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ARTICLE · 12 APRIL 2021

Superannuation monthly update – Regulator updates, Legislation, Cases and other recent developments

Holding Redlich
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This monthly update includes links to a regulator update article, to legislation and cases relating to superannuation.

AustraliaFinance and Banking
Luke Hooper
Luke Hooper
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Regulator updates

Sustainability of Life Insurance in Superannuation (9 March 2021)

APRA wrote to insurers and trustees, urging them to address concerning trends and practices in the provision of group insurance to superannuation members after noting significant deterioration in group life insurance claims experience in 2019 and 2020.

APRA expects insurers and trustees to take steps to ensure that insurance offerings and benefits are sustainably designed and priced, provide appropriate value for members, and adequately reflect the underlying risks and expected experience. Specifically:

  • trustees should maintain clear insurance strategies and scheme design for default insurance that reflects their members' needs. In particular, APRA expects such strategies and arrangements to be thoroughly and carefully considered by trustees and appropriately balance the needs of members and the cost of insurance

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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