date fixed for hearing.
Copies of this notice, the schemes, a summary of the schemes and the actuarial report on which the schemes are based are available on www.schemesummary.com.au. Copies of these documents will also be available for inspection by affected policyholders between 2 April 2013 to 22 April 2013 (inclusive), between 9:00am and 5:00pm Monday to Friday (other than public holidays) at the following addresses:
New South Wales Level 28, Deutsche Bank Place, 126 Phillip Street, Sydney NSW 2000
| South Australia Adelaide SA 5000 |
Victoria Level 37, 101 Collins Street, Melbourne VIC 3000
| Tasmania Hobart TAS 7000 |
Queensland Level 31, Riverside Centre, 123 Eagle Street, Brisbane QLD 4000 | Australian Capital Territory Turner ACT 2612 |
Western Australia Level 37, QV.1, 250 St Georges Tce, Perth WA 6000 | Northern Territory Level 9, Mitchell Centre, 59 Mitchell Street, Darwin NT 0800 |
If a policyholder has any questions in relation to the schemes or any information contained in this notice, please contact AAI's dedicated scheme hotline by calling 1800 064 521. An affected policy owner may request a copy of the scheme by contacting the scheme hotline.