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Transfer of the insurance business of Aetna Insurance Company Limited Singapore Branch to Allianz Global Corporate & Specialty SE Singapore Branch.
This website provides information about the Transfer of the insurance business of Aetna Insurance Company Limited Singapore Branch (“AICL SB”) to Allianz Global Corporate & Specialty SE Singapore Branch (“Allianz”) under an insurance business transfer scheme pursuant to Section 117 of the Insurance Act 1966) (the “Transfer”).
The Transfer was subject to regulatory and court approvals. The Transfer became effective on 1 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 short-term accident and health insurance policies underwritten by AICL SB, including any endorsements or amendments thereto, under which there is still potential liability for claims.
Before the Transfer could proceed under Section 117 of the Insurance Act 1966, it required the approval of the General Division of the High Court of Singapore (the “Court”). When the Court approved the Transfer, those insurance policies and liabilities within the scope of the Transfer automatically transferred to and became the responsibility of Allianz from 1 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 confirmation of the Court hearing date and the completion of the proposed Transfer.
We would like to confirm the Court hearing date for the proposed Transfer (i.e. HC/OA 962/2023):
General Division of the High Court of the Republic of Singapore
17 October 2023 (10:00 am Singapore time)
The hearing tooke place virtually over Zoom.
Further update as of 17 October 2023: The General Division of the High Court of the Republic of Singapore has confirmed the Transfer.
Documents: Copies of various documents relating to the Transfer, including the notice setting out details of the Court hearing, the Scheme Document and the covering letter sent to policy owners.