Submissions are welcomed on Insurance in Superannuation Working Group (ISWG) discussion paper
The Insurance in Superannuation Working Group (ISWG) has released the first of a series of discussion papers as a first step towards extending the Life Insurance Code of Practice to superannuation trustees.
The ISWG is comprised of Australia’s superannuation bodies, the Australian Institute of Superannuation Trustees (AIST), the Association of Superannuation Funds of Australia (ASFA), the Financial Services Council (FSC), Industry Funds Forum (IFF) and Industry Super Australia (ISA), who share the common belief that group insurance in superannuation is fundamentally the right policy setting for millions of Australians. This group also includes representative life insurers, superannuation funds and consumer advocates.
The paper first paper open for consultation is Account balance erosion due to insurance premiums, examines how to address the issue of members paying for cover they don’t need through having multiple super accounts. Download the Discussion Paper on Account balance erosion due to insurance premiums here.
A further two discussion papers are due to be published in coming weeks and will be published here also.
To read the accompanying media release click here.
How to make a submission
Submissions should be sent to ISWG-PMO@kpmg.com.au no later than 7 April 2017.