NIBA welcomes Insurance Premium Funding Code of Practice

The Australian Finance Industry Association (AFIA) and its Insurance Premium Funding (IPF) members – Hunter Premium Funding, IQumulate, BOQ Finance, Principal Finance, Attvest, Premium Funding, Elantis and Westpac – have come together and propose to release a Code of Practice for the IPF sector.

The National Insurance on Association (NIBA) CEO, Dallas Booth said, “NIBA welcomes the draft Code of Practice for premium funders, and we will review the draft Code and respond in due course. NIBA supports the moves by premium funders to proactively meet Royal Commission guidelines and recommendations in relation to disclosure and transparency.”

“NIBA will very shortly release the consultation draft of the proposed Insurance Brokers Code of Practice in order to gain feedback from members, external stakeholders and other interested parties.”

AFIA will conduct a six-week public consultation from 16 November 2020 for stakeholders to provide feedback and aims to have the Code operating by July 2021.