Proposed transfer of certain life insurance business
Integrity Life Australia Limited to Zurich Australia Limited
Integrity Life Australia Limited (Integrity) and Zurich Australia Limited (Zurich) have made an application to the Australian Prudential Regulatory Authority (APRA) for approval of a proposed transfer of certain life insurance business from Integrity to Zurich under the Financial Sector (Transfer and Restructure Act (1999) (Cth) (Transfer). The life policies proposed to be transferred to Zurich are the life and income protection policies issued by Integrity under the Medibank and ahm brands.
APRA must approve the Transfer before it can go ahead. The proposed effective date of the Transfer is 20 December 2024.
Further information on the Transfer
The following documents provide further information about the Transfer:
- Transfer Summary – Medibank
- Transfer Summary – ahm
- Integrity Actuarial Report
- Zurich Actuarial Report
The Transfer Summary includes important details about the Transfer and the rights of affected policy owners.
Your rights as an affected policy owner
Before APRA can make a decision on the proposed Transfer, it is required to take account of how the Transfer will affect the rights and interests of affected policy owners. It is therefore important that you consider the impact of the proposed Transfer on your rights and interests.
Should you have any questions, feedback about the Transfer or any of the documents available on this page, please use the below contact points.
Policy owners are requested to notify any concerns or objections you may have by Monday, 2 December 2024 so that these can be taken into account before APRA decides whether to approve the Transfer.
What does this mean for policy owners?
If the Transfer is approved, policy owners do not need to do anything. Existing Medibank and ahm branded Integrity policies will automatically transfer to Zurich and cover will remain unchanged.
The Transfer will not affect the following:
- Active insurance claims or insurance claims under assessment
- Policy terms and conditions
- Any payments, active requests or complaints already submitted
If APRA approves the Transfer, then on and from the effective date of the Transfer all rights and liabilities under existing Integrity policies will be transferred to Zurich with transferring policy owners having the same rights against Zurich as they would have had, had Zurich been the issuer of the policies in place of Integrity.
We recommend you read the Transfer Summary, along with the actuarial reports, to learn more about the Transfer and what it means for policy owners.
Next steps
If you are the owner of a policy to be transferred to Zurich under the proposed Transfer, you will receive notification of the proposed Transfer by email, which will include a copy of the Transfer Summary.
You are not required to take any action if you have no objection to the proposed Transfer.
Contact Us
Medibank policy owners
Phone: 1300 865 210 (Monday-Friday, 8am – 8pm AEST / ADST)
Email: service@medibanklife.com.au
ahm policy owners
Phone: 1300 867 125 (Monday-Friday, 8am – 8pm AEST / ADST)
Email: service@ahmlife.com.au