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 adopted the Insurance in Superannuation Voluntary Code of Practice (“the Code”), which came into effect on 1 July 2018.
There are several elements within the Code that superannuation funds must adhere to by 30 June 2021, in order to be compliant.
A copy of the full Code can be found here: Insurance in Superannuation Voluntary Code of Practice
. The provisions of the Code are comprehensive and cover key areas including the insurance benefit design offered to members, rules around the cessation and reinstatement of cover, the level and quality of insurance communications and the claims handling process. REI Super already complies with many standards within the Code, and will work closely with our insurer and administrator to ensure the remaining requirements of the Code are implemented.
REI Super published our initial transition plan on 21 December 2018 and will make material changes to the plan as we work through the transition with our service providers. The Code owners have recently released changes to the Code intended to align it within recent regulatory amendments in regards to Protecting Your Super (PYS) and Putting Members’ Interests First (PMIF), together with various ASIC recommendations. Our intention was to have the Code implemented by 1 July 2020. However, the introduction of the new legislative requirements has impacted our original time frame.
See the full Code of practice here.