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Key resources from IBCCC to assist with the 2022 Annual Compliance Statement

March 08, 2023

Members are reminded that the 2022 Annual Compliance Statement (ACS) is due on 31 March 2023. 

IBCCC has published a number of resources to assist Code Subscribers to help them complete their 2022 Annual Compliance Statement (ACS): 

The FAQs have been designed to assist subscribers in identifying, recording and reporting breaches as part of the ACS program.   

Summary of key points from the 2022 ACS webinar  

  • The Annual Compliance Statement (ACS) is the most important compliance monitoring activity for the Insurance Brokers Code Compliance Committee (IBCCC).  
  • The ACS asks for information about breaches and complaints as well as frameworks for compliance with the Code. It also asks about a subscriber’s overall culture of compliance.  
  • The 2022 ACS helped subscribers with the transition to the 2022 Code by providing references to both, the 2014 Code and the 2022 Code. 
  • The ACS is an opportunity for subscribers to review systems for reporting, recording and monitoring breaches and complaints. It is not a box-ticking exercise. 
  • The IBCCC encourages subscribers to report all breaches and complaints, including ‘incidents’ in the 2022 ACS.  
  • Subscribers should use data on complaints to track the key issues for clients. They should consider whether each complaint is a breach of the Code.
  • Subscribers should also review other sources of information to identify breaches of the Code, such as complaints records, file audits and external audits.  
  • Breaches can arise in any area of the business, so processes to identify them should include oversight of all areas of the business by trained staff. 
  • Data on breaches is submitted through the Breach Data Detail Report. 
  • Provide as much information about a breach as possible. The more information the better!  
  • De-identified information about breaches may be used as examples to help the industry learn and improve.  

About the IBCCC 

The IBCCC is the Code’s independent compliance monitoring body. In accordance with its Charter and the Code, the IBCCC monitors compliance with the Code, identifies systemic industry-wide issues and promotes good industry practice. 

For more information about the IBCCC check out https://insurancebrokerscode.com.au/