Scheme Transfer

Transfer of TLISL’s life insurance business to TAL Life

 

On 9 August 2021, Westpac announced the sale of Westpac Life Insurance Services Limited (now renamed TAL Life Insurance Services Limited) to TAL Dai-ichi Life Australia Pty Limited (TAL) (together, the Transaction). Completion of the Transaction occurred on 1 August 2022.

TAL Life Limited (TAL Life) and TAL Life Insurance Services Limited (TLISL) intend to make an application under Part 9 of the Life Insurance Act 1995 (Cth) (Life Act) to the Federal Court of Australia (the Court) for confirmation of a scheme (Scheme) to transfer all the assets and liabilities referable to the life insurance business of TLISL to TAL Life. Following the Court’s approval, TAL Life and TLISL will proceed with the transfer.

If successful, the Scheme will transfer TLISL’s life insurance business, including all the life insurance policies issued by TLISL, to TAL Life. TAL Life will become the issuer of TLISL’s life insurance policies.

To help ensure you have access to everything you need to know about the proposed Scheme, this webpage includes:

  • a general overview of the proposed Scheme;
  • answers to a list of Frequently Asked Questions;
  • a copy of the documents relating to the proposed Scheme; and
  • details on what you can do about the proposed Scheme.

You can speak with us about the proposed Scheme by:

When is this transfer proposed to occur?

The Court is scheduled to hear an application to confirm the Scheme on 24 February 2025.

Subject to the Federal Court confirming the Scheme, this Scheme takes effect on and from 11.59pm (AEST) on 31 March 2025 or on such other date as the Federal Court may determine (Effective Time).

Why are we doing this?

Following the acquisition of TLISL, a strategic review of the business and operating model across both TAL Life and TLISL was completed with the intention of creating a single, market-leading life insurer, to deliver the best outcomes for our customers.

The Scheme finalises the transfer of the TLISL’s life insurance business to TAL Life, which will allow TAL to consolidate and obtain efficiencies in how we conduct our life insurance businesses.

What does this mean for you?

The Scheme will not change any existing policy terms and conditions or how you interact with us, other than:

  • a change to the issuer of your policy, (that is, TAL Life will replace TLISL); and,
  • a change to the relevant statutory fund (that is, your policy will become part of TAL Life’s Statutory Fund No.1 or TAL Life’s Statutory Fund No.2).

TAL Life will be responsible for administering your policy, paying any claims and meeting all other obligations under your policy. Premiums will be payable to TAL Life, but you will not have to change your payment arrangements as this will occur automatically.

You can still contact us the same way you currently do to manage your policy or product.

Westpac Customers contact us
St George Customers contact us
BT Customers contact us

Your payment arrangements will remain the same, and you do not need to update any payment or bank account details. You’ll only notice a name change on your bank statement to TAL Life.

Lapsed or cancelled policies

For policy owners with lapsed or cancelled policies who are seeking to have those policies reinstated, the transfer will not change the reinstatement terms of your policy or the process that is being undertaken.

Branding updates

You may notice a change to the reference that appears on your bank statements, and future communications sent to you about your policy that will be issued by TAL Life following the transfer. TLISL uses different brands or associated trademarks, including BT, Westpac, St.George, BankSA and Bank of Melbourne which are registered trademarks of entities in the Westpac Group and are used by TAL Life under licence.

All life insurance products issued under those brands and any associated services will transfer to TAL Life by virtue of the Scheme. You can find the complete list of products transferring to TAL Life in the Scheme Summary, available in Documents.

TLISL products, product names and materials that include BT, Westpac, St.George, BankSA or Bank of Melbourne references will be rebranded to remove those references, where appropriate, and align with TAL Life branding. These changes will be reflected in customer and adviser communications, marketing material and collateral. This rebranding will not result in any changes to the relevant terms and conditions of your policy.

Contact Us

We’re here to answer your questions about the Scheme.

Customer and Adviser enquires:

 1300 537 699

Monday to Friday, 9am - 5pm (AEST)

Send us a message using the form below.

 

 


Documents

These documents provide all the information you need about the transfer.

Frequently Asked Questions

We have put together a list of Frequently Asked Questions (FAQs). If you have further questions, please contact us.

