Important information on the Accuro transfer to UniMed Read more
Now that the portfolio transfer has been approved by the Reserve Bank of New Zealand (RBNZ), work has started on planning for the transition and transfer. Both Accuro and UniMed are committed to making this transition as easy as possible so in most cases you won’t need to do anything.
Leading up to the date of transfer we will send you further details on the transfer process and confirmed date of the transfer. UniMed will also be contacting you on the date of the transfer. Rest assured your new policy, health insurance cover and benefits will remain exactly the same as your current Accuro policy but UniMed will now be listed as the insurer on your policy. At this point you will also become a member of UniMed.
After the transfer is completed the Accuro Board will take the necessary steps to wind up the Accuro Health Insurance Society.
In the meantime, it is business as usual for the Accuro team and our members.
92.8 percent of members voted to confirm the passing of the motion from the first Special General Meeting held on 30 October. 96.1 percent of members voted in support of the Proposal in the first Special General Meeting. This means that the required 75 percent threshold was met in each vote.
Our rules as a mutual society and the provisions of the Industrial and Provident Societies Act 1908 requires members to approve the proposal at two Special General Meetings – the first was held on 30 October, the second on Monday 20 November.
The proposal required the support of 75 percent of Accuro members voting at both SGM.
As the cost of healthcare services and demand for those services increases, we believe that the scale provided from being part of a larger entity provides the best opportunity to meet the challenges of increasing healthcare costs and premium affordability, and deal with unexpected operational and financial shocks that might occur.
The bigger scale and financial strength of the combined entity also means we will be in a better position to develop new products and services and continue to innovate in the future.
In practical terms, members won’t notice much, if any, change.
The Accuro brand will continue, and you will continue to receive the same cover and benefits as defined by your existing Accuro policy, with UniMed as the insurer. Once the Portfolio Transfer is completed, you will become a member of UniMed which, like Accuro, is an Industrial and Provident Society.
No. This is a merging of resources and capabilities. The proposal was jointly developed by Accuro and UniMed. It is a genuine ‘meeting of the minds’ creating a more sustainable and resilient organisation that benefits the members of both societies.
While Accuro as an entity will ultimately cease to exist after the Portfolio Transfer, the Accuro brand will continue when the two organisations are combined, and you will continue to receive the same cover and benefits as defined by your existing policy.
A portfolio transfer is a transfer of all rights and obligations of one insurer to another, so that the policyholders continue to have the same terms and conditions as originally agreed. As part of this process, all of the assets and liabilities transfer from one entity to another – in this case from Accuro to UniMed.
This is why, in a day-to-day sense, members won’t notice any change. Your cover and benefits as defined by your existing policy remain intact. Once the transition is completed, the Accuro legal structure will be wound up and everyone will become members of UniMed.
Accuro Health Insurance Society Limited (FSP3981) holds a Class 2 Financial Advice Provider Licence issued by the Financial Markets Authority. At Accuro we do not currently provide personalised financial advice under the Financial Markets Conduct Act. Please refer to our disclosure statement for more information.
This licence is subject to the standard conditions for full advice provider licences.