The life insurance business of OnePath Life Limited has transferred to Zurich Australia Limited
Zurich Australia Limited (Zurich) is pleased to confirm that the life insurance business of OnePath Life Limited (OnePath Life) has transferred to Zurich. This is the final step in the process for the integration of OnePath Life within the Zurich Group.
On 6 July 2022, the Federal Court of Australia confirmed the Scheme to transfer OnePath Life’s life insurance business to Zurich, under Part 9 of the Life Insurance Act 1995 (Cth).
On 1 August 2022, the Scheme transferred OnePath Life’s assets and liabilities, including all life insurance policies issued by OnePath Life, to Zurich. OnePath Life will, however, retain assets to meet regulatory capital requirements.
What does this mean for you and your clients?
While this is an important milestone for Zurich in bringing together its two life insurance businesses, advisers and policy owners do not need to do anything.
Existing OnePath Life policies have automatically transferred to Zurich, and insurance cover under OnePath Life policies has not changed as a consequence of the transfer.
The transfer does not affect the following:
- Policy terms and conditions, except that Zurich has replaced OnePath Life as the insurer and OnePath Life issued policies have become referable to a Zurich statutory fund
- The brand that appears on policies. Policies that were branded ‘OnePath’ before 1 August 2022 continue to be branded ‘OnePath’ after this date
- Any income payments, claims in progress, active requests, applications, or complaints submitted prior to 1 August 2022
- How customers and policies are serviced
- The way that you do business with us.
Note, the OnePath brand and OnePath products will remain in market.
More Information
If you have any questions about the transfer of OnePath Life to Zurich, please call your Business Development Manager or access our Adviser FAQs.