Insurance in Superannuation Voluntary Code of Practice

Transition Plan

For sections of the Code that Zurich Australian Superannuation Pty Ltd (the Trustee) does not already comply with, full compliance will be achieved by 30 June 2021.  Key actions for full compliance include:

Code requirement Requirement Key actions to be taken
Appropriate and affordable cover Members are to be able to easily tailor their insurance cover to meet their specific needs.
  • Enable members to cancel insurance via our website (by 30/06/2021)
  • Include clear instructions on how to cancel your insurance in your welcome pack and annual statement (by 31/12/19)
  • Notify you if we haven’t received contributions for 6 months, and advising potential consequences for you and what you can do (by 31/12/19)
Helping you make informed decisions Ensure all member communications provide information to enable members to understand their insurance and are respectful to vulnerable members and their beneficiaries.
  • Review all our communications with you to ensure they are meeting these requirements (by 31/12/19)
  • Highlight our definitions and clarify how they will be applied in practice (by 30/06/19)
  • Use standard headings regarding total and permanent disability cover (by 31/12/20)
  • If your contributions were below $1,800 for the year, advise you in your annual statement of the potential erosion of your balance by premiums (by 31/12/19)
  • Promote our digital tools when provided (by 30/06/21)
Supporting vulnerable consumers Helping with access, enquiries, claiming or complaining and communicating with us
  • Record whether you need or declined an interpreter (by 31/12/20)
  • Explain our early access process on our website (by 31/12/19)
  • Explain the effect on your entitlements when you redeem early (by 31/12/19)
Claims handling Making the claims process as straight-forward as possible for you.
  • Assess whether you have cover and provide you with a summary of the claims process with 5 business days (by 31/12/19)
Changes to cover Providing clear instructions to enable you to change your insurance cover
  • Include instructions on how to change cover in communications with you, and consequences of changes (by 31/12/19)
Staff and service providers Our staff and service providers will operate within the Code
  • Train staff on the Code (by 30/06/19)
  • Monitor Code compliance (by 30/06/19)
Making enquiries and complaints We will enable enquiries and provide information regarding complaints rights and processes.
  • Update all our communications to set out your rights and the process for making a complaint (by 30/12/19)
Promoting, monitoring and reporting on the code We will promote awareness and understanding of the Code
  • Promote the Code in all relevant communications (by 31/12/19)

Annual Code Compliance Report

As a part of adopting the Code, the Trustee is required to provide an Annual Code Compliance Report.

The Annual Code Compliance Report will be published on our website and will include:

  • instances where we have failed to comply with the Code
  • where we have determined that complying with the Code is not in the best interests of our members
  • any steps we are taking to improve our Code compliance.

The first Annual Code Compliance Report is due to be released after 31 December 2019 and will be published on our website after that date.