POWERED BY MOMENTUM MEDIA
First report from insurance group expected in early 2017
The Insurance in Superannuation Working Group (ISWG) has signalled it will be releasing a discussion paper aimed at improving consumer outcomes with respect to group insurance early this year.
The working group, involving the major industry stakeholders including the Financial Services Council (FSC), the Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees and other key groups has backed the importance of default group insurance.
In a statement issued late last year the working group said group insurance in superannuation was vital in protecting those Australians who were unable to afford individual cover from unforeseen life time events.
"Group insurance in superannuation relieves pressure on the government purse, reducing the annual cost to social security by about $403 million a year," the ISWG statement said.
The statement reinforced that the group was developing a Code of Practice for superannuation funds and insurers to better meet consumer needs and expectations.
It also noted that the group had two tiers — a governance board to make decisions on a consensus basis, and a technical working group responsible for developing the priorities determined by the governance board.
Recommended for you
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment