Insurance Brokers Code of Practice

The Insurance Brokers Code of Practice aims to enhance and promote the professionalism and standing of NIBA members, and further increase community confidence in insurance brokers.

What is the 2022 Insurance Brokers Code of Practice?

The 2022 Insurance Brokers Code of Practice (the Code) sets out standards of conduct for all Members of the National Insurance Brokers Association (NIBA) and non-members who have subscribed to the Code.

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.

This version of the Code was developed following close consultation with key stakeholders, including consumer groups, regulatory bodies and the broader intermediated insurance industry.

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.

The current version of the Code is the 2014 Insurance Brokers Code of Practice. This version will remain in effect until 31 October 2022 after which the new Code will take effect.

An eight-month transition period has been implemented to allow Code subscribers sufficient time to understand and implement the new Code obligations within their respective organisations.

 

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.