About the Code
The Insurance Brokers Code of Practice
The 2014 Insurance Brokers Code of Practice (the Code) sets standards of good industry practice for insurance brokers when dealing with current and prospective individual and small business clients.
The Code is owned and published by the National Insurance Brokers Association (NIBA) and forms an important part of the broader national consumer protection framework and financial services regulatory system.
It includes a set of service standards that guide insurance brokers who subscribe to the Code how to act when providing insurance broking services to consumers. These service standards form the basis for the Code’s specific obligations.
The objective of the Code is to build professional competence in the insurance broking profession; and increase consumer trust and confidence in insurance brokers.
The Committee is an independent Committee that monitors adherence to the Code while also providing education and support to subscribers. The Committee works proactively with subscribers to guide compliance improvements. The Committee has the authority to sanction insurance brokers if they do not take corrective action after breaches.
NIBA has launched the new Insurance Brokers Code of Practice. A copy of the 2022 Code can be found here.
The Code will take effect from 1 November 2022.
NIBA will provide brokers with guidance and templates on how to implement the new Code.
Further information about NIBA’s Implementation Guide and webinars can be found here.