The Insurance Premium Funding Code of Practice has had its first update since it took effect in October 2022. 

The Australian Finance Industry Association says the revised code includes several improvements designed to enhance customer outcomes and will start on July 1.

Key changes include requiring premium funders to use clear, simplified language; provide transparent remuneration; and strengthen the complaints handling processes.

Association CEO Diane Tate says the update sets a “high benchmark for the industry, reflecting its commitment to putting customers first and increasing transparency to strengthen confidence in Australia’s insurance premium funding sector.

“Being a signatory to our IPF code signifies a commitment to high standards and professionalism. Customers engaging with IPF companies that adopt this code can do so with confidence, knowing they will receive fair treatment, transparent pricing and clear communication.

AFIA member signatories to the code are Arteva Funding, BOQ Finance, Elantis, Hunter Premium Funding, IQumulate and QPR Premium Funding. See the updated code here.