What is a Part 9 transfer or Scheme?

Part 9 of the Life Insurance Act 1995 (Cth) (Life Act) provides that a transfer or amalgamation of a life insurance business with the business of another life company is to be conducted by way of a scheme confirmed by the Federal Court of Australia (Scheme).

Accordingly, since TAL completed its purchase of TLISL in August 2022, TAL Life has been working with the regulators to prepare for the transfer:

  • TAL Life and TLISL intend to complete a statutory asset transfer of TLISL’s life insurance business to TAL Life under Part 9 of the Life Act.
  • TAL Life and TLISL will seek confirmation from the Federal Court of Australia to confirm the Scheme and proceed with the transfer.
  • If successful, the Scheme will transfer the assets and liabilities of TLISL’s life insurance business to TAL Life.

What is the process for the Scheme?

Under the Life Act, TLISL and TAL Life are required to provide policy holders with certain information about the proposed Scheme. Once all documentation (including policy holders communication) have been prepared and made available to the policy holders, TAL Life and TLISL will apply to the Court again to seek confirmation of the Scheme, which if confirmed, will give effect to the transfer.

The application for confirmation of the Scheme is scheduled to be heard by the Federal Court in Sydney, at 9:30am on 24 February 2025.

When the Federal Court confirms a scheme, it also determines the exact time and date of the transfer. TLISL and TAL Life have proposed an effective time and date of 11.59pm (AEST) on 31 March 2025 (Effective Time) in respect of the Scheme.

 

What happens if the Federal Court does not confirm the Scheme?

The Scheme will not proceed unless it is confirmed by the Federal Court.

If the Federal Court does not confirm the Scheme, then TLISL’s life insurance business will not transfer to TAL Life, and the parties will continue to work towards implementing the transfer at a later date.  You will not be affected if the Scheme does not proceed and you will continue to be insured by TLISL under your existing policy and TLISL will remain the product issuer for your policy.

Am I affected by the transfer?

Should the Federal Court of Australia confirm the Scheme, from the Effective Time, the insurer of your policy will be TAL Life instead of TLISL. 

There will be a change to the relevant statutory fund (that is, your policy will become referable to TAL Life’s Statutory Fund No.1 or TAL Life’s Statutory Fund No.2).  Any in-flight claims on transferring policies will be transitioned to TAL Life on the Effective Time.

The appointed actuaries of TLISL and TAL Life and an independent actuary have also concluded that the contractual benefits and rights of TLISL and TAL Life policy holders will not be adversely affected by the proposed Scheme. Your policy terms and conditions will not change as a result of the transfer.

You are not required to take any action before or after the proposed transfer. However, should you wish, you may provide TAL with feedback regarding the proposed transfer. See 'What happens if I want to provide feedback on the Scheme?' below for more information.

What is changing as a result of the Scheme?

If the Scheme is confirmed, all life insurance policies previously issued by TLISL will automatically transfer to TAL Life.

TLISL policy owners will notice a name change on your bank statement to TAL Life. This is a name change only. You do not need to update any payment arrangements or bank account details.

Apart from the above, the Scheme will not result in any changes to the current terms and conditions of your policy, or any TAL Life and TLISL policies.

In addition, there will be no change to the services offered, claims payment or processing arrangements, or the quality of service.

Do I need to do anything?

There is nothing that you need to do as a result of the Scheme. If you own a policy issued by TLISL, your policy will automatically transfer to TAL Life if the Scheme is confirmed.

Do I have to update my details?

You do not need to update any details or do anything as a result of the transfer. It's always a good idea to keep your contact details updated with us so you may:

  • Receive important updates and information such as renewal notices and statements
  • Enjoy prompt and personalised customer service
  • Get easy access to new communication channels

You can update your contact details with us by:

Contacting us in the same way you currently do to manage your policy or product.

Westpac Customers contact us
St George Customers contact us
BT Customers contact us

Will banking or payment arrangements for premiums change?

Payment arrangements including bank account numbers will not change and premium payments will continue as normal. There will be a name change on your bank statement to TAL Life. This is a name change only. You do not need to update any payment or bank account details.

What does the Scheme mean for my policy or product?

