AIA Australia is finalising its acquisition of Commonwealth Bank's life insurance and investment business, CommInsure Life, by transferring members across.
As part of the transition, AIA Australia and CommInsure Life will send a letter to CommInsure policyholders to inform them of the intended transfer by way of a scheme under Part 9 of the Life Insurance Act.
The insurer will provide a scheme overview and details of how policyholders can access more information, including the scheme documents and actuaries' reports. It will also provide information on how policyholders provide feedback about the scheme.
AIA assures that the scheme would not affect any policy terms and conditions, nor how the policyholders and customers engage with their insurer. It expects the Federal Court of Australia to consider the scheme at a hearing in March 2021.
