From 1 July 2018 Mercy Super adopted the Insurance in Superannuation Voluntary Code of Practice “the Code”. Under the Code there are a number of standards superannuation funds are to adhere to by 30 June 2021.
A copy of the full Code can be found here: Insurance in Superannuation Voluntary Code of Practice
Mercy Super already complies with most of the standards within the Code. As elements of the Code are rolled out, our focus will be on communicating with you how we comply with the Code. This will be done in two stages:
by 1 July 2019
|Section 15||Definition of Automatic Insurance Members||Identify members who have automatic insurance cover as defined by the Code.|
|Sections 6, 7, 11, 13 and 14||Supporting Vulnerable Consumers, Claims Handling, Enquiries & Complaints||To ensure:
|Section 10||Changes to Cover||To ensure we have provided instructions on how to change your cover.|
|Sections 4.18 – 4.31||Cancelling, cessation and reinstatement of cover||To ensure:
|Section 5||Communication||A Key Facts Sheet is available on our website.
To ensure our communications to you are appropriate and easy to understand, we will undertake consumer testing with members.
|Section 12||Staff and Service Providers||To ensure all staff and service providers are aware of the requirements of the Code a training program will be rolled out.|
By 1 July 2020
|Section 4.1 – 4.17||Benefit design and premiums standards||In reviewing the appropriateness of our automatic cover:
|Sections 8 and 9||Premium Adjustments, Promoting our insurance cover||Any premium adjustment arrangements will be published on our website.
Additional insurance cover will be promoted to members and information will be provided to appropriate segments of our membership.