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Showing 21 - 30 of 79 results for "Default insurance"

Occupational exclusions under scrutiny

KARREN VERGARA  |  FRIDAY, 3 SEP 2021
... options may be required for changes to the current regulatory framework. Occupational exclusions occur when the default insurance cover is not available or only partially available for certain occupations that an insurer has classified as higher risk. ...

Every super fund should cover every occupation: FSC

KANIKA SOOD  |  FRIDAY, 13 AUG 2021
... has occupations-based exclusions, a member working in one of those occupations may be unable to claim for the default insurance for which they have been paying insurance premiums. It says the solution is to prohibit any terms in MySuper group life policies ...

Cost of group insurance declines

KARREN VERGARA  |  TUESDAY, 8 JUN 2021
... because they find design features, terms and conditions, and pricing difficult to understand," the regulator's Default insurance in superannuation report shows. ASIC's review of the group insurance market found that two MySuper members will receive ...

APRA calls out poor group insurance practices

KARREN VERGARA  |  TUESDAY, 9 MAR 2021
... these concerns seriously or else action will be taken. Rowell expects trustees to have appropriately designed default insurance that balances costs and the needs of members, and to give insurers enough time to prepare for tenders. "APRA's focus is ...

FS team picks: The top stories for 2020

ELIZABETH MCARTHUR, KANIKA SOOD  |  THURSDAY, 17 DEC 2020
... outdated Activities of Daily Living definition. ASIC also released a report on group insurance, finding that default insurance through super was often misunderstood by consumers and didn't always provide value for money. This is just one story highlighting ...

ASIC explores value for money in default group insurance

ELIZABETH MCARTHUR  |  MONDAY, 14 DEC 2020
ASIC has published a new report, aiming to determine whether consumers are receiving value for money in default insurance in superannuation. Report 675 Default insurance in superannuation: Member value for money explores metrics that ASIC said can help ...

ASIC to improve default insurance

KARREN VERGARA  |  FRIDAY, 4 DEC 2020
An ASIC investigation found group insurance cover is poorly designed and disclosed to members who are being defaulted into occupational categories with limited data. After looking at the practices of super funds, ASIC found a high proportion of members ...

Insurance in super is confusing: Consumers

JAMIE WILLIAMSON  |  FRIDAY, 20 NOV 2020
... fund. Some were able to do so in one contact session. "Some members discovered during this process that they had default insurance which did not seem to be adequate for their needs. Some discovered that their cover was much less than they thought it ...

Underinsurance gap worsens: Research

KARREN VERGARA  |  FRIDAY, 20 NOV 2020
... played a key role in attempting to remove duplicate accounts and unnecessary insurance through the ceasing of default insurance cover for young members, inactive accounts and low balance accounts. "The impact of this has allowed us greater clarity than ...

Super fund reappoints insurer

ANNABELLE DICKSON  |  THURSDAY, 19 NOV 2020
... proposal in the Budget, whereby members stay in the first fund they join, highlights the importance of maintaining default insurance to benefit its members. "Continuing to work with TAL to maintain the cover for our members, will help keep them reassured ...