APRA publishes revisions to frequently asked questions on Putting Members’ Interests First laws
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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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.