Every five years, the International Monetary Fund (IMF) conducts an assessment of the Australian financial system, to see whether the overall system is working effectively in the interests of the community, businesses, and the economy as a whole.
The process is called the Financial System Assessment Program (FSAP). The IMF is undertaking an assessment of Australia at the present time, and asked to meet with NIBA to discuss the operation of the intermediated general insurance market.
NIBA President Tim Wedlock, Director Graham Stevens and CEO Dallas Booth met with IMF representative Nobu Sugimoto recently, and discussed the operation of the intermediated market, market challenges and developments, the work of ASIC as regulator, and some of the core issues arising out of the Royal Commission into Misconduct in Financial Services.
Booth said, “We were able to report on the very good work that insurance brokers do on behalf of their clients, as evidenced by the very low numbers of insurance broking disputes being dealt with by the Financial Ombudsman Service, and the low level of regulatory activity at ASIC.
We also provided information on the NIBA commitment to professionalism in insurance broking, including the Insurance Brokers Code of Practice and NIBA’s commitment to sound education standards for insurance brokers.”
The IMF meeting is just one example of how NIBA promotes the work of insurance brokers in Australia.