The development comes after last month the Federal Court of Australia approved the transfer of assets to Zurich, under Part 9 of the Life Insurance Act 1995 (Cth).
The transfer includes OnePath Life’s assets and liabilities comprising all its life insurance policies, which will now be treated as if they had been issued and administered by Zurich rather than OnePath Life.
For OnePath Life customers, there is no change in policies except for the insurer and statutory fund.
Notably, OnePath Life will continue to retain assets to meet regulatory capital requirements.
Three years ago, OnePath Life became a part of Zurich and the proposed transfer was the final step in the process of formally bringing together the businesses of Australian life insurers.
At the time of the announcement of the proposed transfer in May this year, Zurich noted that the consolidation will assist insurers in managing the regulatory requirements more efficiently while simplifying the financial, operational, and administrative processes.
Last week, the Australian insurer formed a new agency agreement with NM Insurance to act as security for Proteus Marine Insurance (Proteus).
At the time, Zurich head of marine James Butchart said: “We are excited to enhance our already strong relationship with NM Insurance by supporting the Proteus brand. The Proteus product suite is directly aligned to Zurich’s global marine strategy and will provide Proteus customers with tailored solutions for their risks.”