Current ATM View - PROC0013382
Provision of Funeral Bonds for Youpla Support Program
Canberra, Sydney, Melbourne, Adelaide, Perth, Brisbane, Darwin, Hobart
The National Indigenous Australians Agency (the Agency) is publishing an open tender for the provision of a single, simple, low-risk funeral bond product for former policy holders of the Youpla Group as part of the Youpla Support Program (YSP).
The YSP will provide a resolution payment to people who held a funeral insurance policy with the Youpla Group (also known as the Aboriginal Community Benefit Fund) that was active anytime on or after 1 August 2015. Estimates based on available data indicate that approximately 13,700 persons held policies during this period.
The program commences on 1 July 2024. Applications close on 30 June 2026.
The value of the resolution payment will be determined by NIAA, assessed at 60% of the total premiums paid up to their policy limit.
People eligible under the YSP will be able to reinvest their resolution payment into a funeral bond, or they can opt to receive it as a cash payment. People eligible will be offered free, voluntary financial counselling prior to making their decision.
Due to the high proportion of First Nations persons among former policy holders, the successful tenderer must be able to demonstrate the capacity to provide the funeral bonds in a culturally appropriate manner. Additionally, as a significant proportion of former policy holders are located in remote and regional areas, the successful tenderer is to establish and maintain reliable contact in these areas.
Eligible people who opt for a funeral bond will be referred to the successful tenderer via the secure online Government portal ‘Business Hub’. The successful tenderer will be asked to deliver funeral bonds to eligible recipients from the YSP’s commencement date of 1 July 2024.
Industry Briefing
The Agency will be conducting an industry briefing concerning the RFT. The briefing will be held virtually on Thursday 11 April 2024 at 2:00pm Canberra time.
Refer to section 2.2 of the RFT for further details.
Deadline for submission of Tenderer Questions
Questions can be submitted up until Friday 26 April 2024 2:00pm Canberra time. Questions received after this time will not be responded to.
The Agency will exclude a response from further consideration if the Tenderer does not meet the following conditions of participation:
1. The Tenderer exists as a legal entity at the Closing Time.
2. The Tenderer must either:
i. hold all Valid and Satisfactory Statements of Tax Record required for its entity type (see https://www.ato.gov.au/Business/Bus/Statement-of-tax-record/) by the Closing Time; or
ii. have a receipt demonstrating that all Statements of Tax Record required for its entity type have been requested from the Australian Taxation Office by the Closing Time, and hold all Valid and Satisfactory Statements of Tax Record required for its entity type no later than 4 business days from the Closing Time.
3. The Tenderer must hold a Valid and Satisfactory Statement of Tax Record for any First Tier Subcontractor that it proposes, as part of its Tender, to engage to deliver goods or services with an estimated value of the subcontract over $4 million (GST inclusive).
Note to Tenderers: Tenderers should apply for a Statement of Tax Record and should ensure that their First Tier Subcontractors apply for a Statement of Tax Record within sufficient time to meet these conditions for participation.
4. The Tenderer must hold an Australian Financial Services Licence and be regulated by the Australian Prudential Regulation Authority (APRA) under the Life Insurance Act 1995 (Cth).
The expected Contract Start Date is 27 May 2024.
The YSP commences 01 July 2024.
The end of YSP resolution payments is 1 December 2026.
The Contract End Date is 31 December 2026.