Regulatory AlertsSPG 250 Insurance in Superannuation
The Australian Prudential Regulation Authority issued this guide to assist Registrable Superannuation Entity licensees in complying with Prudential Standards SPS 250 and SPS 160 regarding insurance in superannuation. The document mandates the establishment of a robust insurance management framework that addresses risk identification, insurer selection, and clear communication of benefits and opt-out processes to beneficiaries. It further requires licensees to maintain comprehensive claims data for at least five years and conduct rigorous member outcomes assessments to ensure insurance costs do not inappropriately erode retirement income.
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