Insurance Brokers Code of Practice Review
The Insurance Brokers Code of Practice is a living document, and the NIBA Board is committed to ensuring that it promotes higher standards and professionalism in the insurance broking industry – download the current Insurance Brokers Code of Practice below, or visit the Insurance Brokers Code Compliance Committee website here.
In line with its commitment to reviewing the Code every three years, the NIBA Board has initiated an independent review of the Code to be submitted for approval to the Australian Securities and Investments Commission (ASIC). Although it is not mandatory to seek ASIC’s approval of a revised Code, this approach is consistent with NIBA’s core strategies of Professionalism, Representation, and Community.
The Insurance Brokers Code of Practice Review will be undertaken in consultation with key stakeholders including consumer representatives, Code Members, the Australian Financial Complaints Authority (AFCA), the Code Compliance Committee, and relevant government agencies. In addition to obtaining feedback on the review from stakeholders, the review will also take into account external developments impacting the Financial Services Industry in Australia, including:
- Relevant ASIC reports and reviews
- The work of the Insurance Brokers Code Compliance Committee
- The ACCC Report on Northern Australia Insurance
- The findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Invitation to Contribute
The National Insurance Brokers Association of Australia (NIBA) is pleased to invite feedback and submissions from consumers, organisations, representative associations, and any other interested stakeholders as part of the review of the Insurance Brokers Code of Practice – a public consultation period has officially commenced.
In the interests of transparency and continuous improvement, the Code review is not limited in its scope, with NIBA’s intent being to ensure that the Code remains relevant and a benchmark of industry self-regulation in a regulatory environment that has turned its focus more keenly to community expectations, culture, and conduct.
We encourage you to consider the Discussion Paper, which can be downloaded below, and provide a submission using the below link. Submissions may be made confidentially, or you may choose to make a public submission which will be available on the Code Review Submission page.
Submissions will remain open until 9 April 2021.