We are committed to helping you better understand your insurance and the important protection it provides. That’s why we have adopted the Insurance in Superannuation Voluntary Code of Practice (the Code).
What is the Code
The Code is the superannuation industry’s commitment to high standards when providing insurance to members. It provides a framework to ensure the insurance cover we offer is affordable and appropriate to your needs.
The Code aims to recognise and improve the benefits of insurance in superannuation. It does this by promoting industry standards and expectations on issues such as:
•making it easier for members to change or opt out of automatic insurance
•providing better support and processes for members making a claim
•improving our communications about insurance, including the impact of insurance fees on retirement outcomes
Our transition plan
MTAA Super already meets many of the Code’s requirements, but we still have some work to do to meet all requirements.
The transition plan below provides an overview of the key aspects of the Code and our planned timetable to comply with those requirements that we do not currently meet.
The Code specifies that all requirements must be in place by 30 June 2021. We intend to be fully compliant with the Code well ahead of that date. We will continue to update the plan to keep you informed of our progress.
It is important to note that the Federal Government’s Protecting Your Super package contains proposed legislation that will potentially override the cessation of cover provisions in the Code. Should this legislation be enacted, it may require us to renegotiate the terms of our insurance policies, which will significantly impact on our ability to meet all the Code requirements 30 June 2021.
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About the Insurance in Superannuation Voluntary Code of Practice
For details about the Insurance in Superannuation Voluntary Code of Practice visit AIST or ASFA.
Related news: MTAA Super to adopt Insurance in Superannuation Voluntary Code of Practice
MTAA Super is amongst the first of superannuation providers to adopt the new Insurance in Superannuation Voluntary Code of Practice. Learn more