Insurance Brokers

Information for subscribers to the Insurance Brokers Code of Practice

The 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.

Any insurance broker who becomes a NIBA member from 1 January 2014 will automatically be bound by the terms of the Code through their NIBA membership. Code compliance is monitored by the Committee.

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.

The Committee works with insurance brokers to improve their compliance with the Code and the service they provide to consumers. The Committee does this by monitoring compliance, working with you to address Code breaches, and providing comprehensive compliance guidance.

Code subscribers’ compliance is monitored in a few ways:
• Annual Compliance Statement
• Verification program
• Own Motion Inquiries

Find out more