Shaping the Future of Professionalism: The Insurance Brokers Code of Practice Review
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 and ensure that the Code continues to meet the evolving needs of brokers, clients, and 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 dedication to professionalism and effective self-regulation.
Focus Areas for the Review
The Independent Reviewer will examine several key areas to ensure the Code remains fit for purpose and aligned with best practices. These areas include:
- Identifying any parts of the Code that no longer align with community expectations.
- Reviewing provisions that may impose unnecessary administrative burdens without sufficient benefit to 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.
- Aligning the Code with changes to the General Insurance Code of Practice and addressing any inconsistencies in client experiences between direct and intermediated insurance channels.
- 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.
- Enhancing service standards and addressing issues within strata insurance.
Guiding Principles
To ensure the review process is thorough and meaningful, the following principles will guide the review:
- Transparency: Conducting the review in an open and transparent manner.
- Modernisation: Updating the Code to meet or exceed current regulatory requirements and align with evolving client needs.
- Accessibility: Simplifying and improving the Code’s clarity to enhance understanding, while adhering to regulatory frameworks.
- Flexibility: Balancing the needs of all clients, including sophisticated wholesale and retail clients, and encouraging best practices without over-prescription.
- Efficiency: Ensuring the Code enhances client outcomes while minimising operational complexity.
How You Can Participate
This is your opportunity to shape the future of the Code. Your contributions are essential to ensuring the Code remains relevant, effective, and reflective of the broking profession’s core values; professionalism, trust, and excellence.
Throughout the review, there will be several ways for you to share your insights and ideas:
- Providing feedback through online submissions.
- Participating in workshops and roundtables.
- Engaging in interviews to share your perspectives.
We strongly encourage all members to actively engage in this process. Whether you have specific ideas for improving the Code or wish to share your experiences and insights, your input will help shape the next iteration of the Code and reinforce the profession’s commitment to its clients and the broader community.
Together, we can ensure the Insurance Brokers Code of Practice continues to reflect the highest standards of professionalism and meet the challenges of an evolving industry. We look forward to hearing from you.