Lifting insurance standards across the industry
The Insurance in Super Voluntary 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
All funds that have committed to the Code will comply by 30 June 2021. Our target compliance dates for each section of the Code are shown below.
| Group of standards | Target compliance date |
|---|---|
| Automatic cessation of cover and reinstatement (sections 4.25(e) and (f), 4.27,4.28 and 4.29) | 31 March 2021 |
| Benefit design and premiums (sections 4.1 to 4.17) | 31 March 2021 |
| The rest of the Code | 31 March 2021 |
We already comply with many aspects of the Code, and in a number of cases our operational standards exceed those being proposed.