Policy & Research

We undertake evidence-based advocacy to influence public policy settings which ensure the best retirement outcomes for fund members.

Insurance in Superannuation Voluntary Code of Practice

  Insurance in Superannuation Voluntary Code of Practice

This Code which comes into effect from 1 July 2018 is a first for the industry and sets standards that will provide greater understanding, clearer accountability and consistency of delivery for insurance benefits provided in superannuation across the industry.

The Code improves superannuation member value and protections and is a strong step towards enhancing member interests and helping build confidence in life insurance through superannuation.

ASFA, the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC) are the owners of the Code, supporting their respective members to implement the Code.

The Code is voluntary for superannuation funds to adopt and ASFA anticipates the vast majority of superannuation members will be in funds that have adopted the Code.

The list of ASFA members who have stated intent to adopt the Code is as follows:

ANZ Australian Staff Superannuation Scheme Combined Super Lutheran Super Rest
ANZ Wealth Commonwealth Bank Group Super Macquarie Wealth Russell Investments Master Trust
Australian Catholic Super CSC Mercer Sandhurst Trustees
Australian Ethical Superannuation Diversa Trustees Mercy Super Statewide Super
AustralianSuper EISS Mine Super Suncorp
AustSafe Super Energy Super MTAA Sunsuper
BT Financial Group Equip NAB Wealth TAL Super
BUSSQ Equity Trustees Nationwide Super Tasplan
Catholic Super First State Super Netwealth Telstra Super
CBA Wealth Guild Trustee Services NGS Towers Watson Superannuation Fund
CBUS Hostplus Perpetual TWU Super
Challenger IOOF Prime Super UniSuper
Christian Super Legal Super Qantas Super VicSuper
ClearView Wealth LGIAsuper QIEC Super Vision Super
Club Plus Super LGS QSuper VISSF
Club Super LUCRF REI Super WA Super

asfa-aist-fsc-logos.png

Industry guidance:

  Guidance for adopting the Code

This guidance has been to developed by the Code owners ASFA, AIST and FSC in consultation with a Code Transition Committee made up of trustee, insurer and administrator representatives.

The first document provides guidance to trustees relating to the Code adoption process and includes introductory information on transitioning to, and complying with its obligations.

  Spreadsheet for discussion on Code

The second document is a table that fund representatives can use to communicate with the Transition Committee. Questions and comments provided on this document will be considered by the Committee and then updates will be circulated to funds that have adopted the code.

Consultation paper:

  Insurance in Superannuation Code of Practice

This draft code outlines a set of industry standards and new measures for all classes of insurance in superannuation, including life, total and permanent disability (TPD) and income protection. It has been jointly developed over the past 10 months by the ISWG with input from insurers, super funds and legal and consumer groups, as well as other stakeholders.

Discussion Paper Five:

  Premium Adjustment Mechanisms

This paper outlines how practices sometimes described as ‘profit share arrangements’ apply across the industry and operate in practice.

Discussion Paper Four:

  Data Management

This paper outlines proposals that seek to enhance member insurance outcomes by improving access to timely and relevant information.

Discussion Paper Three:

  Member communication and engagement

This paper outlines options to improve member engagement and understanding of their insurance arrangements within superannuation. Some practical options are proposed to help bring these aspirations to life including use of standardised consumer language and terms across the industry.

Discussion Paper Two:

  Claims handling

This paper examines existing practices and issues associated with insurance claims handling and outlines some ambitious changes in timeframes developed by superannuation and life industry representatives to improve the member experience.

Survey:

  ISWG Premium Limits Survey

The ISWG is asking each of the participating funds to consider how it will comply with this test from both a methodological and an outcome perspective.