Complying with the Code
The Insurance Brokers Code of Practice
The updated Insurance Brokers Code of Practice (the Code) came into effect on 1 January 2014 and sets out the minimum service standards that clients can expect from insurance brokers. It is a set of service standards that guides how insurance brokers who subscribe to the Code will act when providing insurance broking services to consumers. These service standards form the basis for the Code’s specific obligations.
The Code sets out a framework for principles of conduct that requires insurance brokers to be open, fair and honest in their dealings with consumers. The Code also provides timeframes for insurance brokers to respond to complaints and requests for information.
Subscriber compliance with the Code is assessed annually through our monitoring program. Under our Charter, the Insurance Brokers Code Compliance Committee (the Committee) can impose a range of sanctions to enforce compliance.
The most recent Annual Report identifies common breaches of the Code. These include:
- Buying Insurance (Service Standard 5)
- Compliance with the Law (Service Standard 1)
- Professionalism (Service Standard 12)
- Scope of Covered Services (Service Standard 4)
Please contact us if you need guidance on Code obligations. The Committee is happy to help.