We also provide compulsory insurance for eligible sworn NSW Police Officers and eligible NSW Ambulance Officers:
Police Blue Ribbon Insurance (PBRI) provides death (including terminal illness), total and permanent disablement and income protection cover, in line with the requirement of the Police Act (1990).
Ambulance Officers Insurance (AOI) provides death (including terminal illness) cover, in line with the relevant award requirements.
Our Premium Adjustment Arrangements
There are two Aware Super premium adjustment mechanisms related to historic insurance arrangements covering periods up to the end of 2019 still in force.
These premium adjustment mechanisms are sometimes known as profit shares or experience adjustments. The intent of these arrangements is to return a portion of premiums where the number or value of claims is better than the insurer expected in their pricing.
For the Aware Super insurance arrangements, any entitlement to a premium adjustment amount is paid into the Insurance Reserve maintained by the fund and used to reduce premium costs in future for relevant members.
For the Police Blue Ribbon Insurance (PBRI) arrangements, the amount, if any, is used to reduce future premiums, by offsetting against premiums that would otherwise be payable.