How You Can Help Shape the Future of the Insurance Brokers Code of Practice
The upcoming review of the 2022 Insurance Brokers Code of Practice (the Code) is an opportunity for all members to have their say on the future of professionalism and self-regulation of the insurance broking profession.
The upcoming review of the 2022 Insurance Brokers Code of Practice (the Code) is an opportunity for all members to have their say on the future of professionalism and self-regulation of the insurance broking profession.
The Code is the profession’s commitment to clients and the wider community, reflecting how brokers hold themselves and each other to the highest professional standards. It’s also a key part of NIBA’s role as the custodian of the broking profession’s reputation, making this review process vital to maintaining transparency, accountability, and ongoing professionalism
With a number of reviews impacting the general insurance industry already underway, including the Review of the General Insurance Code of Practice and the government inquiry into insurers' responses to 2022 major floods claims, this is a key moment for the broking profession to reinforce its commitment to professionalism and self-regulation.
The Independent Reviewer is tasked with considering the following issues:
1. Any areas of the Code that no longer align with community expectations;
2. Any areas of the Code that add a significant administrative burden that outweighs the benefit to clients;
3. Whether the Vulnerable Client provisions remain fit for purpose taking into account relevant findings of the Deloitte review of insurers’ handling of flood claims and improvements in best practice;
4. Changes to the General Insurance Code of Practice and any inconsistencies in client experience between direct and intermediated channels;
5. Interaction of the Code with existing laws and regulations, including upcoming changes to be introduced as part of the government’s response to the Quality of Advice Review; and
6. How the Code can increase service standards and address issues identified within the Strata Insurance.
In addition to the Terms of Reference, the Review will also be guided by the following principles;
Transparency: The Code Review will be conducted in an open and transparent manner.
Modernisation: Ensuring Code obligations meet or exceed current regulatory requirements, and the Code is fit for the evolving needs of broking clients.
Accessibility: enhancing understanding and simplification where possible under current regulation.
Flexibility: How the Code can meet the needs of all broking clients, including both sophisticated wholesale clients and Retail Clients as well as encourage best practice without being overly prescriptive.
Efficiency: How the Code can maintain or enhance client outcomes while reducing operational complexity.
How You Can Have Your Say
The Code Review is your opportunity to have a say in shaping the Code’s future. Your input will help ensure it continues to meet the evolving needs of brokers, clients, and the communities they serve. Throughout the review process, there will be several ways for you to contribute, including:
Providing feedback online;
Attending workshops and roundtables; and/or
Participating in interviews
We encourage every member to engage with the review. Whether you’ve got ideas for improving the Code or simply want to share your perspective, we’re counting on you to help shape the next chapter of the Code and ensure it reflects the best of what broking stands for—professionalism, trust, and a commitment to excellence.