POWERED BY MOMENTUM MEDIA
CommInsure policyholders to be notified of transfer to AIA
CommInsure Life’s policyholders will be transferred to AIA Australia by way of a scheme under Part 9 of the Life Insurance Act, subject to the Federal Court of Australia.
In an announcement, AIA said this would allow it to finalise its acquisition of CommonInsure Life from the Commonwealth Bank of Australia.
It noted that the scheme would not affect any policy terms and conditions or how policyholders and customers did business with their insurer.
Policyholders would receive a letter from AIA Australia and CommInsure Life informing them of the intended transfer and would receive a scheme overview and details of the transfer.
The acquisition of the life insurance business included The Colonial Mutual Life Assurance Society Limited (CMLA). CMLA also included other brands such as Colonial and Commonwealth Financial Services. AIA said all life insurance products and associated policies and services issued under those brands would transfer to AIA.
The transfer would be heard by the Federal Court of Australia on 8 March, 2021, and if confirmed the court would determine the exact time and date of the transfer which parties had proposed would be 12.01am on 1 April, 2021.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
