Code of Practice
The Insurance Brokers Code of Practice (Code) is intended to promote good relations between insurance brokers, policyholders and others in the insurance industry, as well as efficiency in transactions by laying out standards of good practice and levels of service that are expected of brokers.
Developed by NIBA as part of a national self-regulatory scheme, the Code:
- Applies principally to general insurance and life risk insurance, and to a lesser extent associated services such as risk management, arrangement of premium funding, inspection and valuation;
- Requires brokers to establish an internal dispute resolution process;
- Sets out standards for brokers to follow when dealing with clients, including requirements to inform clients of remuneration arrangements and any conflict of interest.
The scheme is administered by Insurance Brokers Dispute Ltd (IBD). If you consider there has been a breach of the Code, you may wish to contact the IBD to lodge a complaint.