Know Your Rights: Duties of Insurers and Trustees During the Assessment of a TPD Claim
Published 24 Feb 2020
Author: Jesicca Yousif
A Superfund member who is seeking to lodge a Total and Permanent Disablement Claim is entitled to have their claim assessed in accordance with various legal principles. The Superannuation Industry (Supervision) Act 1993 and Insurance Contracts Act 1984 govern the various duties and obligations which an Insurer and Trustee must uphold when determining TPD claims. These duties are as follows:
- To act independently and impartially;
- To act honestly and in good faith in all matters with a real and genuine consideration;
- To ensure its powers and duties are exercised in the member’s best interests;
- To exercise discretion according to the purposes for which the Trustee was conferred;
- To exercise the same degree of skill, diligence and care that would be expected from an ordinarily prudent person in the investigation of a member’s claim; and
- To reach an informed view without acting irresponsibly or impulsively.
On occasion, Insurers may fail to assess a claim within a reasonable timeframe, fail to consider all of the evidence that is available or fail to apply a realistic approach to the member’s circumstances. It is the role of a TPD Lawyer to engage in strategies to ensure the appropriate progression of your claim and a successful outcome.
When deciding on a legal professional to assist you with your superannuation claim, it is important to seek the expertise of professionals who are 100% committed to dealing with your claim expeditiously, ensuring that it is assessed fairly and that your rights are safeguarded.