| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 13 December 2023 |
| Pathway(s) | Significant business assets |
| Investment | The Applicant issuing Replacement Life Insurance 1 to Insurance Receiving Policyholders 2 |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Chubb Life Insurance New Zealand Limited United States of America 83% United Kingdom 6% Canada 3% Various 8% |
| Vendor | Foundation Life (NZ) Limited Australia 100% |
| Background | The Applicant is a subsidiary of Chubb Limited which is a public company, with shares listed on the New York Stock Exchange. The Applicant provides life insurance, funeral insurance, income protection insurance, accidental death insurance, trauma insurance and travel insurance products and services in New Zealand. The Applicant will issue Replacement Life Insurance to the Insurance Receiving Policyholders in return for payment of a single premium payment by the Vendor on behalf of the Insurance Receiving Policyholders. The acquisition will ensure continued insurance cover to Foundation Life policyholders on more favourable terms. Consent was granted as the Applicant met the investor test criterion. |
| More information | Glenn Shewan Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |
| Footnotes | 1The new ‘Whole of Life’ life insurance the Applicant will issue to the Insurance Receiving Policyholders pursuant to the Scheme and the Replacement Life Insurance Agreement 2Those Participating Policyholders who elect, or are deemed to elect, to receive Replacement Life Insurance pursuant to the Scheme |