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Singapore – Selvam LLC advises on AIA SG Insurance Transfer.

22 May, 2012

 

 

Selvam LLC recently advised American International Assurance Company, Limited (AIA Co) on the Singapore law aspects of the transfer of its insurance business in Singapore from a branch to a Singapore incorporated and wholly-owned subsidiary of American International Assurance Company, Limited. With effect from 1 January 2012, AIA in Singapore is now known as AIA Singapore Private Limited (AIA Singapore), with all business transacted under this name. 
 
AIA Group Limited and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group in the world. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific. It is a market leader in the Asia Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$115,782 million as of 31 May 2011.
 
AIA Co has been in operation as a branch office in Singapore for over 80 years and is one of the country’s leading insurers with a vast base of policyholders.  Policyholders were notified of the transfer in September 2011 and all existing policy contracts with AIA Co have been automatically transferred to AIA Singapore. 
 
Arfat Selvam, Managing Director, and Jason Yang,  Associate Director, acted for Selvam LLC in representing AIA Co on the transaction.
 
For further information, please contact:
 
Shaheedah Ibrahim, Duane Morris & Selvam LLP
 
 

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