Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]

SUPERANNUATION (RESOLUTION OF COMPLAINTS) REGULATIONS (AMENDMENT) 1995 NO. 429

STATUTORY RULES 1995 No. 429

Issued by the authority of the Treasurer

Superannuation (Resolution of Complaints) Act 1993

Superannuation (Resolution of Complaints) Regulations (Amendment)

The Superannuation (Resolution of Complaints) Act 1993 (the Act) established, with effect from 1 July 1994, the Superannuation Complaints Tribunal. The Tribunal has the objectives of providing a fair, economical, informal and quick mechanism for:

•       the conciliation of complaints made by members of regulated superannuation and approved deposit funds; and

•       if conciliation is not successful at resolving the complaint - the review of the fund trustee decision to which the complaint relates.

Section 68 of the Act provides that the Governor-General may make Regulations for the purposes of the Act.

Amendments to the Act effected by the Superannuation Industry (Supervision) Legislation Amendment Act 1995 expand the jurisdiction of the Superannuation Complaints Tribunal to enable it to:

•       review and make determinations in respect of insurer decisions relating to death and disability benefits provided through regulated superannuation funds; and

•       refer a complaint, or part of complaint, to another body that has power to deal with such a complaint.

In summary, the regulations specify, firstly, that the prescribed period for objecting to an insurer's decision concerning the payment of a death benefit under an annuity policy is 28 days. If the person objects to the insurer's proposed payment, the insurer must then give that person written notice of the insurer's decision in respect of the person's objection to the payment. This written notice must also inform the person of the prescribed period, also 28 days, within which the person must complain to the Tribunal about the insurer's decision.

Secondly, the regulations specify the complaint-handling bodies the Tribunal may refer a complaint to where, for example, the complaint is not within the Tribunal's jurisdiction or where the complaint may be better dealt with by another complaint-handling body.

The regulations are described in detail in the attachment The regulations will commence on gazettal.

ATTACHMENT

Superannuation (Resolution of Complaints) Regulations (Amendment)

Regulation 1 - Amendment

Regulation 1 provides that the Superannuation (Resolution of Complaints) Regulations (the Principal Regulations) are amended as set out in these Regulations.

Regulation 2 - Regulation 5 (Complaints relating to payment of benefits)

Regulation 2 deletes the existing Principal Regulation 5 and inserts a new Principal Regulation 5 that prescribes for the purposes of paragraph 14(3)(b), subparagraph 15(2)(a)(ii), paragraph 15B(2)(b) and subparagraph 15C(2)(a)(ii) of the Act the prescribed period is 28 days.

Regulation 3 - New Regulation 6 and Schedule

Regulation 3 inserts a new regulation 6 into the Principal Regulations which provides that for the purposes of subsection 22A(1) of the Act a body specified in the Schedule to Regulation 6 is prescribed.