NIBA releases Code of Practice discussion paper for consultation

The National Insurance Brokers Association (NIBA) has released a discussion paper inviting feedback and submissions from consumers, organisations, representative association, and any other interested stakeholders as part of the review of the Insurance Brokers Code of Practice (the Code).

NIBA CEO Dallas Booth said, “As part of our commitment to professionalism and continuous improvement, NIBA is undertaking a review of the Code to ensure continuing high standards of service allowing the profession to remain in step with stakeholder, community and regulator expectations.”

The NIBA Board has engaged a third-party consultant to conduct an independent review of the Code with a view to submitting the revised Code to the Australian Securities and Investment Commission (ASIC) for approval of the Code under Regulatory Guide 183.

Booth added that the NIBA Board recognises the importance of ASIC approval of the revised code, “It is a signal to consumers that this is a code they have confidence in.”

In the interest of transparency and continuous improvement, the Code review is not limited in its scope, with NIBA’s intent being to ensure that the Code remains relevant and a benchmark of industry self-regulation in a regulatory environment that has turned its focus more keenly to community expectations, culture, and conduct.

Booth has encouraged stakeholders to consider the discussion paper, which can be downloaded here, and provide a submission using the link here.

“Submission may be made confidentially, or you may choose to make a publics submission which will be available on the Code Review Submissions page,” he said.

Submissions will remain open until 9 April 2021.