The transfer, proposed to start on September 01, 2023, will go through a scheme under Division 3A of Part III of the Insurance Act 1973 (Cth). The effective date and scheme are subject to approval by the Federal Court of Australia.
In a statement, Allianz said that the transfer is part of an internal reorganisation of its Australian businesses.
“Should the scheme be confirmed by the court, the insurance business of AAGIL will be transferred to AAIL and AAIL will be substituted for AAGIL as the insurer under insurance policies issued by AAGIL on or about 1 September 2023. Persons affected by the scheme may request to be heard by the court,” it said.
The hearing for the proposed transfer of business will take place at 9:30am on August 18, 2023, at the Law Courts Building, Queens Square, 184 Phillip Street, Sydney, New South Wales.
Allianz clarified that policyholders, potential beneficiaries, and those with a claim under a policy insured by AAGIL that is subject to the transfer are not required to take any action before or after the transfer. However, they must still review the information about the transfer in the documents provided by the insurer to understand how the move will affect their rights and obligations.
The insurer said: “Any person, who in the court's opinion may be affected by the scheme (affected policyholder) has the right to attend the court hearing and ask to be heard by the court on the application for confirmation of the scheme.
“If an affected policyholder wishes to be heard at the court hearing on August 18, 2023, then please inform AAGIL and AAIL's solicitors, Hall & Wilcox, not less than three days beforehand.”
