We support the Insurance in Superannuation Voluntary Code of Practice
As part of our commitment to providing our members with high quality, affordable insurance cover, tailored to their needs, REI Super has adopted the Insurance in Superannuation Voluntary Code of Practice.
The Insurance in Superannuation Voluntary Code of Practice has been put together by the Australian Institute of Superannuation Trustees (AIST), Association of Superannuation Funds of Australia (ASFA) and the Financial Services Council (FSC). This is the first time the industry has set a standard.
The Voluntary Code of Practice contains guidelines on a range of practices for funds to adopt, in order to optimise services and products for fund members in relation to their insurance.
The guidelines are there to ensure fund members:
- do not pay too much for their insurance
- do not pay for insurance that they do not need
- receive clear and timely communications about their insurance
Guidelines in relation to costs of insurance
In addition the Voluntary Code of Practice includes guidelines around the costs of insurance:
- fund members receive support and information during the insurance claims process
- that our premium adjustment processes are clear and fair to members
- that our promotions of our insurance offerings are clear and not misleading
- that it is easy for members to change their level of cover
- that our staff and service providers have adequate training and skills to enable them to provide insurance-related services
- that we regularly review our service providers in relation to insurance
- that we require service providers to act with honesty, fairness, respect, transparency and timeliness towards our members
Timelines for implementing the Voluntary Code of Practice
The Voluntary Code of Practice will come into effect on 1 July 2018. During this time, REI Super will be working closely with our current provider of group insurance, Metlife, to understand our members’ insurance needs so that we can continue to deliver a range of insurance options tailored to the needs of our members.
By 31 December 2018, we will release a transition plan setting out how we will be compliant with the requirements of the Code. We will implement the Code by 30 June 2021.
The Insurance in Superannuation Voluntary Code of Practice
For full details, download the Insurance in Superannuation Voluntary Code of Practice.