INSURANCE BROKERS CODE OF PRACTICE

The Insurance Brokers Code of Practice (the Code) is owned and published by the National Insurance Brokers Association (NIBA).

 

A copy can be downloaded from NIBA’s website at https://www.niba.com.au/codeofpractice/index.cfm
 

All NIBA members are automatically bound by the provisions of the Code. 

 

The Code sets standards of good practice for subscribing insurance brokers, who follow these standards when dealing with persons who are, or who may become, an individual or small business client of an insurance broker.

 

The Code is intended to promote good relations between insurance intermediaries, their clients, insurers and others within the insurance industry. It also promotes efficiency in transactions by describing standards of good practice and the level of service to be expected from members.

 

The principles and obligations set out in the Code apply to all insurance broking services delivered to individuals and small business across Australia. In that sense, the Code forms an important part of the broader national consumer protection and financial services regulatory frameworks.

 

Code subscription is not compulsory, however, the Australian Securities and Investments Commission (ASIC) supports Code compliance as an effective tool in the self-regulation of insurance brokers which assists in creating increased consumer confidence in the insurance broking industry.

 

Source: NIBA

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