Fidelity Life Assurance Company Limited (‘Fidelity Life’) is pleased to inform you of the proposed transfer of the life insurance policies in TOWER Health & Life Limited (‘THL’) and group risk schemes in TOWER Life N.Z. Limited (‘TLNZ’) to Fidelity Life.
Fidelity Life currently has an AM Best A- (Excellent) rating. Both THL and TLNZ also currently have a financial strength rating from AM Best of A- (Excellent). The successful completion of the proposed transaction will see Fidelity Life become the third largest life insurer in New Zealand.
We are working towards a proposed completion date for the transaction of 1 July 2013 but there is a possibility this date may change as we work through the transition process.
Information for Policyholders
If the sale is completed, all rights and obligations of THL under life insurance contracts entered into by THL as well as all the group risk contracts entered into by TLNZ, will automatically be transferred to Fidelity Life under section 53 of the Insurance (Prudential Supervision) Act 2010 (“IPSA”) on the day the sale completes.
Please note, the transfer requires the approval of the Reserve Bank of New Zealand under section 44 of IPSA and is subject to other conditions. A key principle of IPSA is to ensure risks of an insurance company are managed prudently and its customers are treated fairly.
If you are a policyholder your policy will continue to provide cover on the same terms and there will be no change to your rights and obligations under your policy (while it is current).
Request for Policyholder Feedback
You are welcome to contact Fidelity Life directly with any feedback regarding the transaction.
Fidelity Life’s contact details are as follows:
“IPSA Life Transaction”
Fidelity Life P.O Box 37-275
THL and TLNZ will notify policyholders on each of their websites (www.fidelitylife.co.nz) and (www.tower.co.nz) once the transaction has taken place.
Thank you for your ongoing support and custom.
We will keep you fully informed of the details as they are signed off in the coming couple of months.