Membership
The National Insurance Brokers Association was established in 1982. It represents around 500 member firms and 2,600 individual members.
NIBA Principal members are subject to strict screening and must have at least one employee with an individual membership designation in all member branches. All approved members of NIBA obide by NIBA's Constitution, Rules and Regulations.
When a brokerage qualifies to become a NIBA member, that firm and its employees are bound by NIBA's strict Code of Conduct.
The NIBA Code of Conduct is not to be confused with the Insurance Brokers Code of Practice - Most insurance broking firms subscribe to Insurance Brokers Disputes (IBD Ltd), including all members of NIBA. IBD members subscribe to the General Insurance Brokers Code of Practice. Copies of the Code are available from your insurance broker or financial service provider and from IBD. The Code outlines standards of good practice to be expected from your insurance broker or financial services provider.
Application process
Applications take approx eight to ten weeks to be approved commencing with the applicant's name being added to the member application list in the NIBA Gazette. Providing no objections are received the application will be referred to the NIBA divisional committee in the applicant's respective state. Once the divisional committee approves the application it is referred to the NIBA Board for final approval.
NIBA brokers must keep up with the rapid pace of change. Through the support of NIBA, members are kept up to date with the latest industry developments and new types of policies designed to meet the varying needs of a world that is becoming more complex and challenging as time goes on.
NIBA provides the following services to its members:
- educational services via seminars, eLearning and correspondance courses
- professional certification
- strong representation at state and federal government levels to protect members against potentially onerous regulation
- a voice to the insurance buying public to promote the many ways in which NIBA brokers add value
- services to help manage and improve business practices and technical support