NIBA's current campaigns
NIBA is the peak body of the insurance broking profession in Australia. NIBA represents and speaks on behalf of its members to governments, Members of Parliament, regulators, the media and other interested stakeholders.
As insurance brokers act mostly on behalf of their clients, NIBA is able to explain to governments, regulators and others the likely impact proposals for reform will have on the insurance market and on the clients of NIBA members.
NIBA also takes the opportunity whenever available to explain the importance of insurance to all sectors of society and the economy, how insurance operates, and the benefits of using an insurance broker.
Some of the key areas of activity in which NIBA is currently or has recently been involved include:-
- The Australian Government's 2014 Financial System Inquiry, which is looking at the nature and range of financial products and services, the regulation of financial services, and likely future developments in the financial services industry.
- Future of Financial Advice legislation, and Federal Government proposals to amend the legislation in accordance with their election commitments.
- Phasing out of Fire Services Levies on insurance premiums in Victoria, and the ongoing promotion of Fire Services Levy reform in New South Wales and Tasmania.
- ASIC review of training standards for financial services advisers.
- Review of workers compensation legislation in Western Australia.
- Ongoing calls for reform of insurance taxes in Australia, so that insurance policyholders pay a single transaction tax (GST) and not multiple taxes (GST + Stamp Duty + Fire Services Levies where applicable) on their insurance premiums.
NIBA regularly makes formal submissions to governments and regulators on these and other matters. Most NIBA submissions are available for access on the Government Submissions page.