Insurance in Superannuation Voluntary Code
27 August 2021
The Insurance in Superannuation Voluntary Code of Practice (‘the Code’) was developed in 2018 and set out standards for funds to follow when designing their insurance offering, processes and communicating with members about insurance. Since then, parts of the Code have been superseded by legislative changes and the Code owners1have decided to replace the Code with guidance on improving outcomes for vulnerable members and claims handling. We will consider this guidance in our interactions with members.
We have already implemented parts of the Code and have made changes to our processes and communications to improve the experience for our members. Although the Code is no longer continuing, we remain committed to making insurance easier to understand and manage and providing insurance which is meaningful and affordable for our members.
You can read the announcement and guidance from the Code owners here.
1 The Code Owners are the Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).