Insurance in Superannuation Voluntary Code of Practice – replaced on 30 June 2021

Last updated: 20 September 2021

Commonwealth Bank Group Super has previously stated its intent to adopt the Insurance in Superannuation Voluntary Code of Practice (the Code). The Code had been scheduled to come into effect on 1 January 2022.

Since the development of the Code, the majority of the requirements in the Code have been overtaken by legislative and regulatory reforms. Many of the elements of the Code have already been implemented by Commonwealth Bank Group Super to improve member experience. For this reason, the Code Owners announced on 30 June 2021 to replace the Code.

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 Owner. Commonwealth Bank Group Super 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).

Posted: 29 April 2021

An updated Insurance in Superannuation Voluntary Code of Practice (the Code*) was issued on 1 March 2020.

The fund’s Transition Plans for the Code are available. These plans set out how and when we will comply with each standard in the Code, in relation to the following products. If there are any material changes to these Transition Plans, we will issue an updated plan on this page.

Accumulate Plus

  • Issue 3 - updated 20 December 2019 (amending some compliance dates to reflect implementation of recent legislation changes for insurance in super and in anticipation of a new version of Code in early 2020)

 

Defined Benefit Divisions B, C, D, E, CF, CK, CB1, CC, CD, CE, CH, CN, CO

 

Posted: 28 March 2018

The Insurance in Superannuation Voluntary Code of Practice (the Code*) applies to superannuation trustees. The trustee of Commonwealth Bank Group Super supports the Code and its objectives. The trustee intends to adopt the Code to the extent that it is in the best interests of our members to do so.

The transition plan for adoption of the Code will be published on our website by 31 December 2018.

 

*The Code is a voluntary code of practice for superannuation trustees. The Code was produced by a cross-industry working group and sets out the super industry’s commitment to high standards when providing insurance to members of super funds. It does this by creating standard practices particularly in relation to insurance offered on an automatic basis, insurance communications and claims processes.