Part A – Introduction and Background

This Code is the AFIA Insurance Premium Funding Code of Practice (Code).

This Code is effective from 1 July 2025.

AFIA will arrange for a review of this Code in accordance with clause 31.

1. Objectives of this Code

1.1 A primary objective of this Code is to encourage the adoption of high industry standards and compliance with laws and regulations.

1.2 This Code has been voluntarily developed by the AFIA Insurance Premium Funding Group (‘the Group’) to assist all members of the Group to:

a. promote high industry standards of service to customers;

b. provide a benchmark for consistency within the Group with respect to matters such as the disclosure of comparable financial information about Insurance Premium Funding Products to borrowers; and

c. support compliance with legal and industry obligations.

2. Who is bound by this Code?

2.1 This Code is binding on Code Compliant Members of the Group when they provide Insurance Premium Funding Products.

2.2 The particular circumstances in which the Code will apply are set out in the balance of this Part A. A list of Code Compliant Members, and details of when they became (and where applicable ceased to be) Code Compliant Members, can be found on the AFIA website.

2.3 Code Compliant Members are subject to the oversight of the Code Compliance Committee (CCC). The CCC is an independent committee that has been established by AFIA to monitor and investigate compliance by Code Compliant Members with this Code.

2.4 All Members of the Group must at all times comply with the terms and conditions of the AFIA Constitution including clause 6.3.

3. Reading this Code

3.1 In this Code, the words "we", "us" and "our" are to be read as referring to a relevant Code Compliant Member that is bound by this Code and that has agreed with you (that Code Compliant Member's customer) that it will comply with this Code.

3.2 Some words or phrases used in this Code have special meaning and are identified using capital letters, such as in the case of an 'Insurance Premium Funding Product'.

4. Application of this Code to Insurance Premium Funding Products provided by Code Compliant Members

4.1 This Code applies to all Insurance Premium Funding Products that we provide to you from the time we become a Code Compliant Member to the time we cease to be a Code Compliant Member.

5. When does this Code apply to you?

5.1 Where you are a customer, this Code applies to the interactions and arrangements we have with you in relation to an Insurance Premium Funding Product provided to you on or after the date that we became a Code Compliant Member.

6. Legal status of this Code

6.1 This Code describes contractually enforceable commitments between us (as the relevant Code Compliant Member) and you (as the customer).

6.2 When determining a complaint, AFCA is required to do what is fair in the circumstances, having regard to matters including 'applicable industry codes or guidance'. Accordingly, when considering a complaint against us, AFCA would have regard to the provisions of the Code. If AFCA determined that we had breached the Code, it may require us to compensate you. AFCA determinations are binding on us, if accepted by you.

6.3 If you have a complaint about a provider of Insurance Premium Products who is not a signatory to the Code (or a non-AFCA member), the Australian Small Business and Family Ombudsman may be able to assist resolve any dispute.

6.4 This Code operates alongside, and is subject to, existing laws and regulations and does not limit your rights under such laws and regulations.

6.5 Where applicable, this Code imposes standards on Code Compliant Members that are above those required by the law or regulation.

6.6 Where there is any conflict or inconsistency between this Code and any law or regulation, that law or regulation prevails.

7. Complaints

7.1 You can:

a. access our complaints process if you are unhappy with any aspect of your experience with us, or

b. report any concerns about our Code compliance, or about possible Code breaches, to the CCC, which it can investigate at its discretion,

as set out in clause 29 of Part C of this Code.

7.2 This Code is not intended to create legal or other rights between us and any third person or entity.

7.3 An external dispute resolution scheme that we are a member of, including AFCA or any other dispute resolution scheme approved by the Government, may consider whether we have complied with the standards of this Code when determining or dealing with a matter before it.