The Insurance Brokers Code of Practice sets the professional standards that define what clients and the community should expect from insurance brokers who subscribe to it.
Every insurance broker in Australia is subject to the same laws, whether they hold their own Australian Financial Services Licence or operate as an authorised representative. The law sets the minimum standard. Developed by the National Insurance Brokers Association (NIBA), this Code goes further.
It sets the standards brokers bring to every client relationship. Because no two clients are the same, it also recognises the importance of professional judgement in meeting their needs.
For over 40 years, NIBA has been the voice of the insurance broking profession in Australia and a driving force for higher standards through the Qualified Practising Insurance Broker (QPIB) designation, continuing professional development for members, and a Code of Practice that brokers first committed to in 1992.
This Code will guide the profession through to NIBA’s 50th anniversary in 2032. Over those years, brokers and clients will face rapid technological change, including artificial intelligence, alongside increasing environmental and social pressures. NIBA wanted a Code that remains relevant to those challenges and to the clients that brokers serve.
The 2027 Code comes into effect from 1 January 2027. Find out more in the launch media release of the 2027 Insurance Brokers Code of Practice here.
