Notice of Intention to make an application to the Federal Court of Australia for confirmation of a Scheme for the transfer of the life insurance business of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 to AIA Australia Limited ABN 79 004 837 861 under Part 9 of the Life Insurance Act 1995 (Cth)
TAKE NOTICE that The Colonial Mutual Life Assurance Society Limited (CMLA) and AIA Australia Limited (AIAA) propose to make a joint application at 10:15am on Monday, 8th March 2021 (or such other date and time as the Court determines) in the Federal Court of Australia (Court) at the Law Court's Building located at Queen's Square, Sydney for orders confirming a scheme for the transfer of the life insurance business of CMLA to AIAA under Part 9 of the Life Insurance Act 1995 (Cth) (Scheme).
If the Scheme is confirmed by the Court all in-force policies of CMLA (including expired policies under which benefits remain payable) or policies that have a guaranteed renewal right at the proposed transfer date, as well as all assets of its statutory funds, will be transferred to AIAA as follows:
- all policies referable to CMLA's statutory funds containing investment-linked policies (ie. CMLA's Statutory Fund No.1L, Statutory Fund No.2L and Statutory Fund No.4) will become referable to equivalent new statutory funds of AIAA; and
- all policies referable to CMLA's other statutory funds (ie. CMLA's Statutory Fund No.1, Statutory Fund No.3 and Statutory Fund No.5) will become referable to AIAA's Statutory Fund No.1,
effective from the effective date determined by the Court, but which is proposed to be 12.01am on 1 April 2021 (Transfer Date).
At the same time, AIAA will be substituted for CMLA as the insurer under these policies. The contractual benefits and rights of CMLA policy owners and insured beneficiaries will remain unchanged, other than:
- a change to the insurer; and
- a change to the relevant statutory fund.
There will be no change to AIAA policies as a result of the Scheme.
Any person who, in the Court’s opinion, may be affected by the Scheme (Affected Policy Owners) can ask the Court, at the hearing, to be heard on the application. It is important that Affected Policy Owners take notice of the Scheme and consider whether they wish to attend the hearing. If you wish to be heard at the hearing please contact AIAA and CMLA's lawyers, Ashurst (Attention: Con Tzerefos), Level 26, 181 William Street, Melbourne, VIC 3000 (telephone 03 9679 3000) between 9am and 5pm Monday to Friday, before the hearing date.
Each policy owner of CMLA and any owner of an AIAA policy referable to AIAA's Statutory Fund No.1 may obtain a copy of the Scheme, a summary of the Scheme approved by the Australian Prudential Regulation Authority (Scheme Summary), this Notice of Intention, the actuarial reports in respect of CMLA and AIAA on which the Scheme is based and an independent actuarial report on the Scheme (Actuarial Reports) free of charge to download, by email request or by calling on the details below:
CMLA Scheme Contact Centre
Telephone: 13 10 56 during the hours of 8.00am to 6.00pm AEST (on any day until the Transfer Date (except weekends and public holidays)
Email: supportpart9@cba.com.au
Website: www.aia.com.au/part9scheme
AIAA Scheme Contact Centre
Telephone: 1800 333 613 during the hours of 8.00am to 6.00pm AEST on any day until the Transfer Date (except weekends and public holidays)
Email: supportpart9@aia.com
Website: www.aia.com.au/part9scheme
Copies of these documents will also be available for inspection during the hours of 9.00am to 5.00pm during the period 20 January 2021 to 12 February 2021 (except public holidays in the relevant State or Territory) at the places set out below. You can also request a free copy of the scheme documents at the locations set out below at these times.
ACT
Ashurst
Level 11
12 Moore Street
Canberra ACT 2601
SA
Minter Ellison
Level 10, Grenfell Centre
25 Grenfell Street
Adelaide SA 5000
NSW
Ashurst
Level 11
5 Martin Place
Sydney NSW 2000
TAS
Dobson Mitchell Allport
59 Harrington Street
Hobart TAS 7000
NT
Minter Ellison
Level 1
60 Smith Street
Darwin NT 0800
A Scheme Summary will be sent to Affected Policy Owners of CMLA.
In order to promote disclosure of the Scheme, if you are insured under an AIAA policy referable to AIAA's Statutory Fund No.1, or a CMLA policy referable to a CMLA statutory fund described in this notice but are not the owner of that policy, you may inspect, request or download a copy of the Scheme and associated documents in the manner described above. To assist you in assessing whether you are an insured person, but not a policy owner, of a CMLA or AIAA policy described in this notice, please note that CMLA and AIAA issue:
- policies to trustees of superannuation funds, who are the policy owners, for the benefit of fund members, who are the insureds, and
- other group policies to entities such as employers, who are the policy owners, for the benefit of their employees, who are the insureds.
If you are a member of a superannuation fund or an insured under a group policy, we recommend you check whether CMLA or AIAA is the insurer.
Affected Policy Owners, superannuation fund members and insureds under policies as described in this notice are not required to take any action if they have no objection to the Scheme.
Should you require further information or have any concerns about the proposed Scheme, please contact the CMLA Scheme Contact Centre on 13 10 56 or the AIAA Scheme Contact Centre on 1800 333 613 during the hours of 8.00am to 6.00pm AEST on any day until the Transfer Date (except weekends and public holidays) if you are an Affected Policy Owner or an insured under such a policy.
We recommend that each Affected Policy Owner obtain a copy of and review the Scheme, the Scheme Summary and the Actuarial Reports, which contain a discussion of the impact of the Scheme on policy owners.
Signed by the Company Secretary of
The Colonial Mutual Life Assurance Society Limited and AIA Australia Limited
Michael Tropea