New group insurance guidance released

New group insurance guidance released

Retail and industry superannuation lobby groups have collaborated on new ‘best practice’ guidelines about group insurance data collection.


Four superannuation industry associations have worked together to produce best practice guidance on group insurance data.

The industry fund lobby groups Industry Super Australia (ISA), Industry Funds Forum (IFF) and the Australian Institute of Superannuation Trustees (AIST) have worked with retail fund association the Financial Services Council (FSC) to produce Guidance Note 33 – Best practice for Group Insurance Data.

The guidance note has been developed to give super funds practical tips to comply with APRA Prudential Standard SPS250 – Insurance in Superannuation.

SPS250 is concerned with insurance management frameworks, product design and data management.

A joint statement by the four industry associations said the guidance note was designed "to result in more accurate and fair pricing, improve industry sustainability and increase regulator confidence in the industry".

"The guidance note specifies at a granular level which data fields should be captured, extracted, reported and stored by super funds and insurers," the statement said.

Read more:

Focus on individual equities, says Nikko AM

US regulator rejects Winklevoss bitcoin ETF

Fixed income boutique launched

Rising inflation won’t end bond bull-run

Cooper Investors names Equity Trustees as RE

 

New group insurance guidance released
investordaily image
ID logo
promoted stories

Appointments

Blake Briggs

FSC loses two senior policy managers

Tim Stewart

John Patrick Moorhead

AMP Capital appoints new CFO

Staff Reporter

Phoebe Ieong

BNY Mellon appoints head of distribution, APAC

Staff Reporter

Analysis

Doug Morris

What a blockchain-powered ASX should mean

Doug Morris

Lucy O’Carroll

Separating the signals from the noise

Lucy O’Carroll

Dan Bosscher

Could passive investing have structural issues?

Dan Bosscher