The Insurance in Superannuation Voluntary Code of Practice (the Code) is the superannuation industry’s commitment to high standards when providing insurance to members.
The Australian Institute of Superannuation Trustees (AIST), The Association of Superannuation Funds of Australia (ASFA) and Financial Services Council (FSC) are the Insurance in Superannuation Code owners and are responsible for the development of the Code which came into effect from 1 July 2018.
The Code is voluntary for super funds to adopt, and sets high standards for the industry that will provide greater understanding and clearer accountability and consistency for delivery of insurance benefits in the super industry.
The Code is a strong step towards enhancing member interests and helping build confidence in life insurance through super. The Code aims to improve insurance offerings to members by:
As announced in March 2018, the Mine Superannuation Fund (“Mine Super”) intends to adopt the Insurance in Superannuation Voluntary Code of Practice (“the Code”). Adopting the Code reflects Mine Super’s commitment to be there for our members when it matters, by strengthening key components of our insurance offering.
Mine Super’s products which are covered by the Code are:
Mine Super has a three-year transition plan to adopt the Code. The table below outlines the key dates for compliance with each section of the Code.
31 Dec 2020
Sections 4, 5, 6, 8, 9, 11, 12, 13 and 14
Appropriate and affordable cover (except for cancelling your insurance cover and benefit design)
31 March 2021
Sections 4, 7 and 10
Benefit design and premium standards
The above timeframes are subject to best endeavours and a revised Plan may be published subject to any legislative changes which may be introduced.
Due to the higher-risk occupations of many of Mine Super’s members, Mine Super will be undertaking a detailed assessment to determine whether it is in the best interests of automatic insurance members to comply with section 4 of the Code. A decision will be made on this by 31 December 2020.