The proposed sale of the life insurance business to AIA is still pending
In September 2017 the Commonwealth Bank of Australia announced the proposed sale of its life insurance business to AIA Group. The sale has not yet completed and is subject to a number of conditions and regulatory approvals. Please contact us if you have any questions on what the proposed sale means for you.
CMLA has entered into a Joint Cooperation Agreement with AIA Australia Limited (AIA) and Commonwealth Bank of Australia (CBA) for the joint operation of the CMLA and AIA businesses. AIA is part of the AIA Group, the largest publicly listed life insurance group in the Asia Pacific region with a presence in 18 markets. Whilst CBA will remain the ultimate shareholder of CMLA, under the terms of the Joint Cooperation Agreement AIA will have an appropriate level of direct management and oversight of the CMLA business.
CMLA’s Privacy Policy
As part of operationalising the Joint Cooperation Agreement, CMLA has adopted the AIA Australia Group Privacy Policy.
On 30 September 2019, the Trustee of your product, Colonial Mutual Superannuation Pty Limited (CMS), retired as Trustee and was replaced by Equity Trustees Superannuation Limited (ETSL) (ABN 50 055 641 757 AFSL No. 229757 RSE Licence L0001458).
ETSL has taken over as Trustee for the following superannuation funds (Funds) and all products within them:
ETSL is a specialist independent superannuation trustee that provides trustee services to superannuation funds. This change of trustee does not impact the operation of your account or policy. The terms and conditions of your account or policy will operate as they do today and are unchanged.
It is important to highlight that your privacy remains a priority, with the Funds now covered by ETSL’s Privacy Policy which you can find at www.eqt.com.au/global/privacystatement
Your privacy will also continue to be managed by The Colonial Mutual Life Assurance Society Limited (CMLA), in their capacity as the administrator and insurer (where appropriate) of your product. CMLA has entered into a Joint Cooperation Agreement with AIA Australia Limited (AIA) and Commonwealth Bank of Australia (CBA) for the joint operation of the CMLA and AIA businesses. AIA is part of the AIA Group, the largest publicly listed life insurance group in the Asia Pacific region with a presence in 18 markets. Whilst CBA will remain the ultimate shareholder of CMLA, under the terms of the Joint Cooperation Agreement AIA will have an appropriate level of direct management and oversight of the CMLA business.
CMLA’s Privacy Policy
As part of operationalising the Joint Cooperation Agreement, CMLA has adopted the AIA Australia Group Privacy Policy.
If you would like to know more about ETSL, please visit www.eqt.com.au/superannuation
Trustee disclosures are located on the Equity Trustees Superannuation Limited (ETSL) website:
https://www.eqt.com.au/superannuation/etsl-registrable-superannuation-entity-disclosures
The Insurance in Superannuation Voluntary Code of Practice (the Code)* applies to superannuation trustees. ETSL supports the Code and its objectives and intends to adopt the Code.
The transition plan for adoption of the Code is available here (the Plan).
Our Code compliance report is available here (the Report).
Our Insurance Strategy is available here (the Strategy).
For more information on insurance in Colonial Super Retirement Fund, please download here (Insurance).
Your insurance held within Commonwealth Super Retirement Fund (CSRF) covers you for pandemics, including the Coronavirus. This includes Death, Total and Permanent Disablement or Income Protection within your super account.
It is important for you to understand that if you apply for early release of super and withdraw your whole balance, your account will close and you'll lose any insurance cover you have within CSRF.
For more details please refer to Frequently Asked Questions.
* The Insurance in Superannuation Voluntary Code of Practice (the Code) is a voluntary code of practice for superannuation trustees. The Code was produced by a cross-industry working group and sets out the superannuation industry’s commitment to high standards when providing insurance to members of superannuation funds. It does this by creating standard practices particularly in relation to insurance offered on an automatic basis, insurance communications and claims processes.
