Strategic Partners

NIBA

NIBA is the voice of the insurance broking industry in Australia. NIBA represents 500 member firms and over 2000 individual qualified practising insurance brokers (QPIBS) throughout Australia. Brokers handle almost 90% of the commercial insurance transacted in Australia, and play a major role in insurance distribution, handling $10 billion in premiums annually and placing around half of Australia’s total insurance business.

Over a number of years NIBA has been a driving force for change in the Australian insurance broking industry. It has supported financial services reforms, encouraged higher educational standards for insurance brokers and introduced a strong independently administered and monitored code of practice for members. The 500 member firms all hold an Australian financial services (AFS) licence under the Corporations Act that enables them to deal in or advise on risk insurance products.

Developed by NIBA, the Insurance Brokers Code of Practice is part of a national self-regulatory scheme, the Code:

  • Applies principally to general insurance and life risk insurance, and to a lesser extent associated services such as risk management, arrangement of premium funding, inspection and valuation;
  • Requires brokers to establish an internal dispute resolution process;
  • Sets out standards for brokers to follow when dealing with clients, including requirements to inform clients of remuneration arrangements and any conflict of interest.

The Code is intended to promote good relations between insurance brokers, policy holders and others in the insurance industry, as well as efficiency in transactions by laying out standards of good practice and levels of service that are expected of brokers.