{"id":47268,"date":"2019-11-26T07:01:48","date_gmt":"2019-11-25T20:01:48","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=47268"},"modified":"2019-11-26T20:41:24","modified_gmt":"2019-11-26T09:41:24","slug":"apra-proposes-changes-to-improve-insurance-outcomes-for-superannuation-members","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/11\/26\/apra-proposes-changes-to-improve-insurance-outcomes-for-superannuation-members\/","title":{"rendered":"APRA Proposes Changes to Improve Insurance Outcomes for Superannuation Members"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The Australian Prudential Regulation Authority has released for consultation proposed revisions to Prudential Standard SPS 250 Insurance in Superannuation.<\/span><\/p>\n<p><!--more--><\/p>\n<p class=\"p1\"><span class=\"s1\">In a release earlier this week, APRA stated that the proposed changes are aimed at improving superannuation member outcomes by helping trustees select the most appropriate insurance policies for their members, and monitor their ongoing relationships with insurers.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The consultation follows the release in April of APRA\u2018s Post-Implementation review of the superannuation prudential framework.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The regulator stated its proposed changes also respond to two of the recommendations from the Royal Commission Final Report.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The proposed revisions, outlined in a letter to industry, will require:<\/span><\/p>\n<ul>\n<li class=\"p1\"><span class=\"s1\">A process that enables beneficiaries to easily opt-out of insurance cover<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">That the level and type of insurance cover not inappropriately erode the retirement income of beneficiaries<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">That any status attributed to a beneficiary in connection with the provision of insurance is fair and reasonable (Royal Commission Recommendation 4.15)<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">Independent certification that insurance arrangements are in the best interests of beneficiaries (Royal Commission Recommendation 4.14)<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\">APRA\u2019s consultation will close on 3 February 2020 and it will finalise the prudential standard by mid-2020, with the revised standard coming into effect on 1 January 2021.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/www.apra.gov.au\/consultation-on-prudential-standard-sps-250-insurance-superannuation?utm_source=Master+subscriber+list&amp;utm_campaign=da051dcd4e-EMAIL_CAMPAIGN_2019_11_24_10_36&amp;utm_medium=email&amp;utm_term=0_f588ec9669-da051dcd4e-4241447\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the letter outlining the proposed revisions and the draft prudential standard.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian Prudential Regulation Authority has released for consultation proposed revisions to Prudential Standard SPS 250 Insurance in Superannuation.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,5622],"tags":[],"class_list":["post-47268","post","type-post","status-publish","format-standard","category-compliance-regulation","category-superannuation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=47268"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47268\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=47268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=47268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=47268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}