The Overseas Assurance Corporation Limited (OAC) will be transferring its life insurance business to The Great Eastern Life Assurance Company Limited (GEL) through a Scheme of Transfer (Scheme). Both are wholly-owned subsidiaries of Great Eastern Holdings Limited.
The Scheme, which has been approved by the Monetary Authority of Singapore, is subject to the approval of the High Court of Singapore. The Scheme is expected to take effect on 1 July 2017.
On the effective date of the Scheme, all life insurance policies insured with OAC will be transferred to GEL. The Scheme will not affect the benefits and coverage of these life insurance policies nor how these policies are administered.
The Scheme does not affect general insurance policies insured with OAC nor the benefits and coverage of these general insurance policies. On the effective date of the Scheme, in keeping with its greater focus on its general insurance business going forward, OAC will be renamed “Great Eastern General Insurance Limited”.
Should you wish to view the Scheme, please click here.
You may also refer to the “Frequently Asked Questions” regarding the Scheme here.
Should you have any queries, please contact our Customer Service Officers on 1800 248 2888 or email email@example.com.