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NIBA Insurance Brokers Code of Practice

What is the NIBA Insurance Brokers Code of Practice ?

The Code is an agreement between NIBA (National Insurance Brokers Association) and members (Statewide) which sets out the minimum service standards that clients can expect from Insurance Brokers. It also outlines how complaints and disputes regarding potential breaches of the Code can be resolved. An updated Insurance Brokers Code of Practice came into effect on 1 January 2014.

The Code aims to:

• build professional competence in the broking profession; and

• increase consumer confidence in insurance brokers – and the role they play in the insurance process.

The service standards outlined in the Code are also aimed to safeguard self-regulation of the broking industry. Our Code of Practice sets out the minimum service standards you can expect when you use an insurance broker and outlines what you need to do in the unlikely event you have a complaint to make.

The Code sets out our commitments in a number of areas, including:

• Managing conflicts of interest;

• Explaining what our services will be;

• Acting for you diligently, competently, fairly and with honesty and integrity;

• Informing you how we are paid for the services we provide;

• Ensuring our staff are competent and adequately trained; and

• Providing an opportunity to resolve complaints and disputes.

In short, it’s our profession’s promise to you that we will act in your best interests at all times and be open and honest with you every step of the way. Statewide Insurance Brokers is a willing subscriber to the Code, and we endeavour to uphold ethical and legal practices of the insurance broking industry at all times.

Statewide’s Commitments to the Code of Practice

1. We will comply with all relevant laws

2. We will transparently manage any conflicts of interest that may arise

3. We will clearly tell you if we do not act for you (we do act for you!)

4. We will clearly tell you about the scope of our covered services

5. We will discharge our duties diligently, competently, fairly and with honesty and integrity

6. We will clearly tell you how our services are paid for and answer any questions you have

7. We will handle any money received in accordance with relevant laws and any agreement with you

8. We will ensure that we and our representatives are competent and adequately trained to provide the relevant services and will maintain this competence

9. We will respond to catastrophes and disasters in a timely, professional, practical and compassionate manner in conjunction with any industry-wide response

10. We will ensure that we have an internal complaints and disputes handling processes

11. We will support NIBA in promoting the Code and make information on the Code available

12. We will not engage in activity or inactivity that is reasonably likely to bring the insurance broking profession into disrepute

For more information on the Code, please visit www.niba.com.au, view the below video or contact us with any queries.

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