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.

REI Super already complies with many standards within the Code.  As more elements of the Code are rolled out, we will communicate with you about how we comply with the Code.  This will be done in two stages, see our Transition Plan below.

  • By 1 January 2020

    Section Code requirementWhat this means to you
    5• Communication• that 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.

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    • Supporting vulnerable consumers
    • Handling claims
    • Refunds
    • Making enquiries and complaints
    • 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 CoverTo ensure we have provided instructions on how to change your cover.
    12• Staff and Service ProvidersTo ensure all staff and service providers are aware of the requirements of the Code a training program will be rolled out.
    14• Promoting, monitoring and reporting on the CodeAn annual Code compliance report is published on our website.
    15• Definition of Automatic Insurance MembersIdentify members who have automatic insurance cover as defined by the Code.

     

  • By 1 July 2020

    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.

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    • 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.