Closed ATM View - PROC0013382 - Notice
Funeral Bond Provision for the Youpla Support Program
The National Indigenous Australians Agency (the Agency) is preparing 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).
A tender will be released within the next 6 weeks. This is a notice to inform tenderers of the likely requirements.
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 01 August 2015. Estimates based on available data indicate that approximately 13,700 persons held policies during this period.
The program commences on 01 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.
The successful tenderer will need to hold an Australian Financial Services Licence and be regulated by APRA under the Life Insurance Act 1995.
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 01 July 2024.
Not applicable for this notice.
Not applicable for this notice.
Lodgement of responses not applicable for this notice.