NIBA meets with Assistant Treasurer on behalf of brokers

Key representatives from the National Insurance Brokers Association (NIBA) met with the Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing, Michael Sukkar, as part of ongoing advocacy activities.

NIBA was represented by CEO Philip Kewin, former CEO Dallas Booth, and Board Director Eric Harris. This was NIBA’s first meeting with the Assistant Treasurer, it was an important engagement in raising further awareness of the value of brokers to their clients and the community.

Kewin said, “Minister Sukkar was very open and supportive, recognising the important role brokers play particularly in the last 18 months. He was particularly concerned about the hard market that currently exists and the challenges particularly around leisure and tourism. These are key drivers of economic growth, and the challenges around affordability and accessibility would be an unnecessary handbrake.”

He added that another important part of the discussion was the upcoming Remuneration Review in 2022, “Recognising that there were no systemic issues or examples of poor consumer outcomes involving brokers in the Royal Commission, we acknowledged that Treasury will be undertaking a review as recommended in the final report. NIBA has already engaged with key members of ASIC and Treasury, so engagement with the Assistant Treasurer was a natural step. Minister Sukkar indicated that the terms of reference for the review may be delivered sometime before the end of this year.”

Kewin concluded, “The lines of communication are well and truly open and all parties agreed to maintain dialogue so that there can be an informed and objective review.”

Through its members, NIBA is looking to continue its advocacy efforts throughout Australia and those interested in participating and visiting their local Federal Member can do so by sending an email to NIBA’s Policy Manager, Allyssa Hextell, indicating your interest, federal electorate (if known) or location, and if you already have an existing relationship with your local representative.