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
The public consultation period has now come to a close, however, if you missed the deadline and wish to make a submission, please contact firstname.lastname@example.org.
NIBA would like to thank those who put forth a submission, your feedback and comments are being carefully considered by our independent reviewer.