Insurance in Superannuation Voluntary Code of Practice

Insurance in Superannuation Voluntary Code of Practice

The Insurance in Superannuation Voluntary Code of Practice is in the process of being implemented by superannuation funds, including AIST member funds.

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 We have superseded the Insurance in Superannuation Working Group.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.

This second Code guidance document has been developed by ASFA, AIST and FSC in consultation with the Code Transition Committee. Represented in the committee were trustee, insurer and administrator representatives. The document provides a framework for trustees to develop their transition plan for implementing the Code. Funds that have adopted the Code are required to publish these plans on their website by 31 December 2018.

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. 

The Code promotes better data standards and improved transparency arrangements to help members make informed decisions and to compare insurance offerings. A Key Fact Sheet (KFS) has been developed in a standard format for funds to use. 

The Key Fact Sheet should be customised to reflect the automatic insurance cover your fund offers. The attached Information Cover Sheet for Trustees provides important instructions to assist you with this.

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 

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