Insurance Brokers Code of Practice - Member Consultation

  • Insurance Brokers Code of Practice - Member Consultation

  • Your Voice, Your Code: Elevating professional standards together

  • Insurance Brokers Code of Practice — Member Consultation

    Your Voice, Your Code

    NIBA is revising the Insurance Brokers Code of Practice following the Independent Review. We want your input on how to implement the changes effectively.

    What’s changing? NIBA is supporting 6 recommendations, taking alternative approaches to 4, and addressing 4 through compliance governance. One recommendation is not being adopted.

    Key information:
    - This consultation is about how to implement the changes — the decisions on whether to proceed have been made.
    - You do not need to respond to every question. Focus on the areas most relevant to your experience.
    - You can save your progress and return later.
    - Submissions close 5:00 PM AEDT, Thursday 2 April 2026.

    For the full summary of all 14 recommendations, see the Appendix in the Consultation Paper. For detailed reasoning on each position, refer to NIBA’s complete Response to the Independent Review.

  • About You

    These details help us understand the range of perspectives in our consultation. All fields are optional unless marked required.

  • The Code and You

    Before we get into the proposed changes, we’d like to hear about how the Code fits into your professional practice today. There are no right or wrong answers — we want your honest perspective.

  • General Implementation Feedback

    For all recommendations NIBA is implementing, we invite your views on the following cross-cutting issues.

  • Engagement with Authorised Third Parties

    Clients may authorise third parties — such as family members, financial counsellors, accountants, lawyers, or other advisers — to act on their behalf.

  • Training and Professional Development

    The Code currently requires annual Code training, training for competence, and training on vulnerability.

  • Recommendation 3 — Extended Remuneration Disclosure

  • The Recommendation: Section 6.1 of the Code should oblige signatories to provide all individual and small business clients with remuneration disclosure regardless of the type of insurance product.

    NIBA’s Position: NIBA supports the principle of extending remuneration disclosure. Transparent remuneration disclosure helps clients understand the costs of their broking services and make informed decisions.

  • Recommendation 8 — Enhanced Vulnerability Provisions

  • The Recommendation: The Code’s vulnerability factors should be updated to include persons affected by catastrophic events and otherwise align with the General Insurance Code of Practice. There should be a stronger commitment to identifying and helping those experiencing vulnerability.

    NIBA’s Position: NIBA supports updating the Code’s vulnerability framework. Clients facing their most difficult moments — including those affected by catastrophic events — deserve appropriate support and guidance from their broker.

  • Recommendation 12 — Explicit Record-Keeping Obligations

  • The Recommendation: NIBA should amend the Code to include a new obligation to keep complete and accurate client records.

    NIBA’s Position: NIBA supports elevating record-keeping from guidance to an explicit Code obligation. Accurate, complete records are essential to ensuring that clients receive consistent, high-quality advice over time and to protecting both clients and brokers.

  • Other Recommendations & General Feedback

  • Feedback on Other Recommendations
    NIBA welcomes feedback on any of the 14 recommendations. The full summary is available in the Consultation Paper Appendix.

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  • Confidentiality and Submission

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  • By submitting this form, you confirm that the information provided reflects your professional views and experience. NIBA will prepare a summary of consultation feedback for publication following the close of submissions. This summary will not identify individual respondents unless consent is given above.

    Questions? Contact code@niba.com.au or call (02) 9459 4300.

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