The Australian Financial Industry Association (AFIA) is putting the finishing touches to the first code of practice for the insurance premium funding sector, which will be up and running from 1 July 2021. We look at what the draft document says about new standards for price disclosures and customer dispute resolutions.

The first code of practice for the insurance premium funding sector is on track to be up and running by the middle of the year. 

Consultation on a draft of the Insurance Premium Funding Code of Practice, which will be voluntary, is well underway.

DRAFT CODE

The Australian Finance Industry Association (AFIA) spearheaded a draft of the Code in partnership with its insurance premium funding members, Attvest, BOQ Finance, Elantis, Hunter Premium Funding, IQumulate, Premium Funding, Principal Finance and Westpac, aiming to set standards for the industry. 

AFIA represents more than 100 organisations across the banking and finance sectors, including large and small banks, finance firms and fintech companies. It is currently working on a review of the payments system.

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