Insurance brokers code of practice review under way

The NIBA Board of Directors has approved the commencement of a review of the Insurance Brokers Code of Practice.

The current Code of Practice has been in operation since early 2014. The Code was not intended to be a static document – it was always intended to be a living document, developing and changing as the industry changed, as community expectations changed, and as might be required in the light of experience.

NIBA CEO, Dallas Booth has said, “We are not aware of any substantial problems within the code, nevertheless, it is appropriate to review its operation.”

Marigold Magnaye, a former NIBA board member who has been a senior executive at Willis Towers Watson, will assist with the review.

The NIBA Board of Directors has decided that it will seek to have the revised Code, when approved, formally approved by ASIC. If this outcome is achieved, the revised Code will have the stamp of authority that is only available from the industry’s regulator.

The review will consider developments in other parts of the financial services sector. The Insurance Council of Australia is also currently reviewing its code, the Financial Services Council introduced a life cover code of practice last year and an insurance in superannuation code took effect this month.

For more information on the Code of Practice review please refer the August 2018 issue of the Insurance Adviser, NIBA’s magazine for the intermediated insurance community. If you haven’t received your copy please email: editor@niba.com.au.