Pursuant to the Insurance (Prudential Supervision) Act 2010, notice is given that on or about 5 March 2012, Simply Insurance New Zealand Limited ("Simply Insurance") intends to transfer to Hallmark General Insurance Company Limited ("Hallmark") its repayment protection insurance business.
That transfer will have the approval of the Reserve Bank of New Zealand.
Hallmark currently manages the Simply Insurance insurance business.
Both Simply Insurance and Hallmark are members of the GE Capital group.
The insurance business being transferred includes
Simply Insurance's obligations under the Income Cover component of the consumer credit insurance policies
issued to GE Money's New Zealand loan and Gem Visa customers ("Policies").
As a result of the transfer, the obligation to provide
Income Cover to GE Money's New Zealand personal
loan and Gem Visa customers under consumer credit insurance policies will be transferred to Hallmark.
The existing obligation on Hallmark Life Insurance Company Limited to provide Life Cover under those insurance policies will continue unaffected.
No other change will be made to the terms of the Policies
as a result of the transfer and no action is required on
the part of policyholders.
Any questions, concerns or comments regarding the transfer should be directed to the Customer Service Team on freephone 0800 220 999.