On 7 October 2012, National Insurance Brokers Australia
(NIBA) announced a revised Insurance Brokers Code
of Practice (the Code) which deals with 12 new Key
Code Standards addressing the issues that NIBA believes regulators
are likely to focus on in the future, including the new statutory
best interest duty for retail and wholesale business
clients.
The Code, first introduced by NIBA in 2006, sets standards of
customer service for subscribing brokers in relation to their
interactions with individual and small business clients with a view
to increasing transparency, efficiency and consumer confidence in
the insurance broking industry.
The Code applies to general insurance and life insurance
services and includes claims administration, loss control and risk
management advice, mutual fund or captive administration, risk
inspection and premium funding arrangement or referral. Reinsurance
is expressly excluded from its application.
