The Insurance Premium Funding Code of Practice came into effect on 1 October 2022.

The Australian Finance Industry Association and its Insurance Premium Funding (IPF) members developed the IPF Code of Practice.

The Code’s commitments require signatories to deliver clear disclosures to enable better comparison of IPF product features and costs, provide customers with access to internal and external dispute resolution, including through AFCA, provide financial hardship assistance, and promote continuous improvement of customer service and a culture of professionalism in the IPF industry.

Code Compliant Members may no longer enter into new Conflicted Remuneration arrangements, including the extension of existing arrangements, and will terminate all Conflicted Remuneration arrangements on or before 1 November 2023.

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Author: David Jacobson
Principal, Bright Corporate Law
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The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.