Zurich and OnePath General Insurance have given notice of their intention to make a joint application to the Federal Court seeking confirmation of a scheme to transfer OnePath’s business into the Swiss insurer. 

The scheme is prepared under Division 3A of Part III of the Insurance Act to give effect to the terms of an agreement by which OnePath General has agreed to sell and transfer, and Zurich has agreed to purchase and accept the transfer of, all of the business carried on by OnePath General in Australia. 

Zurich completed its $2.85 billion acquisition of the OnePath life insurance business from ANZ in 2019. 

The confirmation hearing for the scheme is scheduled for November 16 or such other date and time as the court determines. 

Zurich says the proposed effective date of the transfer is December 1. 

“Should the scheme be confirmed, OnePath General policies will be treated as if they had been issued and administered by Zurich rather than OnePath General,” Zurich says. 

“This consolidation of Zurich Australia’s two general insurers will assist us in managing our regulatory requirements more efficiently and simplify financial, operational and administrative processes.”