Insurance in Superannuation Voluntary Code of Practice

Insurance in Superannuation Voluntary Code of Practice

The Insurance in Superannuation Working Group released the Insurance in Superannuation Voluntary Code of Practice in December 2017.

AIST, ASFA and the FSC are now the Insurance in Superannuation Code-Owners, and are responsible for the development of the Code. We have superseded the Insurance in Superannuation Working Group.

A transition committee of super funds, insurers, administrators and code owners (including AIST) is facilitating implementation, assisting trustees in interpreting and meeting their commitments under the Code, and addressing practical matters of Code compliance and interpretation.

Guidance for adopting the code has been developed by transition committee and issued by the code-owners 28 March.

A template has been prepared to assist funds clearly identify each of the code requirements and support the detailed tasks that may be required for implementation.  Thanks to HESTA for preparing this and making it available to AIST member funds. 

Code owners will soon release a Key Fact Sheet in a standard format for funds to use. Link to download this document will be provided soon.

AIST is maintaining a list of AIST member funds that have stated their intention to comply with the Code, with links to the relevant part of their websites.

AIST is actively promoting the Code to our members, to consumers and to other industry participants, and is providing assistance to member funds about transition planning, implementation and the operation of the Code.

For further information about the Code, please contact AIST Senior Policy Manager David Haynes at dhaynes@aist.asn.au 

Background material about the Insurance in Superannuation Working Group can be accessed here.

Insurance Code

ISWG paper 1

ISWG paper 2

ISWG paper 3

ISWG_paper_4b

ISWG_paper_5b

ISWG Insurance code