Insurance in Superannuation Voluntary Code of Practice

LGIAsuper has adopted the Insurance in Superannuation Voluntary Code of Practice and is committed to reaching compliance in 2021.

The Code of Practice sets standards that provide greater understanding, clearer accountability and consistency of delivery for insurance benefits provided in superannuation across the industry.

The Code of Practice is available to download from the Association of Superannuation Funds of Australia website.

Our compliance

We are continually analysing the wide-ranging needs of our membership, and are working hard to deliver the best possible product and service to you.

LGIAsuper intends to be fully compliant with the Code of Practice by 30 June 2021. This includes complying with significant changes to the automatic cessation and reinstatement of insurance cover for members where balances are insufficient to justify a spend on insurance premium.

Transition plan

Our transition plan is summarised below. We will continue to update this transition plan as information becomes available.

Transition Activities Description Date
Benefit Design and Premium Standards (Section 4)

Product redesign to improve affordability and appropriateness for segments of our membership –(Now Complete)

Implementation of new insurance design.

1 July 2020
Automatic Cessation of Cover, Reinstatement and Refunds
(Sections 4 & 11)

System and procedural changes to prevent unnecessary insurance for some members, to enable reinstatement of insurance and to allow for premium refunds when necessary.

30 June 2021

All other sections:
(5, 6, 7, 8, 9, 10, 12, 13 & 14)

System and procedural changes to:

  • Help members make informed decisions
  • Support vulnerable members
  • Verify that our claims handling, premium adjustment and underwriting processes comply with the code
  • Continue to ensure that our external parties promote our insurance products appropriately
  • Keep our staff and service providers appropriately trained
  • Maintain a high standard of enquires and complaint handling
  • Actively monitoring our compliance with all aspects of the code

Full compliance by 30 June 2021

Many related initiatives are already in place or underway.