Transfer of Macquarie Life Limited to Resolution Life

A ‘Part 9 transfer’ refers to a statutory asset transfer under Part 9 of the Life Insurance Act 1995. It’s a legal mechanism for transferring life insurance policies from one insurance company to another.
 

Communication about the proposed transfer of my client’s life insurance policy

We contacted your clients and any of their listed Power of Attorney/s, to let them know about the intended transfer of their life insurance policy from Macquarie Life Limited (MLL) to Resolution Life Australasia Limited (RLAL). The impacted products are Macquarie Allocated Annuity and the Flexible Rollover Fund.

We also contacted you again when the Federal Court approved the transfer and prior to your client’s policy being transferred on 1 November 2022.

In 2016, we announced the transfer of part of our life insurance business to Zurich Australia Limited. That transfer was completed on 1 October 2016. The proposed Scheme transfer from Macquarie Life to Resolution Life was an opportunity to transfer the remaining parts of Macquarie Life’s life insurance business to Resolution Life and ensure policyholders continue to receive dedicated service and care in relation to their life insurance policy. It then allowed Macquarie Life to close its life insurance business.
 

Who is Resolution Life?

Resolution Life is part of the Resolution Life Group. It takes responsibilities of existing policies from established life insurance companies such as Macquarie Life. Resolution Life has approximately $30 billion in assets under management and is a well-capitalised business with a dedicated focus on servicing its existing 950,000 policyholders and providing them with competitive premiums, quality investment management, great customer service and efficient claims management.

Macquarie Life and Resolution Life worked together on an application to the Federal Court to implement the Part 9 transfer. When confirmed by the Court, Resolution Life replaced Macquarie Life as the issuer of, and the company responsible for, providing your clients with their Allocated Annuity or Flexible Rollover Fund policy.

Macquarie Life sent communications to all impacted policyholders and their financial advisers outlining the Part 9 process and the impact to Macquarie Life policyholders.

The contractual benefits and rights of Macquarie Life policyholders remain unchanged, other than some changes to the policy terms and conditions, investment options and fees as summarised in documents that were sent to all policyholders.