MLC Life and Fire – Deed of Transfer

Written by Claude Haiku 5.5 from the extracted text on 23 Oct 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

This FOI release concerns the 1996-1998 wind-down of MLC Insurance Limited's general insurance business and its transfer to QBE Insurance Limited. It comprises a 1996 fax and letter from MLC's CEO accepting QBE's offer to take over policyholders and distributions, with a guaranteed payment of 5% of 1996 gross written premium ($45.6 million, so $2.28 million) plus a further 5% of renewed premium. It also includes two drafts of a Portfolio Assumption Deed dated 30 June 1998 and 30 December 1998, under which MLC assigned all outstanding liabilities under its contracts to QBE, effective 31 May 1998, for $15,165,500, along with an amending deed correcting the effective date. Correspondence from MLC to APRA confirms that all policies expired by 31 December 1997 with no unexpired risks, and that MLC's authority under the Insurance Act was to be revoked. The release shows no APRA enforcement or capital action; it documents a portfolio transfer.