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. As at 19 August 2020, the table below outlines the key dates for compliance with each section of the Code.

Compliance Date

Transition Plan

31 Dec 2020

Sections 4, 5, 9, 11 and 14

  • Appropriate and affordable cover (except for benefit design, categories of membership and reinstatement of cover)
  • Communicating during the term of cover
  • Cancelling insurance cover
  • Helping members make informed decisions
  • Promoting insurance cover
  • Refunds
  • Promoting, monitoring and reporting on the Code
31 March 2021

Sections 7 and 10

  • Handling claims
  • Changes to cover
30 June 2021

Section 4, 6, 8, 12 and 13

  • Benefit design
  • Categories of membership
  • Reinstatement of cover
  • Supporting vulnerable members
  • Premium adjustments
  • Staff and service providers
  • Making enquiries and complaints

The above timeframes are subject to best endeavours and a revised Plan may be published subject to any legislative changes which may be introduced.

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