User Login
Register Lost Password

Insurance Brokers 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.

PLEASE NOTE: Section 17 of the Code relates to the Insurance Brokers Disputes facility (IBD), from 2009 the body responsible is for monitoring the Code standards and dealing with reported breaches is the Financial Ombudsmans Service (FOS).

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 Financial Ombudsman Service (FOS) . If you consider there has been a breach of the Code, you may wish to contact the FOS to lodge a complaint.