Proposed Revisions to Prudential Standard SPS 250 Insurance in Superannuation
The submission to the Australian Prudential Regulation Authority (APRA) in relation to the proposed revisions to Prudential Standard SPS 250 Insurance in Superannuation (SPS 250) was prepared by the Superannuation Committee of the Legal Practice Section.
APRA's proposed revisions to SPS 250 deal with four main matters:
- recommendation 4.14 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) (additional scrutiny for related party engagements);
- recommendation 4.15 of the Royal Commission (status attribution to be fair and reasonable);
- APRA's concern that some registerable superannuation entity (RSE) licensees have not given adequate consideration to the covenant in paragraph 52(7)(c) of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) (cost of insurance not to inappropriately erode the retirement income of beneficiaries); and
- ease of opt-out of insurance cover.
You can read the full submission below.
Share
Related Documents
Tags
Most recent items in Legal Practice Section
Legal Practice Section
Water Amendment (Restoring Our Rivers) Bill 2023
Legal Practice Section
High Seas Biodiversity Treaty
Legal Practice Section
Submission to AFCA consultation on responsible lending approach
Trending Items in Legal Practice Section
Legal Practice Section
New Superannuation Lawyer’s Award
Legal Practice Section
Tax and Superannuation Law Amendment (2014 Measures No.7) Bill 2014
Legal Practice Section