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.

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