The Insurance Brokers Code Compliance Committee (the IBCCC) welcomes NIBA’s official launch of the new Insurance Brokers Code of Practice. The new Code will take effect from 1 November 2022.
A copy of the new Insurance Brokers Code of Practice is available on the NIBA website.
The IBCCC has worked closely with NIBA to develop this new Code as part of NIBA’s consultation with key stakeholders. The new Code serves to guide Code subscribers and consumers on what to expect throughout the client journey. It sets out the principles that shape the way Code subscribers behave, deal with people and make decisions. Some new obligations include reference to transparency and accountability, behaviour, company culture, remuneration and supporting clients experiencing vulnerability.
Over the coming months, the IBCCC is looking forward to working with NIBA to develop some guidance and information on certain topics referred to in the Code, including outlining Code Subscriber best practice, as well as helping consumers understand their rights under the Code.
It is essential that Code subscribers understand and implement the new obligations within their organisations by 1 November 2022.
NIBA will release an Implementation Guide, including a series of webinars for Code Subscribers in April/May 2022 here.
The IBCCC encourages all Code subscribers to familiarise themselves with the new Code and examine their current practices, in light of these new obligations.