First report from insurance group expected in early 2017

10 January 2017
| By Mike |
image
image
expand image

The Insurance in Superannuation Working Group (ISWG) has signalled it will be releasing a discussion paper aimed at improving consumer outcomes with respect to group insurance early this year.

The working group, involving the major industry stakeholders including the Financial Services Council (FSC), the Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees and other key groups has backed the importance of default group insurance.

In a statement issued late last year the working group said group insurance in superannuation was vital in protecting those Australians who were unable to afford individual cover from unforeseen life time events.

"Group insurance in superannuation relieves pressure on the government purse, reducing the annual cost to social security by about $403 million a year," the ISWG statement said.

The statement reinforced that the group was developing a Code of Practice for superannuation funds and insurers to better meet consumer needs and expectations.

It also noted that the group had two tiers — a governance board to make decisions on a consensus basis, and a technical working group responsible for developing the priorities determined by the governance board.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

In what is being called a coordinated cyber attack, a number of Australia’s largest superannuation funds have suffered a breach with thousands of user accounts compromise...

7 hours ago

Donald Trump’s tariff blitz has shaken global markets, fuelling uncertainty over trade retaliation, recession, and economic fallout, while Australia, though bruised, esca...

9 hours ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

1 day 8 hours ago

TOP PERFORMING FUNDS