Group life policies

Recommendation 4.13 – Universal terms review Treasury, in consultation with industry, should determine the practicability, and likely pricing effects, of legislating universal key definitions, terms and exclusions for default MySuper group life policies. Recommendation 4.14 – Additional scrutiny for related Read More …

5.3 What the case study showed

The case study demonstrated the complexities faced by the administration of a group life insurance scheme within a large superannuation fund. It also demonstrated the profound effects for individual members from policy wording negotiated by superannuation trustees and group life Read More …

15.2 APRA

APRA is Australia’s prudential regulator, with responsibility for banking, insurance and superannuation.[1] Among other things, it regulates RSE licensees and has the general administration of important parts of the SIS Act.[2] Helen Rowell, Deputy Chairman of APRA, told that Commission Read More …

15.1 ASIC

15.1.1 Approach to regulation Peter Kell, Deputy Chairman of ASIC, told the Commission that ASIC’s regulatory aim is to have a superannuation system that delivers good outcomes for consumers.[1] He said that ASIC is concerned with the fair treatment of Read More …