From 1 November 2022 Code subscribers will be required to comply with the new Insurance Brokers Code of Practice (2022 Code).
An eight-month transition period was implemented by NIBA to allow Code subscribers sufficient time to understand and implement the new Code obligations within their respective organisations by 1 November 2022.
Code subscribers are expected to formally adopt and fully comply with the 2022 Code by 1 November, with the exception of section 6.1 (disclosing remuneration) which is deferred by NIBA until 1 November 2023.
2022 Annual Compliance Statement
In mid-October, the Committee provided information about the 2022 Annual Compliance Statement (ACS) to all Code subscribers. The 2022 Code requests Code subscribers self-report breach and complaints data for the period 1 January to 31 December 2022 and includes thematic reference to both Codes applicable during that period, the 2014 Code and the 2022 Code.
The ACS also includes an additional questionnaire which will assist the Committee to understand any challenges Code subscribers might have experienced during the transition process.
The Committee’s approach to breach reporting
The Committee acknowledges that in some instances, Code subscribers might struggle to be fully compliant with the Code by 1 November 2022.
A Code subscriber may have started training all of its employees to support clients who experience vulnerability. However, by the 1st of November 2022, not all employees may have completed this training.
The Code subscriber should self-report this as a breach of obligations under section 5.2(c) of the 2022 Code in its 2022 ACS, as not all staff have been trained to support clients experiencing vulnerability.
Detailed information should be provided, what caused the delay, any remediation action taken to rectify the breach and an expected date by which all staff have been trained.
This also provides management with an overview of any gaps in the transition and implementation process and where to focus additional resources.
We encourage subscribers to record and report all breaches of the Code.
Record, report and learn – use the Breach Data Detail Report to track your progress until you are compliant.
Inform the Committee of Compliance Issues Early
Inform the Committee as soon as possible of any major compliance issues and/or queries that you may have. This will allow us to track common Code sections that may be more challenging to implement and provide any relevant guidance.
The Committee’s role is to work with the industry to deliver high quality service to consumers and achieve better consumer outcomes.
We understand there are circumstances where subscribers are working towards full compliance.
We ask that Code subscribers:
- Report issues of compliance to the Committee as early as practicable.
- Use the 2022 Breach Data Detail Report to track the progress of transition to 2022 Code.
Frequently Asked Questions (FAQs)
We have developed a FAQ page on our website to provide additional guidance to Code subscribers regarding compliance with the 2022 Code.
You can alert us to any compliance issues by emailing us at [email protected]