NIBA Code of Practice Review
In July 2018, it was my pleasure to announce that a review of the NIBA Code of Practice would commence, with preliminary consultation with key stakeholders taking place from October 2018. Promoting Professionalism in the insurance broking industry is a core strategy of NIBA and reviewing and updating the Code of Practice is a key component of enhancing and promoting quality standards for insurance broking and increasing community confidence in brokers. Follow the link to find out more about the current Insurance Brokers Code of Practice.
The NIBA Board's commitment to promoting professionalism is reflected in the Board's decision to undertake an independent review of the Insurance Brokers Code of Practice with a view to submitting the revised Code to the Australian Securities and Investments Commission (ASIC) for approval (RG 183). There is no mandatory requirement to obtain approval, however, NIBA is committed to higher standards and ensuring insurance brokers remain relevant and professional, and retain the confidence of the community.
To facilitate the independent review, the NIBA Board appointed an independent reviewer (Marigold Magnaye, Asperdel Consulting) to engage with stakeholders, analyse feedback, and otherwise make recommendations to the NIBA Board in relation to the review.
I encourage Members, subscribers to the Code, members of the community, and all interested parties to make a submission either prior to or during the formal consultation period (Apr-May 2019). These are important times for the Financial Services Industry in Australia and the Insurance Brokers Code of Practice plays an important part in setting the standards and direction of the insurance broking profession and promoting the professionalism and standing of brokers in the community.
Dallas Booth - 21.01.19
|Oct 2018 - Feb 2019||Preliminary consultation with key stakeholders by independent reviewer|
|Mar - Apr 2019||Discussion Paper prepared by independent reviewer and NIBA Board approval for release of the Discussion Paper|
|Apr - May 2019||Public release of Discussion Paper and request for submissions|
|June - July 2019||Independent reviewer analyses feedback, clarifying questions, drafting recommendations and updated draft Code|
|July - Aug 2019||Independent reviewer requests feedback from key stakeholders in relation to draft recommendations and updated draft Code|
|Aug - Sep 2019||Iterating recommendations and revision based on key stakeholder feedback|
|Sep 2019||Release final report and recommendations to NIBA Board and key stakeholders|
|14 - 15 October 2019||Update NIBA members at NIBA Convention|
|By end 2019||
Finalise revised Code with NIBA Board approval. Launch and transition period begins.
|By end 2019||NIBA to submit revised Code to ASIC for approval|
|Mid 2020||Revised Code becomes effective|