Proposal to transfer CGU insurance licence

CGU Insurance will apply to the Federal Court of Australia for confirmation of a scheme to transfer all of its insurance business into a related company called Insurance Australia Limited (IAL) effective on or about 1 August 2017.

What does this mean for CGU clients?

The proposed transfer will have no impact on CGU clients. The terms of policies will not change after the transfer date other than IAL becoming the insurer under the transferring policies; clients can continue to contact us in the same way that they do now; there will be no impact on claims; and policies will continue to operate and be renewed in the same way.

Do I need to do anything?

No, but if you wish to object, you have the right to attend, and ask to speak at, the Court hearing. Further Information about the Court hearing can be obtained using the contact information set out below.

How can I find out more?

To find out more about the scheme, or if you are interested in attending the Court hearing:

  • Visit www.iag.com.au/licences to access (when available) key documents related to the scheme including a copy of the scheme summary, the scheme, notice of intention, and actuarial report on which the scheme is based. If you wish, you may register to be notified when these documents are available;
  • Email licences@iag.com.au
  • Phone the information line on 1800 907 424