The Australian Finance Industry Association (AFIA) says Arteva and QPR have become Insurance Premium Funding Code of Practice members following an accreditation process. 

The two firms join Hunter Premium Funding, IQumulate and Elantis as signatories to the sector’s inaugural code, which came into effect on October 1 last year. 

“The growing list of code compliant members reinforces the robustness and relevance of the code in today’s dynamic financial landscape,” AFIA CEO Diane Tate said. “Each new member brings us a step closer to our goal of industry-wide coverage and continuous improvement in customer service.” 

Accreditation is overseen by the Insurance Premium Funding Code Compliance Committee. 

“The accreditation process to become a code signatory is rigorous, and it is very pleasing that there are now five code compliant members,” committee Chair Vicki Mullen said. 

“The Code Compliance Committee looks forward to considering further accreditation applications in 2024 and undertaking our code compliance monitoring duties.” 

Ms Tate says the voluntary code, reflects evolving consumer expectations, economic conditions and the regulatory environment. The document covers areas including remuneration arrangements, communication, responses to clients in financial difficulty and complaints handling.