APRA should amend Prudential Standard SPS 250 to require RSE licensees to be satisfied that the rules by which a particular status is attributed to a member in connection with insurance are fair and reasonable. Government Response The Government supports Read More …
Tag: Status
Increasing protections
There are recommendations that seek to change, or add to, the law, or industry codes of conduct, in ways that will increase protections to consumers from misconduct or conduct that falls below community standards and expectations. Those recommendations are: about Read More …
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 …
Status of industry codes
Recommendation 4.9 – Enforceable code provisions As referred to in Recommendation 1.15, the law should be amended to provide for enforceable provisions of industry codes and for the establishment and imposition of mandatory industry codes. In respect of the Life Read More …
6.2 The case studies
The Commission heard evidence from Mr Sainsbury.[1] Three issues were examined in the course of Mr Sainsbury’s evidence. They were: the charging of higher premiums for delinked members where AMP is not aware of the member’s smoker status, AMP’s processes 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 …
5.2 Evidence
5.2.1 REST’s minimum balance and prescribed employment status clauses The first type of clause considered was described as a ‘prescribed minimum balance clause’, being a clause that requires the REST member to maintain a specified balance in their superannuation account 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 …
10.2 Evidence
10.2.1 Energy Super In 2016, Energy Super was interested in merging with another superannuation fund. It thought that a merger would benefit its members through increasing membership numbers, changing its membership demographic and reducing administration costs.[1] It had held merger Read More …
8.2 Evidence
8.2.1Marketing and corporate hospitality Hostplus spends a significant amount each year on marketing and entertainment. In the year ended 30 June 2017, Hostplus’s marketing and entertainment expenses were $21.44 million.[1] This has increased from $13.12 million in 2013.[2] Part of Read More …