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.  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.

  •  

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

    SectionCode requirementWhat this means to you
    3.5, 3.6, 5.5 5.9a and 5.10a
    • Insurance in Superannuation Key Facts Sheet
    A 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. 
    4.1, 4.14 to 4.20
    • Appropriate and affordable cover
    • Cancelling your insurance cover

    REI Super complies with the automatic cessation and recommencement of cover of standards of the Code.

     

    The Commonwealth Government announced significant changes to insurance in superannuation, which have allowed the Insurance benefit design of funds within the Industry The Treasury Laws Amendment (Protecting Your Superannuation Bill 2018 was implemented on 1 July 2019, and the Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 was implemented on 1 April 2020.  

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    SectionCode requirementWhat this means to you
    4.2 to 4.13
    • Benefit design
    • Categories of membership

    We will publish our insurance strategy on our website. This will include an explanation of how we have designed our automatic insurance cover including the types and levels of cover, to help you decide whether the automatic insurance cover is appropriate for you.

     

    5
    • Helping members to make informed decisions

    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 make relevant information available on our website.

    6

    • Supporting vulnerable consumers

    To ensure:

    • Our staff and service providers are trained to provide assistance and support to you when you need it.

    7
    • Handling claims

    To ensure:

    • Appropriate governance arrangements are in place for our Claims Process and that the claims process is as straight-forward as possible for you.

     

    8
    • Premium adjustments

    We will:

    • Publish our premium adjustment policy on our website and other disclosure documents.

     

    9
    • Promoting our insurance cover

    We will:

    • Promote any additional insurance cover and provide information only to appropriate segments of our membership.

     

    10
    • Changes to cover
    To ensure we have provided instructions on how to change your cover.
    11
    • Refunds
    An annual Code compliance report is published on our website.
    12
    • Staff and Service Providers
    To ensure all staff and service providers are aware of the requirements of the Code a training program will be rolled out.
    13
    • Making enquiries and complaints
    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.
    14
    • Promoting, monitoring and reporting on the Code
    We will promote the Code and make it accessible, which will include providing information about the Code on our website, in our insurance communications and in relevant marketing documents.

    We will work with our members to improve education on insurance in superannuation. We will report to our members in our annual report on the steps we have taken to improve member education.
See the full Code of practice here.