The Code is independently monitored and enforced by a Code Compliance Committee – the Insurance Brokers Code Compliance Committee (IBCCC).
The Code provides additional safeguards for clients that are not set out in the law. In some areas, the Code sets higher standards than those required by law. No part of the Code limits, or is intended to limit, a client’s rights under the law.
The Code represents the commitment of Code Subscribers to clients, prospective clients and other parties with whom Code Subscribers interact in performing services.
The Code serves to guide Code Subscribers and consumers on what to expect throughout the client journey. It sets out the principles that shape the way Code Subscribers behave, deal with people and make decisions.
Prior to its release in March 2022, the Code was subject to a significant consultation period. During this period, feedback was received from various stakeholders, including consumer groups, regulatory bodies, and the broader intermediated insurance industry. This feedback informed many of the current Code obligations.
The Code is accompanied by Code Subscriber and consumer information intended to provide guidance on certain topics referred to in the Code, including outlining Code Subscriber best practice, as well as helping consumers understand their rights under the Code.
Consistent with the commitment of NIBA and Code Subscribers to continuous improvement, this Code will be reviewed at least every three (3) years and whenever an urgent amendment is deemed necessary by the NIBA Board.
- Current Code
The current version of the Code is the 2022 Insurance Brokers Code of Practice.
- Member Implementation Guide
To assist members with the implementation of the new Code obligations NIBA has developed a Member Implementation Guide to accompany the 2022 Insurance Brokers Code of Practice.
Unlike the Code, the Implementation Guide is not intended to be binding but rather to provide members with more in-depth information on the intent and implementation of Code obligations.
The Code sets out the minimum standard expected of NIBA members, Subscribers are encouraged to look for ways to go beyond the obligations set out in the Code and the guide, especially where doing so would decrease administrative complexity and the risk of Code breaches due to human error.
As the Code is intended to be a ‘living document’ the guide will be updated to reflect changes to the Code, community expectations or industry best practices. NIBA will make every effort to ensure subscribers receive updated copies of the guide as they are published however NIBA encourages subscribers to confirm they have the latest version by visiting this page and downloading the latest version.
2022 Insurance Brokers Code of Practice
Updated 25 October 2023
Insurance Brokers Code of Practice: Member Implementation Guide
Updated 25 October 2023