Media Release

Joint Media Release: Insurance in Superannuation Industry Working Group

Published 2 November, 2016

Published 2 November, 2016

2 November 2016

Joint Media Release: Insurance in Superannuation Industry Working Group

Australia’s superannuation industry bodies, the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA), the Financial Services Council (FSC), the Industry Funds Forum (IFF) and Industry Super Australia (ISA) have established the Insurance in Superannuation Industry Working Group.

The group will contain representatives from funds, insurers, consumer groups and industry bodies, who will develop leadership on insurance and a Code of Practice/Conduct for life insurance in superannuation.

The group will develop new standards for trustees and insurers that will set the benchmark for industry practice into the future. The standards will set out how the industry will operate to deliver valuable insurance that meets the needs of individuals and the community.

It is intended for the Code of Practice/Conduct to be binding, enforceable and contain mechanisms for independent administration and monitoring to enhance consumer protections. The intention is to finalise the Code before the end of 2017. However improvements to industry practice will be progressively delivered throughout 2017.

The Industry Working Group will build on the Group Insurance Statement of Intent released on 7 October, outcomes from a roundtable of key stakeholders held in Canberra on 10 October and the Life Insurance Code of Practice released on 11 October.

For further information contact the following media contacts:

AIST
Janet de Silva, Executive Manager, Corporate Communications and Media on 0448 000 499 or via jdesilva@aist.asn.au

ASFA
Teresa Mullan, Media Manager, 0451 949 300.

FSC
Mark Smith, Media Manager on (02) 9299 3022 or via FSCMediaOffice@fsc.org.au

IFF
Sandy Grant on 0419 587 430 or via sandy.grant1@bigbond.com

ISA
Phil Davey on 0414 867 188 or via phil@mountainmedia.com.au

Acknowledgement of Country

We want to respectfully acknowledge the Traditional Owners and Custodians of these lands, seas, and waters throughout Australia. We pay our respects to Elders both past and present. We acknowledge the history, the resilience and the continual contributions of Aboriginal and Torres Strait Islander peoples of their Country.

ABN 29 002 786 290

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.