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:
Our Insurance StrategyWe recognise the importance of having financial security during times of injury or illness. With special consideration of workers in the mining industry, we are committed to providing affordable, accessible and flexible cover for members. For more information about how we have designed our insurance offer, please read our Insurance Strategy.
| Insurance Key Facts SheetInsurance can be complicated. To help make the complex, simple – check out our Insurance Key Facts Sheet which outlines the types of insurance cover we offer, the features and options you should be aware of. Want to know more about your insurance cover? Go online for an overview of your cover, to apply or adjust it, or simply call us on 13 64 63. |
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 developed a transition plan to adopt the Code. As at 2 June 2021, the table below outlines the key dates for compliance with each section of the Code.
Compliance Date | Transition Plan | Status |
|---|---|---|
| 31 Dec 2020 | Sections 4, 5, 9, and 11
| Fully implemented |
| 31 March 2021 | Sections 7 and 10
| Fully implemented |
| 30 June 2021 | Section 4, 8, and 12
| Near completion |
| 31 December 2021 | Sections 6, 12, 13 and 14
| Well advanced |
The above timeframes are subject to best endeavours and a revised Plan may be published subject to any legislative changes which may be introduced.