The resolution comes days after Insurance Australia Group disclosed a similar settlement of Credit Suisse-related claims arising from the Greensill collapse.
The enforcement actions underscore heightened scrutiny of operational controls and financial reporting at life insurers amid ongoing sccounting reforms.
The deal covers claims with an aggregate face value of about A$2.8bn (US$1.96bn) plus interest, leaving only White Oak's claims of about A$170m outstanding.