The importance of QPIB
QPIB stands for Qualified Practising Insurance Broker. It is a strict system of professional accreditation, introduced by NIBA in 1992, to ensure the highest professional standards. Brokers who are QPIBs are obliged to meet and maintain rigorous standards of knowledge, skills and behaviour.
Experience – QPIBs have at least four years’ experience in broking or seven years in an advisory role in the industry.
Continuing Professional Development (CPD) - For QPIBs, professional educaiton is an ongoing process. QPIBs are required to keep their skills up to date through continuing education and training – a minimum of 24 hours per year.
Association Membership – QPIB employers must be members of NIBA or of an overseas association accredited to run the QPIB program.
Insurance Broking Qualifications – Brokers seeking QPIB status must have attained the nationally accredited qualification, Diploma of Financial Services (Insurance Broking).
Code of Conduct – In addition to adhering to the law through the Financial Services Reform Act, as NIBA members, QPIBs are further bound by NIBA's strict Code of Conduct. This code must be clearly displayed in brokers’ offices and all employees must be aware of its provisions. Failure to comply with the Code of Conduct can mean a fine up to $10,000 and expulsion from NIBA.