Insurance in Superannuation Voluntary Code

The Insurance in Superannuation Voluntary Code of Practice (‘the Code’) was developed in 2018 and sets out standards for funds to follow when designing their insurance offering, processes and communicating with members about insurance. Since then, parts of the Code have been superseded by legislative changes and the Code owners  have decided to replace the Code with guidance on improving outcomes for vulnerable members and claims handling. Suncorp Portfolio Services Limited will consider this guidance in its interactions with members.

Suncorp Portfolio Services Limited have already implemented parts of the Code and have made changes to its processes and communications to improve the experience for their members. Although the Code is no longer continuing, Suncorp Portfolio Services Limited remain committed to making insurance easier to understand and manage and providing insurance which is meaningful and affordable for their members.

You can read the announcement and guidance from the Code owners here.

The Code Owners are the Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).