NIBA launches new Insurance Brokers Code of Practice

The National Insurance Brokers Association (NIBA) has launched its new Insurance Brokers Code of Practice.

This is a media release from the National Insurance Brokers Association (NIBA). It was originally published on 1st March, 2022. Consumers’ Federation of Australia (CFA) made two submissions to the independent review of the Code.

NIBA President Dianne Phelan said that “the new Code, which will take effect from 1 November 2022, is the product of an extensive review and consultation process, undertaken by an independent reviewer”.

“On behalf of the NIBA Board, I am proud to deliver this new Code to our members today. The NIBA Board and I decided a new Insurance Brokers Code of Practice should be built from the ground up, one which exceeds the law and holds members to a higher standard. I am very pleased to say that we have achieved this. But ultimately, this is not our code, it is the Brokers Code”, Phelan added.

‘’Under the new Code, brokers will have an obligation to report other brokers who breach the code, there will be a ban on preferential remuneration, increased disclosure requirements and the obligation to identify and support vulnerable clients’’, she added.

Over the coming months, support material will be provided to assist brokers to implement the new obligations into their business processes, in order to be compliant with the Code by 1 November 2022.

NIBA CEO Philip Kewin said, “Today is the first phase of our implementation program. We will be providing brokers with guidance and templates on how to implement the new Code requirements into their business processes’’.

‘’We want to make it as simple and as clear as possible for brokers to implement”, he added.

A copy of the new Insurance Brokers Code of Practice is available on the NIBA website.

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