Information for subscribers to the Insurance Brokers Code of PracticeThe Insurance Brokers Code of Practice (the Code) was developed by the National Insurance Brokers Association (NIBA) to complement the existing compliance and risk management frameworks within the insurance broking industry.
The Code’s true value and purpose is to encourage subscribers to provide a level of client service that exceeds what is required by the law.
As a subscriber to the Code, you work with the Insurance Brokers Code Compliance Committee (the Committee) to maintain service standards that meet the needs of consumers who engage your services. You agree to uphold the conditions of the Code and understand there may be consequences if you fail to do so.
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. Find more information here.
The Committee has oversight of subscribers’ culture through its Code monitoring and investigation functions and responsibilities.
Code subscribers’ compliance is monitored in a few ways:
• Annual Compliance Statement
• Verification program
• Own Motion Inquiries