POWERED BY MOMENTUM MEDIA
Insurance in super working group established
The Insurance in Superannuation Industry Working Group has been established by representatives from funds, consumer groups, and industry bodies to develop leadership on insurance in super and a code of practice/conduct.
The industry bodies that established the group were the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA), the Financial Services Council (FSC), the Industry Funds Forum (IFF), and Industry Super Australia (ISA), according to an announcement by ASFA.
ASFA said the group would develop new standards for trustees and insurers that would set the benchmark for industry practice into the future.
"The standards will set out how the industry will operate to deliver insurance that meets the needs of individuals and the community," ASFA said.
"It is intended for the code of practice/conduct to be binding, enforceable and contain mechanisms for independent administration and monitoring to enhance consumer protections."
The announcement said it was intended for the code to be finalised before the end of 2017 and improvements to industry practice would be progressively delivered throughout 2017.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
