Skip to main content
250

Insurance in Superannuation

SPS
250
SPG
250
SRS
161.0
Prudential Standards (1)
Status: In force
in effect from 1 July 2022
The purpose of this Prudential Standard is to ensure that an RSE licensee, consistent with its obligations to act in the best financial interests of beneficiaries, maintains insurance arrangements for the benefit of the beneficiaries. An RSE licensee is required to implement a sound insurance management framework for making insured benefits available to beneficiaries, including prudently selecting and monitoring insurers. The Board of an RSE licensee is ultimately responsible for having an insurance management framework that reflects the risks associated with making available insured benefits, and ensuring that the framework is appropriate to the size, business mix and complexity of the RSE licensee’s business operations. The insurance management framework must include the insurance strategies for each registrable superannuation entity required in the Superannuation Industry (Supervision) Act 1993.
Guidance (1)
Status: Current
November 2021
Prudential Standard SPS 250 Insurance in Superannuation (SPS 250) sets out APRA’s requirements in relation to making insured benefits available to beneficiaries. Prudential Standard SPS 160 Defined Benefit Matters (SPS 160) sets out APRA’s requirements in relation to self-insurance for defined benefit funds. This PPG aims to assist an RSE licensee in complying with those requirements and, more generally, to outline prudent practices in relation to insurance in superannuation.   |  File type: PDF  |  File size: 750.58 KB
Reporting Standards (1)
Status: In force
In effect from 1 July 2015
This Reporting Standard sets out the requirements for the provision of information to APRA relating to self-insurance arrangements within a registrable superannuation entity. It includes Form SRF 161.0 Self-Insurance and associated specific instructions and must be read in conjunction with Prudential Standard SPS 250 Insurance in Superannuation and Prudential Standard SPS 160 Defined Benefit Matters.