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Insurance in superannuation provides a valuable safety net of death and disability cover for most Australians.
Insurance in superannuation delivers enormous benefits for the Australian community and is an integral aspect of our superannuation system.
While there are some exceptions for younger members and smaller accounts, insurance in superannuation is typically provided automatically when a member joins a fund. Members may reduce or cancel their cover at any time. Members can also apply to increase their cover to meet their individual needs.
AIST is proud to be an owner of the Insurance in Superannuation Voluntary Code of Practice. The Code’s overarching objective is to improve the insurance in superannuation, and the processes by which insurance benefits are provided.
AIST, ASFA and the FSC are the Insurance in Superannuation Code-Owners and are responsible for oversight and development of the Code.
The Code is being implemented by superannuation funds, including AIST member super funds, as part of the superannuation industry’s commitment to high standards when providing insurance to members of superannuation funds. Code implementation continues to take place until 31 December 2021, and has been completed by some funds.
An implementation 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.
Changes have been made to the Code to reflect changing circumstances, and it continues to be actively reviewed by the Code-owners.
The Code-Owners changed the Code (March 2020) to align it with the Protecting Your Super and the Putting Members’ Interests First legislation. Both pieces of legislation make big changes to insurance in super law, and the Code cannot be inconsistent with the law.
The Code-owners changed the reinstatement of cover clause (July 2020) into a recommencement clause in response to some super funds receiving differing advice about the legally-permissible operation of the reinstatement cover clause in light of the legislation.
The Code was also changed in February 2021 to delay the final implementation date by six months to 31 December 2021, recognising the range and nature of recent and imminent legislative and regulatory changes to insurance in superannuation.
The Insurance in Superannuation Voluntary Code of Practice is being implemented by superannuation funds, including AIST member funds.
AIST, ASFA and the FSC are the Insurance in Superannuation Code-Owners and are responsible for the development of the Code.
This is the fourth version of the Code, with Version 4 in effect from 1 February 2021.
Implementation of Enforceable Industry Code legislation and changes to regulatory requirements (such as changes to the APRA Insurance in Superannuation Prudential Standard) may require further changes to the Code.
The current version of the Code will continue to be published on this website.
Download the updated insurance code of practice
Almost all profit-to-member superannuation funds have adopted the Code and are transitioning their insurance services to fit Code requirements.
AIST is actively promoting the Code to our members, to consumers and to other industry participants to lift standards and improve consumer protections.
AIST is continuing to provide assistance to member funds about transition planning, implementation, the operation of the Code and alignment with recent law reform initiatives about insurance in super.
View full list of AIST member funds to have adopted the Code, with links to their statements about the Code and transition plans.
An implementation 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. Trustee, insurer, administrator and industry association representatives comprise the committee.
Download the Guidance document
Download the spreadsheet of discussions on compliance and interpretation
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.
Download the Code Analysis Template
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. Increasing numbers of funds are now using the Key Fact Sheet.
Download the Key Fact Sheet template
The Key Fact Sheet is 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.
Download the Key Fact Sheet template information cover sheet