The Financial Services Council (FSC) has commenced operation of an enforceable standard for handling group life insurance claims in superannuation.
This set out the minimum level of service that consumers should expect from their super fund when making a life insurance claim.
The standard was currently operating on a voluntary compliance basis and full mandatory compliance would commence from 1 July, 2023.
It applied to FSC’s super members who were trustees holding a public offer or extended public offer license to operate a Registerable Superannuation Entity (RSE) under the provisions of the Superannuation Industry (Supervision) Act 1993.
It included consumer-focused commitments for trustees to help their members navigate through the claims process, including:
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.
The Federal Court has ruled in favour of QSuper regarding non-payment of a total and permanent disablement benefit to a member.
Accusing Labor of ‘drip-feeding’ the idea to suit them politically, the Greens has announced its support for planned changes to super tax concessions will be contingent on ensuring super on paid parental leave.
MLC Life Insurance believes life insurers should be able to provide advice under the Quality of Advice Review in the same way as superannuation funds.