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APRA publishes revisions to frequently asked questions on Putting Members’ Interests First laws

Thursday 21 October 2021

The Australian Prudential Regulation Authority (APRA) has published an update to frequently asked questions (FAQs) on the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 (the PMIF). 

The updated information clarifies that members who were not required to elect for insurance, as a result of the historical provisions in s. 68AAB and s. 68AAC of the Superannuation Industry (Supervision) Act 1993 (SIS Act), can have their insurance continued in a successor fund without needing to elect for insurance. The Government intends to amend the SIS Act to give effect to this change in due course. 

The revised FAQs are available on the APRA website at: Putting Members’ Interests First – frequently asked questions and Protecting your super package - frequently asked questions.

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Contact APRA Media Unit, on +61 2 9210 3636

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For more information contact APRA on 1300 558 849.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.