IBCCC Tip of the Month: Complying with the 2022 Code of Practice

The Insurance Brokers Code Compliance Committee (IBCCC) has released their November Tip of the Month, reminding brokers on the importance of implementing the new Insurance Brokers Code of Practice.

Key takeaways from IBCCC’s Tip of the Month:

1. The 2022 Insurance Brokers Code of Practice is now in effect.

As of 1 November 2022, all subscribers of the Code must adopt and comply with the 2022 Code, with the exception of section 6.1 (disclosing remuneration) which will come into effect on 1 November 2023.

2. Complete the 2022 Annual Compliance Statement.

The Committee released the 2022 Annual Compliance Statement to all Code subscribers last month.

This year’s Statement includes an additional questionnaire for subscribers to share any challenges they have experienced through the process of transitioning from the 2014 Code to the 2022 Code.

3. Subscribers are encouraged to self-report breaches.

The IBCCC has acknowledged that there may be instances where subscribers have struggled to be fully compliance by 1 November.

The Committee has encouraged subscribers to self-report these breaches, as this will help to identify any gaps in implementation and whether additional guidance may be needed.

Subscribers should also use the 2022 Breach Data Detail Report as a tool to track their progress in transitioning to the 2022 Code.

4. Inform the IBCCC of any compliance issues.

Subscribers are encouraged to report to the IBCCC on any major compliance issues or queries as soon as they are identified.

This will enable to Committee to track any challenging sections of the Code that may require further guidance.

To read the full Tip of the Month, visit the IBCCC website here.

More resources on implementing the 2022 Insurance Brokers Code of Practice can be found on NIBA’s website here.