The terms and conditions of your policy will not change as a result of the Scheme. The Scheme simply means that TLISL policies will be transferred to TAL Life. TAL Life will be responsible for administering your policy and paying any claims and meeting all other obligations arising under your policy. Any premiums will also be payable to TAL Life. You do not need to do anything as a result of the transfer. Put simply, all rights and liabilities under your TLISL policy will be transferred to TAL Life and in particular, to TAL Life’s Statutory Fund No.1 and Statutory Fund No.2.

Can a policy owner opt-out of the transfer?

If the proposed Scheme is confirmed by the Federal Court, all TLISL policies will automatically transfer to TAL Life.

You cannot opt-out of the proposed Scheme. However, you can request to be heard by the Federal Court when it considers whether to confirm the proposed Scheme (see ‘Can I be heard in Federal Court?’ below).

Which brands are affected by the Scheme?

TLISL uses different brands or associated trademarks, including BT, Westpac, St.George, BankSA and Bank of Melbourne which are registered trademarks of entities in the Westpac Group and are used by TAL Life under licence.

All life insurance products issued under those brands and any associated services will transfer to TAL Life by virtue of the Scheme. You can find the complete list of products transferring to TAL Life in the Scheme Summary, available in Documents.

TLISL products, product names and materials that include BT, Westpac, St.George, BankSA or Bank of Melbourne references will be rebranded to remove those references, where appropriate, and align with TAL Life branding. These changes will be reflected in customer and adviser communications, marketing material and collateral. This rebranding will not result in any changes to the relevant terms and conditions of your policy. 

How are the interests of affected policy owners protected?

We are committed to protecting the interests of our policy owners and beneficiaries through a rigorous review and confirmation process, which includes:

  • Reports that have been prepared by the TAL Life and TLISL appointed actuaries who concluded that the Scheme will not adversely impact the contractual benefits and rights or the reasonable expectations of TAL Life or TLISL policyholders. The appointed actuaries concluded that the security of TAL Life and TLISL policyholders' benefits will continue unaffected following the Scheme.
  • An independent actuary has also confirmed that the Scheme will not adversely affect policy owners of TLISL and TAL Life.
  • Copies of the actuaries’ reports are available to download under Documents.
  • The Scheme is subject to confirmation by the Federal Court. In confirming the Scheme, the Federal Court will consider the impacts of the Scheme on policy owners, including any adverse impacts.
  • Any affected policy owner may attend the hearing at the Court and can request to be heard on the application for confirmation of the Scheme. If you wish to be heard at the hearing, please contact the lawyers for TLISL and TAL Life before the scheduled hearing date of 24 February 2025:

    Herbert Smith Freehills
    Attn: Michael Vrisakis
    161 Castlereagh Street
    Sydney NSW 2000
    Tel: 02 9225 5000

When is the deadline for any feedback?

You can provide feedback on the Scheme to TAL or TLISL during the consultation period.

The consultation period will begin on the date the Notice of Intention is published and will continue until shortly before the confirmation hearing, scheduled to be held at 9:30am on 24 February 2025. If you do not provide feedback to TAL or TLISL prior to confirmation hearing (for whatever reason), you can still attend the Federal Court hearing and request to be heard on the application for confirmation of the Scheme.

Can I be heard in the Federal Court?

Yes, affected policy owners can attend the Federal Court confirmation hearing and can request to be heard by the Federal Court (This is irrespective of whether or not you have provided prior feedback to TAL regarding the Scheme).

The Federal Court confirmation hearing is scheduled to be held at 9:30am on 24 February 2025.

If you would like to be heard in the Federal Court, please contact TAL Life and TLISL’s lawyers:

Herbert Smith Freehills
Attn: Michael Vrisakis
161 Castlereagh Street
Sydney NSW 2000
Tel: 02 9225 5000

 

2024 © TAL Services Limited a Dai-ichi Life Group Company.

"TAL is Australia's leading life insurer" based on Inforce premiums for risk only life insurance policies, NMG Consulting (2023).

Any financial product advice is general in nature only and does not take into account any person’s objectives, financial situation or needs. Before acting on it, the appropriateness of the advice for any person should be considered, having regard to those factors. Persons deciding whether to acquire or continue to hold life insurance issued by TAL should consider the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) for the product (where applicable) is also available. Life insurance issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848.