Insurance Superannuation Voluntary Code of Practice
Statewide Super has confirmed it's intention to adopt, in significant part, the Insurance in Superannuation Voluntary Code of Practice (the Code), before 1 January 2022.
We understand the Code is designed to improve the quality of insurance products whilst not inappropriately eroding balances as a result of fees, and we welcome the Code’s mandate for superannuation funds to clearly explain the level of default insurance cover their members are entitled to. We have been working towards the achievement of this end for some time now.
As an industry superannuation fund, our sole focus is our members.
The adoption of the Code demonstrates our commitment to our members by providing:
- complete visibility, and a clear understanding, of their insurance coverage
- meaningful insurance cover for members, no matter what stage of their working life
- an efficient claims process.
In this regard, Statewide Super is pleased to publish its detailed Insurance in Superannuation Voluntary Code of Practice Transition Plan. The affordability of our insurance offerings is currently being reviewed and will be published early in 2020.
We look forward to the provision of an even greater customer experience for our members as a result of our adoption of the Code.