On 21 September 2017 the Commonwealth Bank of Australia (CBA) announced the proposed sale of its life insurance businesses in Australia and New Zealand to AIA Group Limited (AIA). The trustee, Colonial Mutual Superannuation Pty Ltd (CMS) forms part of this proposed sale and will move from the CBA group and become a wholly owned subsidiary of AIA upon completion. We expect the sale to complete in the first half of 2019.
The Insurance in Superannuation Voluntary Code of Practice (the Code)* applies to superannuation trustees. Colonial Mutual Superannuation Pty Limited (CMS) supports the Code and its objectives and intends to adopt the Code.
The transition plan for adoption of the Code is available here (the Plan).
Code Explanatory Statement
* The Insurance in Superannuation Voluntary Code of Practice (the Code) is a voluntary code of practice for superannuation trustees. The Code was produced by a cross-industry working group and sets out the superannuation industry’s commitment to high standards when providing insurance to members of superannuation funds. It does this by creating standard practices particularly in relation to insurance offered on an automatic basis, insurance communications and claims processes.