Insurance in superannuation voluntary code of practice

The Insurance in Superannuation Voluntary Code of Practice (the Code) was the superannuation industry’s commitment to high standards when providing insurance to members. NGS Super has applied many elements of the Code to improve member experience. However, since the drafting of the Code in 2017, the government has introduced legislation around insurance in super which has replaced many of the original Code provisions. 

This has led to the Code being replaced with guidance on issues that aren’t covered by legislation — specifically, the handling of claims and the protection of vulnerable members with life insurance.

The Code Owners have jointly developed the guidance.¹ We will take this guidance into account while helping our members with their insurance claims. 

The trustee sees itself as a partner in the provision of insurance with the Fund’s insurer and administrator to ensure that members are treated appropriately and that claims assessments are completed within reasonable timeframes. The trustee looks for service providers with a similar underlying philosophy that has members’ best interest as a central concern. The trustee is committed to regularly reviewing its insurance offering to ensure that it continues to meet member needs. The trustee will endeavour to ensure its default insurance offering does not inappropriately erode the retirement income of members.