INSURANCE ACT 1973 (CTH)
Notice of intention to apply to the Federal Court of Australia for confirmation of a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) to transfer the insurance business of Aioi Nissay Dowa Insurance Co Ltd ABN 39 096 302 466 to Aioi Nissay Dowa Insurance Company Australia Pty Ltd ABN 11 132 524 282
Notice is given that AIOI NISSAY DOWA INSURANCE CO LTD ABN 39 096 302 466 (AIOI)
intends to apply to the Federal Court of Australia (the Court) for orders confirming a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth) for the transfer of the run-off portfolio insurance business (Insurance Business) of AIOI (Australia Branch) to AIOI NISSAY DOWA INSURANCE COMPANY AUSTRALIA PTY LTD ABN 11 132 524 282 (ADICA) (Scheme). AIOI and ADICA
are both part of the MS&AD Insurance Group Holdings Inc global group of companies.
If the Scheme is confirmed by the Court, the Insurance Business of AIOI will be transferred to ADICA and ADICA will be substituted for AIOI as the insurer under policies underwritten by AIOI (Australia Branch). Any future claims made in respect of those policies will need to be made to ADICA. Persons affected by the Scheme may request to be heard by the Court.
The hearing of the application will be held on 23 June 2023 (or on such other date as the Court appoints) at the Federal Court of Australia, which is located at 184 Phillip Street, Sydney NSW 2000.
Any person who in the Court's opinion may be affected by the Scheme (Affected Policyholders), has the right to attend the Court hearing and request to be heard by the Court on the application for confirmation of the Scheme.
Affected Policyholders are encouraged to take notice of the Scheme and consider whether they wish to attend and be heard at the hearing. If you wish to be heard at the hearing on 23 June 2023, kindly inform our lawyer, Ms Natalie Caton of DLA Piper Australia at least three (3) days before that date. Ms Caton’s contact details are as follows:
DLA Piper Australia
Level 22, 1 Martin Place
Sydney, NSW 2000.
Telephone No. : (07) 3246 4161 Email: natalie.caton@dlapiper.com
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 Don Johnstone of Taylor Fry dated 23 March 2023 upon which the Scheme is based (collectively the Scheme Documents) will be available on the websites listed below from 19 May 2023 until the date of the hearing.
Websites
www.adica.com.au www.toyota.com.au/car-insurance
www.lexus.com.au/finance/insurance-and-warranty www.powertorquefinance.com.au
On request, each affected policyholder may obtain a full copy of the Scheme Documents by contacting AIOI on 1300 856 590 during the hours 8.30am to 5:00pm Monday to Friday AEST or by email at customerservice@adica.com.au. Affected Policyholders may also obtain copies (free of charge) or inspect the Scheme Documents between 22 May 2023 to 13 June 2023 (inclusive), between 9:00am and 5:00pm, Monday to Friday (other than weekends and public holidays) at the offices of DLA Piper Australia or Deloitte Australia at the following addresses:
New South Wales DLA Piper Level 22 1 Martin Place Sydney NSW 2000 | Victoria DLA Piper Level 14 80 Collins Street Melbourne VIC 3000 |
Queensland DLA Piper Level 9 480 Queen Street Brisbane QLD 4000 | Western Australia DLA Piper Level 21 240 St Georges Terrace Perth WA 6000 |
South Australia Deloitte Level 17 11 Waymouth Street Adelaide SA 5000 | Tasmania Deloitte Level 8 22 Elizabeth Street Hobart TAS 7000 |
Australian Capital Territory Deloitte 8 Brindabella Circuit Brindabella Business Park Canberra Airport Canberra ACT 2609 | Northern Territory Deloitte Level 11 24 Mitchell Street Darwin NT 0800 |
Should you require any further information or have any concerns about the proposed Scheme, please contact AIOI’s dedicated Scheme hotline by calling 1300 856 590.