INSURANCE VOLUNTARY CODE OF PRACTICE
Insurance in Superannuation Voluntary Code
BUSSQ has previously stated its intent to adopt the Insurance in Superannuation Voluntary Code of Practice (the Voluntary Code). The Code had been scheduled to come into effect on 1 January 2022.
Since the development of the Voluntary Code, the majority of the requirements in the code have been overtaken by legislative and regulatory reforms. In addition, many of the elements of the voluntary code have already been implemented by BUSSQ to improve member experience.
For this reason, the Code Owners announced on 1 July 2021 that they have replaced the Voluntary Code with new guidance. You can see that announcement here.
Guidance on issues not covered by legislation, including on improving outcomes for vulnerable members and claims handling for members with life insurance in group superannuation, has been jointly developed by the Code Owners and BUSSQ will consider this guidance in our interactions with members.
Note: The Code Owners are The Association of Superannuation Funds of Australia (ASFA), the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC).