About NIBA's Code of Practice Review
The Insurance Brokers Code of Practice Review
The Insurance Brokers Code of Practice is a living document, and the NIBA Board is committed to ensuring that it promotes higher standards and professionalism in the insurance broking industry.
In line with its commitment to reviewing the Code every three years, the NIBA Board has initiated an independent review of the Code to be submitted for approval to the Australian Securities and Investments Commission (ASIC). Although it is not mandatory to seek ASIC’s approval of a revised Code, this approach is consistent with NIBA’s core strategies of Professionalism, Representation, and Community.
The Insurance Brokers Code of Practice Review will be undertaken in consultation with key stakeholders including consumer representatives, Code Members, the Australian Financial Complaints Authority (AFCA), the Code Compliance Committee, and relevant government agencies. In addition to obtaining feedback on the review from stakeholders, the review will also take into account external developments impacting the Financial Services Industry in Australia, including:
- Relevant ASIC reports and reviews
- The work of the Insurance Brokers Code Compliance Committee
- The ACCC Report on Northern Australia Insurance
- The findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
A public consultation period will be announced following the release of a Discussion Paper. Organisations and individuals are invited to provide their feedback here.
The NIBA Board has appointed a consultant, Marigold Magnaye of Asperdel Consulting, to conduct an independent review of the Insurance Brokers Code of Practice. Marigold has more than 25 years’ experience as a lawyer in Sydney and London with particular expertise in the contentious and non-contentious insurance and financial advisory space. Marigold is a former director of NIBA and has a deep knowledge of the insurance broking industry and regulatory governance.
Marigold’s role is to receive feedback from key stakeholders and through public submissions, analyse and assess these submissions in the context of recent external developments, report on these submissions and make recommendations on revising the current Insurance Brokers Code of Practice.
The Discussion Paper calling for public submission will be made available here.