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 sets out the minimum service standards consumers can expect when they use an insurance broker and outlines what to do in the unlikely event they have a complaint to make. Written in accessible language, the Code aims to build professional competence in the broking profession, and increase consumer confidence in insurance brokers.

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NIBA in the News

Austbrokers and Aon lead NIBA Board

Austbrokers AEI Group Managing Director Tim Wedlock and Aon Risk Services Director Eric Harris are the new NIBA President and Vice President

Thought bubbles, financial advice and insurance intermediaries

NIBA CEO Dallas Booth talks about ‘thought bubbles’ gaining political momentum and what NIBA has been doing to stop unnecessary and irrelevant ‘reforms’ being applied to insurance brokers.

NSW Govt moves on broker commissions

NIBA is actively promoting the role and value of brokers to the NSW Government, which is in the process of reforming the Home Building Compensation Fund and CTP insurance schemes to remove broker commissions.

HBCF meeting next week

icare will be hosting a broker briefing on the NSW Home Building Compensation Fund reforms on 16 November.

Industry funding of ASIC, mark 2

The Federal Government has released a further discussion paper setting out a model for industry funding of ASIC and NIBA is currently examining it to assess the implications for insurance brokers.

Member Representation

2017 - NIBA submission to Senate General Insurance Inquiry

NIBA has made a submission to the Senate Inquiry into Australia’s General Insurance Industry emphasising the importance of quality professional advice and challenging the purported benefits of insurance comparison services.

2016 - NIBA submission on life insurance markets in Australia

NIBA’s official response to a Parliamentary Joint Committee on the Inquiry into Life Insurance Industry calling for areas of concern to be carefully identified and investigated taking into account various distribution models, for the factors relating to t

2016 - NIBA submission on add-on motor insurance

NIBA’s official response to a number of insurers’ application to the ACCC to limit the commissions and other payments made to distributors of ‘add-on’ insurance products through the motor vehicle dealerships, recommending careful review of the proposed 20

2016 - NIBA submission on Life Insurance Commissions

NIBA’s official response to the government’s Life Insurance Remuneration Reform Regulations, covering the proposed ‘clawback’ arrangements and suggesting that clawback should not occur if the broker had been “acting in the best interests of the client” .

2016 - Call for comment: Proposed amendments to Marine Insurance Act

NIBA is seeking member input into proposed reforms to the Marine Insurance Act which are intended to bring Australian laws into line recent changes in the UK as well as making it more consistent with the Insurance Contracts Act.

Whatever business you're in, you need an insurance broker

Insurance is one of the most complicated products any business owner can buy. But if you don't have the right cover, in the event of a loss your business could go under. A qualified NIBA broker is the best source of advice on any business owner's insurance and risk needs. You can find one near you, or one who specialises in your area of need, through NIBA's free Need a Broker service.

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