Insurance Voluntary Code of Practice

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.  This is our second versions of the plan, updated in December 2019.  Changes to dates have resulted from changes to government legislation in regards to Protecting your Super and Putting Member Interests First.  

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    SectionCode requirementWhat this means to you
    15Definition of Automatic Insurance MembersIdentify members who have automatic insurance cover as defined by the Code.

    3.5, 3.6, 5.5, 5.9a & 5.10a

     

    Insurance in Superannuation Key Facts SheetA key fact sheet detailing our automatic cover will be available on our website, and we will provide details in our Welcome letter. All funds agreeing to the Code will be providing a key fact sheet to allow easy comparison. 
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    Section Code requirementWhat this means to you
    5• Communication To ensure:
    • you understand what benefits your insurance provides and any conditions for receiving those benefits,
    • our communications to you are appropriate and easy to understand and to also make relevant information available on our website.
    6, 7, 11 and 13
    • Supporting vulnerable consumers
    • Handling claims
    • Refunds
    • Making enquiries and complaints
    To ensure:
    • Our staff and service providers are trained to provide assistance and support to you when you need it.
    • Appropriate governance arrangements are in place for our Claims Process and that the claims process is as straight-forward as possible for you.
    • Information is provided to you on request about your premiums, your cover or any decision that has been made regarding your cover or any claim for benefits.

    10

    Changes to Cover

    To ensure we have provided instructions on how to change your cover.
    12Staff and Service ProvidersTo ensure all staff and service providers are aware of the requirements of the Code a training program will be rolled out.
    14Promoting, monitoring and reporting on the CodeAn annual Code compliance report is published on our website.
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    Section Code requirementWhat this means to you
    4• Cancelling, cessation and reinstatement of coverTo ensure that you have clear information on:
    • how to reduce or cancel your insurance cover and the conditions when cover ceases and how it may be reinstated, 
    • the impact of insurance premiums on your retirement savings when contributions are no longer being received into your account,
    • how premiums are refunded to your account if you advise us, within specific timeframes, that you no longer wish to have cover,
    • how we will seek your permission to help you determine whether you have any other insurance cover in another superannuation fund.
    4• Benefit design and premiums for our Automatic Insurance Members In reviewing the appropriateness of our automatic cover, we will assess 
    • The specific needs of our younger members, members with low or infrequent contributions and members nearing retirement.
    • The affordability of our premiums and set them at a level that generally does not exceed 1% of an estimated level of salary for our membership.

    8, 9

    • Premium Adjustments
    • Promoting our insurance cover
    We will:
    • Publish our premium adjustment policy on our website and other disclosure documents.
    • Promote any additional insurance cover and provide information only to appropriate segments of our membership.
See the full Code of practice here.