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Transfer of the insurance business of Aetna Insurance (Hong Kong) Limited to Allianz Global Corporate & Specialty SE Hong Kong Branch.
This website provides information about the Transfer of the Class 2 (Sickness) general insurance business of Aetna Insurance (Hong Kong) Limited (“AIHK”) to Allianz Global Corporate & Specialty SE Hong Kong Branch (“Allianz”), an Allianz entity, through an insurance business transfer scheme pursuant to Section 25D of the Insurance Ordinance (CAP.41 of the laws of Hong Kong) (the “Transfer”).
The Transfer was subject to regulatory approval. The Transfer became effective on 29 December 2023. This page will be used to share any updates to the Transfer, as well as displaying supporting documents to the Transfer for your reference.
The transferred portfolio comprises all Class 2 (Sickness) general insurance policies underwritten by AIHK, including any endorsements or amendments thereto, under which there is still potential liability for claims.
Before the Transfer could proceed under Section 25D of the Insurance Ordinance (CAP.41 of the laws of Hong Kong), it required the approval of the Insurance Authority of Hong Kong (“HKIA”). When the HKIA approveds the Transfer, those insurance policies and liabilities within the scope of the Transfer automatically transferred to, and became the responsibility of Allianz from 29 December 2023, when the Transfer became effective.
You will find the following information within the relevant sections of this website, to assist you with understanding what the Transfer means for you:
Updates: Updates will be posted to confirm key milestones; for example, the completion of the proposed Transfer.
20 October 2023: After further discussion with the HKIA, we expect the proposed Transfer to become effective on 29 December 2023, as opposed to 1 December 2023.
Further update as of 27 December 2023: The HKIA has confirmed the Transfer will become effective on 29 December 2023.
Documents: Copies of various documents relating to the Transfer, including the covering letter sent to policyholders with details of the Transfer.
Update on 20 October 2023: After further discussion with the HKIA, we expect the proposed Transfer to become effective on 29 December 2023, as opposed to 1 December 2023. Any reference to 1 December 2023 in any of the documents below shall refer instead to 29 December 2023.
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