Document ID: chunk:federal_register_of_legislation:F2015L00830:body:0:p14
Version: federal_register_of_legislation:F2015L00830
Segment Type: other
Provision Reference: 
Character Range: 40131–43255

column 5, report the aggregate amount of insurance cover provided to those member accounts that is for: life insurance in column 6, total and permanent disability insurance in column 7, income protection insurance in column 8 and other insurance in column 9. For income protection insurance, report the aggregate monthly amount of cover.

                                          Report the value of insurance premium collected from member accounts in column 10.

                                          Report insurance premium rebate received during the current reporting period, with respect to the current reporting period or with respect to a previous reporting period in column 11.

Insurance cover                           Represents the value of insurance coverage which applies to a member. Includes: member accounts that have at least one dollar of insurance cover.

Life insurance                            Represents a benefit, in respect of each member, that is payable only in the event of the death of the member and which is provided by taking out insurance. Includes: life insurance policies offered through superannuation only and insurance premiums are commissions. Reference: SIS Act, s. 68AA(1)(b).

Total and permanent disability insurance  Represents a benefit, in respect of each member, that is payable only if the member is suffering permanent incapacity. Reference: SIS Act s. 68AA, s. 10(1).

Income protection insurance               Represents the temporary incapacity cover provided to members, where temporary incapacity insurance cover has the meaning given in the SIS Regulations, r. 6.01.

Other insurance                           Represents insured benefits that are not otherwise categorised as life insurance, total and permanent disability insurance or income protection insurance. Includes: permissible insurance types as outlined in the SIS Act, types of insurance which have been grandfathered under law and legacy insurance arrangements where no insurance premium is payable by the member because the insurance policy is based on a surrender value. Reference: SIS Act, s. 68AA, s. 10(1), SIS Regulations, r. 6.01.

Insurance premium                         Represents an amount paid for the provision of insurance under an insurance policy. Excludes: legacy insurance arrangements where no insurance premium is payable because the insurance policy is based on a surrender value.

Insurance premium rebate                  Represents rebates received from the insurer in respect of members' insurance premiums paid to that insurer. Includes: all rebates regardless of how or to whom the rebate is paid, such as directly to the RSE licensee or an employer sponsor of the RSE.

Fees paid

Item 8 collects information about each type of fee, excluding activity fees, and the manner in which it was paid.

Item 8                        Report the aggregate amount of each fee, excluding activity fees, as a separate line in item 8. Activity fees must be reported in item 10. Where a fee has been paid via one or more sources, report a separate line for each source of payment