Code of Practice

Insurance in Superannuation Voluntary Code of Practice

Transition Plan

The Insurance in Superannuation Voluntary Code of Practice (Code) came into effect on 1 July 2018, with fund trustees participating in the Code actively transitioning to full compliance by 31 December 2021. You can view the Code by clicking here.

ClearView Life Nominees Pty Limited has adopted the Code and this transition plan applies in respect of insurance members of the superannuation fund known as the ClearView Retirement Plan.
 
ClearView LifeSolutions Super is now a division of the HUB24 Super Fund. HTFS Nominees Pty Limited has adopted the Code in respect of insurance members of the HUB24 Super Fund, and this transition plan also applies to LifeSolutions Super members, for which ClearView Life Assurance Limited is the administrator.

The Code sets standards that aim to provide greater understanding, clearer accountability and consistency of delivery in relation to insurance benefits offered inside superannuation.

The deadline for full transition to the Code is not until 1 January 2022, however ClearView is already compliant with many of the required obligations and is focused on working towards full compliance as follows:

  • benefit designs and premiums (sections 4.1 to 4.3, 4.6 to 4.9, and 4.11 of the Code) do not apply to ClearView as we do not provide default cover to our superannuation fund members. Members select a level of cover appropriate for their individual circumstances (generally with the assistance of a financial adviser) and may adjust that cover should their circumstances change (subject to underwriting requirements);
  • automatic cessation of cover and restarting of cover largely do not apply to ClearView for the reasons set out above. Where the Code requirements regarding automatic cessation of cover and restarting of cover do apply to ClearView, we are compliant with the Code; and
  • ClearView is working towards full compliance with the rest of the Code by 31 December 2021. We have undertaken consumer testing of our communications in early 2019, and are updating our internal processes and policies to comply with the Code, or to formally document where our processes already comply with the Code.