NIBA Annual General Meeting

NIBA Principal Members are warmly invited to attend the NIBA Annual General Meeting (AGM) on Tuesday 22 February 2022, at 12.00 noon, Sydney time. The meeting will be held in person, to a limited capacity, in the NIBA Head Office, well as a virtual meeting using the ‘GoToMeeting’ format.

With the COVID-19 issues and a very difficult insurance market, the past 12 months have been very challenging for Members and for NIBA. However, there have been some excellent achievements and the industry is well-positioned for the challenges of 2022 and beyond.

Some key developments included:

• Very substantial work was undertaken to respond to draft legislation and Government consultations in relation to the implementation of Royal Commission recommendations, the majority of which took effect on 5 October 2021.

• The NIBA Board continued to work very closely with industry leaders and the Insurance Council of Australia (ICA) to develop a general insurance industry response to the challenges of COVID-19.

• Insurance brokers continued to be involved in very few disputes being reported to the Australian Financial Complaints Authority (AFCA).

• Action was taken to promote the Deloitte Access Economics – The role and economic value of insurance broking report to Members of Parliament, regulators, and other key stakeholders.

• The Board continued its preparations for the review of general insurance remuneration arrangements in 2022, a Royal Commission recommendation.

• The review of the Insurance Brokers Code of Practice is now largely complete, with very significant time and effort devoted to this project by your Board of Directors.

• Unfortunately, the 2021 hybrid NIBA Convention was postponed to February 2022 because of ongoing lockdowns and limited travel opportunities.

• While event income was down, NIBA was able to utilise Government assistance and deliver a small profit.

• The transition of CEO from Dallas Booth to Philip Kewin effective 1 November 2021.

NIBA continues to concentrate on our main priorities – representing your interests to governments, regulators, and others as the one voice of insurance brokers, providing information to the market via our communications and publications, and hosting the NIBA Convention. We were pleased to have met with our industry leaders on a number of occasions during 2021, to make sure our goals and priorities were consistent with the industry’s expectations.

Our financial report shows a positive result for the financial year ending 31 October 2021. With the challenges of COVID-19, expenses were managed very carefully, and Government support programs were accessed wherever possible.

The NIBA Directors’ Report and annual financial statements for the year ending 31 October 2021 are attached, along with the 2021 AGM notice and 2020 AGM minutes.

Following the AGM itself, Members will have the opportunity to meet the NIBA Board and CEO, ask questions, and make comments and suggestions on the ongoing work of NIBA on your behalf.

Any Principal Member who is not able to attend the briefing is welcome to pass the invitation to a colleague who is able to represent their firm.

We hope to see you there.

Attendees at the Annual General Meeting will earn 1 CPD point. Please refer to the AGM Pack and Proxy Form for details.

Warm regards,

Dianne Phelan
NIBA President

RSVP: If you are able to attend the Annual General Meeting in person or virtually, please email Patrick Bourke at pbourke@niba.com.au.

Event details

Date: Tuesday 22 February 2022

Time: 12:00 noon – 1:00 pm, Sydney time

Venue: the meeting will be held in person and via virtual format, using the ‘GoTo Meeting’ platform

CPD rating: 1 CPD point