AFIA Releases Updated Insurance Premium Funding Code of Practice
20 March 2025
The Australian Finance Industry Association (AFIA) has today released an update of its Insurance Premium Funding (IPF) Code of Practice.
The updated Code reflects contemporary industry practices, while maintaining a customer-centric approach that emphasises transparency, fairness, and accountability.
AFIA CEO Diane Tate said the updated Code of Practice 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,” Ms Tate said.
“Customers engaging with IPF companies who adopt this Code can do so with confidence, knowing they will receive fair treatment, transparent pricing, and clear communication.”
“In the face of rising living costs, economic uncertainty and challenges with insurance affordability, IPF provides a critical solution, helping individuals and businesses effectively manage their insurance needs and costs,” Ms Tate said.
According to industry data, IPF companies provide approximately $7 billion in funding annually, supporting individuals and businesses in meeting their insurance obligations without compromising cash flows, particularly small to medium-sized enterprises (SMEs), ensuring business continuity, building operational resilience, and strengthening risk management.
The updated Code includes several improvements to improve the customer experience, including:
Clear, simplified language: using consistent and customer-friendly terminology and definitions to ensure an easier understanding and comparability of products.
Transparent remuneration guidelines: establishing clearer descriptions and explanations about remuneration practices to build customer confidence and ensure accountability.
Improved customer support: strengthening complaints handling processes and providing better assistance for customers experiencing financial hardship.
AFIA members who are signatories to the Code are the largest brands providing IPF products to Australian businesses and individuals. The following IPF providers are accredited signatories of the IPF Code – Arteva Funding, BOQ Finance, Elantis, Hunter Premium Funding, IQumulate, and QPR Premium Funding.
The updated Code will commence on 1 July 2025, with the existing IPF Code applying until then.
The updated Insurance Premium Funding Code of Practice can be viewed here.
For more information, contact:
Alistair Coleman | 0401 855 256 | alistair.coleman@secnewgate.com.au