Insurance Brokers Code of Practice
All reputable professions are governed by a strong Code of Practice – and insurance broking is no different.
The Insurance Brokers Code of Practice is an agreement between NIBA and its members (and other brokers who subscribe to the Code), which sets out the minimum service standards that clients can expect from brokers. It also outlines how complaints and disputes regarding potential breaches of the Code can be resolved.
The Code aims to:
- build professional competence in the broking profession; and
- increase consumer confidence in insurance brokers – and the role they play in the insurance process.
The service standards outlined in the Code are also aimed to safeguard self-regulation of the broking industry.
After an 18-month review and revamp, the updated Code came into effect on 1 January 2014. A dedicated web version of the Insurance Brokers Code of Practice can be accessed, which has information about What the Code means for brokers; and what the Code means for consumers.
The Code is overseen by the Code Compliance Committee. You can view the Insurance Brokers Code of Practice Committee Deed and Charter here. This Deed sets out the obligations of NIBA, the Code Administrator and the Code Compliance Committee in relation to the Code.
IBCCC Annual Review
The independent Insurance Brokers Code Compliance Committee has released its annual review for the period 1 July 2015 to 30 June 2016. Data has been collated from monitoring the activities for 323 insurance brokers that subscribed to the code in the year, and consists of the outcomes of Own Motion Inquiry, the 2015 Annual Compliance Statement and investigations into alleged Code breaches.