Lifting insurance standards across the industry
The Insurance in Superannuation Voluntary Code (the Code) outlines standards for super funds providing insurance to members.
It aims to improve insurance products and processes in super by helping members:
- better understand their insurance
- change their insurance arrangements
- receive affordable cover
- make timely claims.
Our transition plan
As part of our commitment to the high standards the Code is designed to uphold, we’ve developed a transition plan that outlines when we’ll fully comply with the Code.
Below is an overview of:
- what we've done so far
- how we’re progressing with implementing the Code.
We’ll update this page as our plans and actions to comply with the Code evolve.
What we’ve done so far
When we started our adoption of the Code on 1 July 2018, we committed to providing more detail about our full transition to the Code as our plans and activities evolved.
We’ve since implemented changes to our business to comply with subsequent legislative changes (themselves designed to improve members’ experience with insurance in super) as follows:
- Protecting Your Super (PYS) package – effective 1 July 2019
- Putting Members’ Interests First (PMIF) package – effective 1 April 2020
In relation to the specific requirements to fully comply with the Code, we’ve been working with our Insurer on changes to our insurance offering so we can meet the Code’s insurance benefit design and premium obligations.
How we’re progressing
| Code section | Key items | Status |
|---|---|---|
| Benefit design and premiums Section 4.1 to 4.9 |
|
We will publish our Insurance Strategy and introduce new insurance product design and pricing in the week of the 30 June 2021 |
|
Automatic cessation and reinstatement of cover
Section 4.19 to 4.24
|
|
Implemented 1 April 2020 |
| Section 5 | Helping members make informed decisions | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 6 | Communicating with you during the term of your cover | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 7 | Supporting vulnerable members | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 8 | Handling claims | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 9 | Changes to cover | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 10 | Transfer between divisions in our Fund | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 11 | Refunds for multiple automatic insurance covers | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 12 | Staff and service providers | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 13 | Making enquires | Partially implemented and to be fully implemented by the week of the 30 June 2021 |
| Section 14 | Promoting, monitoring and reporting on the Code | Partially implemented and to be fully implemented by the week of the 30 June 2021 |