Service Standards

What standards apply to our Covered Services?

6We will clearly tell you how our Covered Services are paid for before we provide them and answer any questions you have

Before or at the time you enter into an insurance policy we will clearly tell you:

  • if we will receive remuneration
    (e.g a fee payable by you) in addition to or instead of commission/brokerage from the relevant insurer as a result of you accepting an insurance policy arranged by us (including renewals and variations).

    The commission/brokerage is generally a percentage of the insurer�s premium. It is included in the premium set out in our invoices and we receive it when you pay the premium or at such other time agreed with the insurer.

  • if we intend to retain any of the commission/brokerage paid by the insurer or any fee paid by you if the insurance policy is cancelled before the period of insurance ends.

7We will handle any money received in accordance with relevant law and any agreement with you

We will answer any question you may have about the operation of any designated trust account we have established in accordance with the Corporations Act 2001. We use this account to hold certain insurance premiums paid to us by you and certain moneys owing to you that are paid to us by insurers.

8We will ensure that we and our representatives are competent and adequately trained to provide the relevant services and will maintain this competence

We will:

  • ensure our Representatives receive adequate training to competently provide services on our behalf , including but not limited to:
    • an understanding of this Code or other relevant code applying to them and their obligations under them (where applicable to their activities); and
    • meeting any training standards identified by NIBA as applicable to the Covered Services;
  • ensure records of their training are kept for at least five years and make the records available for examination by the Code Administrator or Code Compliance Committee on request;
  • measure the effectiveness of their training by appropriately monitoring their performance;
  • require additional or remedial training to address any identified deficiencies or improvements required in their training and ongoing development; and
  • maintain and keep current a training and development plan for our Representatives that is appropriate for the services provided by them or to be provided by them in the future.

ABOUT THE CODE STANDARDS

A �Code Member� is referred to in these Standards as �we�, �our� and �us� and a �Client� as �you� and �your