Information on the 2020 Annual Compliance Statement (ACS)
Introduction on the completion of the 2020 ACS
The Insurance Brokers Code of Practice
The revised Insurance Brokers Code of Practice (the Code) became effective on 1 January 2014. A copy of the Code can be downloaded here.
A review of the Code is still in process, led by the National Insurance Brokers Association’s (NIBA) appointed independent reviewer, Marigold Magnaye.
Insurance Brokers Code Compliance Committee
The Insurance Brokers Code Compliance Committee (the Committee) is the Code’s independent compliance monitoring body.
The Committee supports insurance brokers to achieve good practice and appropriate behaviour in service and advice to their clients. The Committee independently monitors compliance and provides guidance to stakeholders about the Code to enhance professionalism and maintain high standards of practice and service and appropriate behaviour in the insurance broking industry.
Purpose of the Annual Compliance Statement
The Annual Compliance Statement (ACS) program is a central component of the Committee’s monitoring work. The Committee has reviewed and improved the ACS program in conjunction with stakeholders, including NIBA.
The ACS asks for information about your Code compliance frameworks and breach and complaints reporting and monitoring, as well as your organisation’s overall culture of compliance and examples of good practice.
The ACS helps the Committee to:
- benchmark organisations’ compliance with the Code
- report on current and emerging issues in Code compliance to the industry and wider community, and
- establish the areas of priority for its future monitoring work.
Data collected through the ACS program will be aggregated, de-identified, analysed for trends and patterns, and reported in the Committee’s Annual Review.
Previous publications of the Committee can be downloaded here.