Leading life insurer, TAL Life Limited, has reached a key milestone in its acquisition of Suncorp’s Australian life insurance business, Asteron Life & Superannuation Limited (Asteron Life), with the commencement of the legal process known as Part 9 to transfer Asteron Life’s life insurance business to TAL Life.
Under Part 9 of the Life Insurance Act 1995 (Cth), TAL Life and Asteron Life intends to seek approval from the Federal Court of Australia (the Court) for confirmation to transfer Asteron Life’s life insurance business to TAL Life (referred to as a Scheme).
If confirmed, the Scheme will transfer the assets and liabilities of Asteron Life’s life insurance business, including all the life insurance policies issued by Asteron Life, to TAL Life. TAL Life will become the issuer of Asteron Life’s life insurance policies.
The application for confirmation of the Scheme is scheduled to be heard by the Court on 10 September 2021. The Scheme is proposed to take effect on 1 October 2021.
While the Scheme is an important milestone for the TAL group, it will not change how the group does business with its policyholders and customers. Asteron Life policyholders and lives insured will automatically become TAL Life policyholders and lives insured, and there will be no changes to policy terms and conditions. The Asteron brand will also remain in the market.
More information, including the Scheme documents and ways to ask questions or provide feedback on the Scheme, can be found at: www.tal.com.au/scheme-transfer or www.asteronlife.com.au/scheme-transfer.