On 24 September 2008, the High Court of Hong Kong sanctioned the transfer of the long-term business of Transamerica Occidental Life Insurance Company ("TOLIC") carried on from Hong Kong to Transamerica Life Insurance Company ("TLIC") which had established a Hong Kong branch for the purpose.
TOLIC and TLIC subsequently merged on 1 October 2008 under the law of the State of Iowa. However, Hong Kong law does not provide for the merger of two companies per se and instead the companies had to make a petition under section 24 of the Insurance Companies Ordinance, Cap. 41 for a scheme of transfer to transfer the Hong Kong business from TOLIC to TLIC prior to the merger becoming effective. The scheme sought to transfer the policies of TOLIC's long term business in Hong Kong to TLIC and to give effect to their proposed merger under the laws of the State of Iowa. The Hong Kong Insurance Authority and the court approved the Scheme and dismissed the only objection from a policyholder of TOLIC who argued that the report was not sufficiently independent.