The life insurer’s acquisition sees Asteron Life’s insurance business transferred to TAL Life through Part 9 of the Life Insurance Act 1995.
Under Part 9, the Federal Court granted approval for the transfer which will see all of Asteron Life’s assets and liabilities, including all life insurance policies issued by Asteron Life, transferred to TAL.
Moving forward, TAL is now the issuer of Asteron Life’s life insurance policies.
“Importantly, this milestone has not changed how the group does business with its policyholders and customers,” TAL said in a statement.
“Asteron Life policyholders and lives insured are now TAL Life policyholders and lives insured, and there are no changes to any policy terms and conditions. The Asteron brand also remains in the market.”
The acquisition comes only months after TAL announced a partnership with Deakin University to allow advisers who complete three modules and assessment tasks through the group’s Risk Academy to be eligible for RPL credits for the university’s estate planning and risk management module as part of its FASEA-approved postgraduate course.
Additionally, TAL’s online Risk Academy students are eligible for a discount on course costs and tuition fees.
Late last month, the insurer also announced a new range of products – Income Protection Enhance, Income Protection Focus, and Income Protection Assist – which TAL CEO and managing director Brett Clark said was launched following extensive dialogue with industry figures.
“Income protection insurance is a critical tool used by Australians to protect their most important asset – their ability to earn an income – and it is essential that, as an industry, we get these products right for them,” Mr Clark said.
“This is an important piece of work for the entire industry, and we must persist in our goal of designing sustainable and fair products that work well for all customers, including those customers who need to make a claim, as well as those customers who may not claim.”