A member of a superannuation fund going through a claims process has the same expectations and rights under the Life Insurance Code of Practice, as a retail or direct policy holder, according to TAL.
Speaking at Money Management’s Annual Risk Policy and awards breakfast this morning, TAL chief executive, Brett Clark, said contrary to some media reports, the code does cover group insurance.
He said it covered all the activities of all life insurers across all channels.
“For a member of a super fund that has a claim, the code obligations apply to all insurers who will handle the claim,” Clarke said.
“However, it is true that within super, life insurers do not sit across the entire member insurance experience. It is a partnership between life insurers and super funds to deliver superannuation members the best possible insurance experience.
It is also a small fact that it is required under the law to work this way.”
Clark noted that while it was true that there was more work to do between super funds and life Insurers to complete the picture on the whole insurance experience in super, it was not true to say that the code did not cover group insurance.
He said the next step forward was to extend the code to set up retirements which worked together with super funds to complete the end-to-end insurance picture for super fund members.
“I am confident of the goodwill and more importantly intent between the superannuation funds and life insurers that this work will be delivered,” Clark said.
