Influence the Future of Professionalism and Self-Regulation Within the Insurance Broking Profession
The review of the 2022 Insurance Brokers Code of Practice (the Code) presents an important opportunity for members to influence the future of professionalism and self-regulation within the insurance broking profession.
This is your opportunity to help shape a Code that not only reflects the evolving needs of brokers and clients but also strengthens the profession’s standing in the broader community.
The Code represents the profession’s commitment to clients and society, reflecting how brokers hold themselves and one another to the highest standards of professionalism. As the custodian of the Code, NIBA plays a vital role in safeguarding the reputation of the broking profession. This review process is central to maintaining transparency, accountability, and the profession’s ongoing commitment to excellence.
In a time when the general insurance industry is undergoing multiple reviews—including the Review of the General Insurance Code of Practice and the government inquiry into insurers' responses to the 2022 major floods—this is a critical opportunity for the broking profession to reaffirm its leadership in professionalism and effective self-regulation.
Key Focus Areas for the Review
The Independent Review will consider several aspects of the Code to ensure it remains robust and relevant. These focus areas include:
- Identifying any parts of the Code that no longer align with community expectations.
- Identifying any provisions that impose additional administrative burdens without proportional benefits for clients.
- Assessing the Vulnerable Client provisions in light of recent insights, including findings from Deloitte’s review of insurers’ flood claim handling and advancements in best practices
- Addressing gaps in client experiences between direct and intermediated insurance pathways, aligning with changes to the General Insurance Code of Practice.
- Ensuring the Code’s alignment with existing laws and regulations, including upcoming changes stemming from the government’s response to the Quality of Advice Review.
- Tackling known challenges to elevate service standards within the Strata Insurance sector.
How You Can Participate
This is your opportunity to shape the future of the Code. Your insights and experiences are invaluable in ensuring the Code continues to reflect the core values of the broking profession: professionalism, trust, and excellence.
Throughout the review, there will be several ways for you to share your insights and ideas:
- Online submissions: Providing feedback through online submissions.
- Workshops and Roundtables: Contribute to collaborative discussions that explore solutions and improvements.
- Interviews: Provide your perspective in interviews with the review team.
We strongly encourage all members to engage with the Code review process. Whether you have specific suggestions or wish to share your broader experiences, your voice will help shape a Code that meets the challenges of a dynamic industry while reinforcing the broking profession’s unwavering commitment to its clients and the wider community.
Together, we can ensure the Insurance Brokers Code of Practice remains a beacon of professionalism, resilience, and trust. We look forward to hearing from you.