The Government on Thur 8.11.2012, released for comment draft regulations to give effect to changes arising from legislation implementing MySuper and governance reforms.
The draft regulations contain provisions relating to: (i) significant event notice requirements; (ii) insurance requirements in respect of death; (iii) meaning of permanent incapacity; (iv) operating standards on self-insurance and permitted types of insurance; (v) successor fund transfer rules not applying to the transfer of accrued default amounts; (vi) notification for accrued default amounts attributed to the MySuper product; and (vii) an exemption from providing opt-out life and total and permanent disability insurance.
The draft regulations are proposed to commence on 1 July 2013.
COMMENTS are due by 21 November 2012.
[LTN 217, 8/11]