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’ll design automatic insurance cover that is appropriate and affordable for our membership.
  • We’ll publish our Insurance Strategy.
  • The average cost of default cover will not exceed 1% of estimated salary for our membership.
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

 

  • We’ll communicate with you when we’re required by law to cancel your cover.
  • We’ll provide you with an option to restart or continue your cover.
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

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