Reminder: Submit Your 2024 Annual Compliance Statement by 31 March 2025
The deadline for submitting the Insurance Brokers Code of Practice 2024 Annual Compliance Statement (ACS), is fast approaching.
Statements covering the period from 1 January to 31 December 2024, are due by Monday, 31 March 2025. To support brokers in preparing timely and accurate submissions, the IBCCC has compiled several helpful resources.
Submitting the 2024 ACS
Brokers will need to submit their ACS through the IBCCC’s online portal. To ensure a complete and accurate submission, make sure to prepare the following documents:
- The 2024 Breach Data Report
- The two Internal Dispute Resolution (IDR) reports that you provide to ASIC
To assist you in this process, the IBCCC has made available a sample 2024 ACS, which outlines the necessary information and offers guidance on how to complete the form correctly. The 2024 ACS Information Document also provides an overview of the ACS, including details on the changes introduced for this edition.
Benefits of a Comprehensive ACS
The ACS is a critical component of the IBCCC’s compliance monitoring framework and presents an opportunity for you to identify areas for improvement. It is essential to provide accurate data and detailed responses to all sections of the ACS.
The information gathered through the ACS contributes to the Individual Benchmark Report and the Annual Data Report, offering valuable insights and analysis for brokers.
Late ACS Submissions
While the ACS is due by 31 March 2025, the IBCCC recognises that unexpected circumstances may arise. If you require an extension due to legitimate reasons, you are encouraged to reach out as soon as possible.
Consistent late submissions may result in sanctions, as outlined in section 11.4(b) of the Code. These sanctions could include naming the broker and referring the matter to the National Insurance Brokers Association (NIBA).
If subscribers have any questions or require further assistance, they should contact the IBCCC at info@codecompliance.org.au.