Zurich will apply to the Federal Court to transfer its NSW compulsory third party (CTP) portfolio to Gordian RunOff.

Meanwhile, Gordian has applied to the State Insurance Regulatory Authority (SIRA) for a NSW CTP insurer licence.

Gordian must obtain the licence before the court can confirm the transfer, which will see all NSW CTP insurance policies issued by Zurich transferred to the runoff specialist.

“Policyholders’ and claimants’ rights and responsibilities will not be impacted by the transfer,” a statement from SIRA says. “Gordian must honour all terms and conditions of the Zurich policies and provide the same cover as if the transfer had not occurred.

“Any claims not finalised by Zurich before the transfer date will be assessed by Gordian, without needing to be resubmitted.”

Zurich announced in 2015 that it would stop operating in the NSW CTP market.