Details of proposed transfer
Zurich Life Insurance (Singapore) Pte. Ltd (Zurich Life Singapore, we, us) proposes to transfer all of its life insurance products and policies to Singapore Life Pte. Ltd. (Singapore Life), a Singapore licensed life insurance company (the Transfer).
The Transfer will be carried out by a scheme of transfer under Section 49FB of the Insurance Act (Cap. 142) and is conditional on the approval of each of the Monetary Authority of Singapore (MAS) and the High Court of the Republic of Singapore (High Court).
The aim of this website is to provide information and help answer any questions about the impact of the Transfer and the Transfer process. You can find documents relating to the Transfer below.
We will update this web page if any changes occur in relation to the Transfer so please check this web page regularly.
If you are aware of anyone else who has an interest in, or is entitled to benefits under your Zurich Life Singapore policy, please ensure they are also given the opportunity to review the documents on this website.
PRODUCTS OR POLICIES ISSUED BY ZURICH INTERNATIONAL LIFE LIMITED (SINGAPORE BRANCH), OR ANY OTHER ZURICH GROUP COMPANY, ARE NOT AFFECTED
Why are we carrying out the Transfer?
The Transfer follows Zurich Life Singapore’s closure to new business in December 2015 and does not affect the branch operations and business of Zurich International Life Ltd. or of Zurich’s Commercial business in Singapore in any way.
How will the Transfer affect my Zurich Life Singapore policy or product?
After the Transfer, Singapore Life will be the insurer of your insurance policy in place of Zurich Life Singapore. Otherwise there will be no changes to your product or policy. In particular, the terms and conditions of your insurance policy will remain the same and you will be entitled to the same protection and benefits as you had with Zurich Life Singapore.
How are the interests of affected parties protected?
The interests of parties affected by the Transfer are being protected by a rigorous review process which includes:
• the appointment of an independent actuary to produce a report on the likely impact of the Transfer on policyholders;
• consultation with and approval of the MAS;
• ability for you and other policyholders to raise concerns and object to the Transfer; and
• requirement for approval of the Transfer by the High Court.
What are the key dates?
The High Court hearing will take place at 10am on 27 February 2018.
Subject to the confirmation of the High Court, the Transfer is expected to take effect on 1 April 2018 or such other date as may be specified by the High Court.
The High Court’s approval of the Transfer will be announced on this website following the High Court hearing.
What do I need to do?
If you have no concerns about the Transfer, you do not need to do anything.
If you are concerned that the Transfer may adversely affect you in any way, you have the right to raise your concerns with the High Court, either in person or through legal representation at the High Court hearing. If you wish to do either of the above or if you have any questions about the Transfer please let us know by contacting us using the details below.
If you do not wish to attend the High Court hearing in person or send a legal representative, you can simply contact us we will ensure your concerns are passed to the MAS and the High Court.
You can contact Zurich Life Singapore by calling us on +65 6876 6750.
Phone lines are open from 9.00am to 5.30pm Monday to Friday (excluding public holidays).
We may record or monitor calls for training and quality purposes.
Or you can write to us at Zurich Life Insurance (Singapore) Pte. Ltd, Singapore Land Tower #29-05, 50 Raffles Place 048623 Singapore.
Or email us at: email@example.com