The National Insurance Brokers Association of Australia (NIBA) has published the 2022 Insurance Brokers Code of Practice, with the Code taking effect on 1 November 2022.
UPDATE 1 November 2022: The National Insurance Brokers Association (NIBA) has made changes to the Insurance Brokers Code of Practice and issued an updated implementation guide.
The 2022 Insurance Brokers Code of Practice sets out standards of conduct for all NIBA members and non-members who have subscribed to the Code.
The Code is independently monitored and enforced by a Code Compliance Committee – the Insurance Brokers Code Compliance Committee (IBCCC).
The Code sets out commitments in several areas, including:
- compliance with the law
- managing conflicts of interest
- advising who the member acts for
- advising the scope of the member’s services
- acting diligently and fairly with integrity
- disclosure of remuneration
- appropriate money handling
- acting with competence
- responding to catastrophes
- effective handling of disputes
- promoting the Code
- bringing the insurance broking profession into disrepute.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
