Transfer of Asteron Life’s life insurance business to TAL Life
We’re pleased to announce that the process to transfer Asteron Life’s life insurance business to TAL Life is underway.
As you would be aware, on 28 February 2019 the TAL group acquired Suncorp Life & Superannuation Limited and renamed it Asteron Life & Superannuation Limited (Asteron Life).
We now intend to seek approval from the Federal Court of Australia (the Court) for confirmation to transfer Asteron Life’s life insurance business to TAL Life Limited (TAL Life) under Part 9 of the Life Insurance Act 1995 (Cth) (referred to as a Scheme). If confirmed, the Scheme will transfer the assets and liabilities of Asteron Life’s life insurance business, including all of 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.
No action required by you or your clients
Whilst this is an important milestone for us, you and your clients do not need to do anything before or after this transfer. Policy owners and lives insured will be automatically transferred from Asteron Life to TAL Life, and there will be no changes to policy terms and conditions.
Following the transfer, Asteron Life’s policy owners will see a change to the insurance entity referenced in correspondence (e.g. in disclosure statements), however there will be no change to branding or product names.
From 22 July 2021, we’ll send your clients who hold an Asteron Life policy (and for whom we have a current postal address) a notification letter and a Scheme summary, which outlines the details.
Answers to a series of Frequently Asked Questions have been developed to support customers with detailed information about the Scheme. This can be accessed online at TAL or Asteron Life and may be used to explain the Scheme to your clients.
Documents relating to the Scheme will be available online on our Asteron Life and TAL Life websites, and physical copies of these documents will also be available for public inspection at a location in each State and Territory.
These documents include the Scheme summary, which provides an accessible summary of the proposed Scheme, including the Asteron Life products that will be transferred. This is available online at scheme summary.
Additional documents relating to the Scheme include a notice of intention, scheme document and three actuary reports. All of these documents can be accessed via the Scheme transfer links below.
If you have any queries or require any assistance, please contact your local TAL Business Development Manager.