Registrable super entities (RSEs) must lodge insurance strategies for MySuper products six months before the Australian Prudential Regulation Authority’s (APRA) new standard takes effect.

The SPS 250 Insurance in Superannuation standard begins next July 1, but RSEs are required to register from January 1.

In a guide for MySuper registration, APRA says RSEs must outline their insurance strategies “prepared as though the standard were in effect as at the date of application”.

It recommends they submit strategies based on the parent funds, rather than documents tailored for MySuper products.

“If the applicant wishes to submit an insurance strategy that applies only to the management of the MySuper product, it may do so,” the guide says. “But, this should be discussed with the responsible [APRA] supervisor prior to lodgement… so the sustainability of the specific policy in the context of the fund’s overall insurance strategy can be assessed.”

APRA wants demographic data used developing strategies to be attached to MySuper applications, plus any insurance contracts and details of services that are supplied and receive remuneration. If remuneration is conflicted, the regulator will have grounds for revoking MySuper product approval.

APRA Deputy Chairman Ross Jones says the guidelines aim to give the industry as much certainty as possible about the authorising of MySuper products, despite the legislation not being finalised.