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.

Our Insurance Strategy

We 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.

Our Insurance Strategy

Insurance Key Facts Sheet

Insurance 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.

Insurance Key Facts Sheet



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 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

  • 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
Fully implemented
31 March 2021

Sections 7 and 10

  • Handling claims
  • Changes to cover
Fully implemented
30 June 2021

Section 4, 8, and 12

  • Benefit design
  • Categories of membership
  • Reinstatement of cover
  • Premium adjustments
Near completion
31 December 2021

Sections 6, 12, 13 and 14

  • Supporting vulnerable members
  • Staff and service providers
  • Making enquiries and complaints
  • Promoting, monitoring and reporting on the Code
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.

Read more