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.

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

Update

The preliminary consultation period with key stakeholders has raised some critically important issues. Furthermore, the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry provided highly relevant commentary on the role and importance of industry codes.

Recognising the importance of membership engagement in the implementation of any industry code, the NIBA Board is now commencing a process of engagement with NIBA Members in order to ascertain their views on the matters raised by external stakeholders, and on other issues and challenges facing insurance brokers in the post Royal Commission environment. With this in mind, NIBA will host a number of workshops for its members nationally over the next few months in order to facilitate this feedback.

The NIBA Board, together with independent reviewer, Marigold Magnaye of Asperdel Consulting, will take the time to carefully consider all findings and feedback, and will release a Discussion Paper once all matters have been examined in great detail.

NIBA will provide further information and updates relating to the review, in due course. As always, brokers, clients, and other stakeholders who have any questions about the review of the Insurance Brokers Code of Practice should feel free to contact NIBA CEO Dallas Booth.

For the latest papers, resources, and information about the Code of Practice Review click here.