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.
I’ve received a communication about the proposed transfer of my life insurance policy. What does this mean?
We contacted you and any listed Power of Attorney/s, to let you know about the intended transfer of your 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 when the Federal Court approved the transfer and prior to your policy being transferred on 1 November 2022 (expected date).