Insurance in Super Code of Practice

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:

  • Making insurance easier for members to understand.
  • Making it easier for members to compare and make changes to their insurance arrangements.
  • Providing additional support to members during the insurance claims process.
  • Ensuring insurance cover is affordable and appropriate to members’ needs.
  • Improving member communications about their insurance cover and options.

Insurance in Superannuation Voluntary Code of Practice Transition Plan

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: 

  • Death and Terminal Illness (DTI) insurance 
  • Total and Permanent Disablement (TPD) insurance 
  • Income Protection (IP) insurance

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.

Compliance Date

Code Section

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) 
Communicating during the term of cover
Cancelling insurance cover 
Helping members make informed decisions 
Supporting vulnerable members 
Premium adjustments  
Promoting insurance cover 
Refunds 
Staff and service providers    
Making enquiries and complaints  
Promoting, monitoring and reporting on the Code

31 March 2021

Sections 4, 7 and 10  

Benefit design and premium standards  
Handling claims  
Changes to cover

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.