On November 16, 2023, the Federal Court of Australia confirmed a scheme to transfer OnePath's general insurance business to Zurich, under Division 3A, Part III of the Insurance Act 1973.
On December 01, the scheme finally transferred the general insurance business's assets and liabilities – including all insurance policies issued by OnePath – to Zurich. However, OnePath has retained assets required to meet regulatory capital requirements.
OnePath announced the transfer of its general insurance business to Zurich in August 2023, making a joint application to the federal court.
In a statement, OnePath and Zurich said their policyholders do not need to take any action following the transfer.
Existing OnePath policies have automatically transferred to Zurich, with insurance cover under OnePath policies remaining unchanged, including terms and conditions.
OnePath offered assurances that policyholders will continue to experience the same levels of service they have experienced to date. Its brand will remain in the market to continue providing Australians with their insurance needs.
