Chubb Specialty Insurance
The Superannuation Industry [Supervision] Act 1993 (SIS) imposed additional responsibilities on those who manage superannuation
funds by enhancing the fiduciary duties of trustees. Regardless of the nature and scope of external assistance and recommendations,
the trustee remains personally liable for any decisions made on behalf of the fund beneficiaries.
In recent years, the number of claims alleging SIS violations has increased in corporate Australia. Despite the company size
or number of fund members, most companies sponsoring a superannuation fund consider a trustees' liability policy an essential
The trustees' liability policy covers liabilities such as alleged violations of fiduciary duties and disputes before the Superannuation
The Chubb Insurance policy meets the standards for trustees liability insurance as recommended by the Association of Superannuation
Funds of Australia (ASFA) Ltd as at December 1996.
The Trustees' Liability policy will cover your company, subsidiaries, directors, officers and employees, and the superannuation
funds themselves - against losses resulting from alleged wrongdoings.
- Breach of fiduciary duty: Violations of the duties imposed upon trustees by SIS or similar laws.
- Wrongful administration: Negligent errors or omissions in the administration of any superannuation fund.
- Tribunal complaints: A proceeding commenced by the service of a complaint to the Superannuation Complaint Tribunal.