Document ID: chunk:federal_register_of_legislation:F2024L00653:body:0:p26
Version: federal_register_of_legislation:F2024L00653
Segment Type: other
Provision Reference: 
Character Range: 105924–110964

the same as the ICI currently or previously used for another insurance cluster within the same RSE, defined benefit RSE or ERF; and

                                                                                           • it cannot change so long as the insurance cluster exists and must be reported consistently across reporting periods.

Insurance cluster open to new members                                                      An insurance cluster is open to new members if members that satisfy the relevant criteria by the RSE licensee and/or life insurance company can take out cover under a superannuation insurance policy in the insurance cluster.
Insurance cluster start date                                                               For a single policy, means the first date that the superannuation insurance policy was in force.

                                                                                           For aggregated policies, means the first date that any of the superannuation insurance policies within the insurance cluster was in force.

Insurance cluster subgroup                                                                 Means the description of a collection within an insurance cluster of one or more insurance policies offered to members where terms may vary from other members. For example, members from a specific employer may have different terms or conditions to general membership.

Insurance cover type                                                                       Indicates the type of insurance cover being described.

                                                                                           Possible insurance cover types are:

                                                                                               * Life Insurance;
                                                                                               * Total And Permanent Disability Insurance;
                                                                                               * Income Protection Insurance;
                                                                                               * Bundled Life And Total And Permanent Disability Insurance;
                                                                                               * Bundled Life And Income Protection Insurance;
                                                                                               * Bundled Total And Permanent Disability And Income Protection Insurance;
                                                                                               * Bundled Life Total And Permanent Disability And Income Protection Insurance; and
                                                                                               * Other Insurance.
Insurance Fee (activity fee type)                                                          Has the meaning as in section 29V(9) of the SIS Act.

Insurance Only (product category)                                                          Means products in the accumulation phase and which provide for insurance benefits only. The member does not have an accumulated account balance because all contributions and rollovers are used to pay for insurance premiums or fees.

Insurance Only (investment option type)                                                    Means investment options in the accumulation phase and which provide for insurance benefits only. The member does not have an accumulated account balance because all contributions and rollovers are used to pay for insurance premiums or fees.

Insurance policy                                                                           Means a contract between an RSE licensee and an insurance company to provide insurance in respect of a member or group of members.

Insurance policy type                                                                      Means the type of superannuation insurance policy offered within an insurance cluster.

                                                                                           Possible insurance policy types are:

                                                                                               * Group Insurance Policy; and
                                                                                               * Individual Insurance Policy.
Insurance premium                                                                          Means 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 collected                                                                Means the amount of insurance premium collected from member accounts.

Insurance premium paid                                                                     Means insurance premium paid to the life