Insurance in Superannuation

Voluntary Code of Practice

From 1 July 2018, EISS Super will be adopting the new ‘Insurance in Superannuation Voluntary Code of Practice’ (the Code)[1].  The Code has been designed to set standards which will provide clearer accountability, greater understanding and more confidence in the life insurance cover offered through superannuation funds, which will in turn lead to an improved member experience.

Some of the key objectives of the new Code are to:

  • Make insurance arrangements more tailored to members;
  • Improve member communications around insurance; and
  • Simplify the claims process and provide better transparency to members about how the process works.

Compliance with the Code is voluntary.  Superannuation funds that choose to comply with the Code will have until 30 June 2021 to fully implement the Code’s requirements.  EISS Super already follows many of these requirements and details of how we will adopt key terms of the Code will be published on our website by no later than 31 December 2018.

If you have any enquires please contact the Member Services team on 1300 369 901 between 8.30am and 5.00pm (AEST) Monday to Friday.

 


[1] The Code was developed by the Insurance in Superannuation Working Group which is comprised of the leading superannuation industry and finance sector advocacy bodies, the Australian Institute of Superannuation Trustees, http://www.aist.asn.au/about/who-are-we.aspx  the Association of Superannuation Funds of Australia, https://www.superannuation.asn.au/about-asfa/who-is-asfa and the Financial Services Council https://www.fsc.org.au/about/membership/

 

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