The review of the insurance broking industry’s Code of Practice is moving into its next stage after the National Insurance Brokers Association gathered more than 200 contributions during a consultation held between February and early April.
The NIBA board will now review the feedback as it prepares to begin drafting the updated Code.
The consultation was designed to collect views from across the system the Code applies to, including brokers, the clients and businesses they advise, as well as regulators, government, dispute resolution bodies and consumer advocates. NIBA said the feedback reflects the views of more than 10,000 insurance brokers across Australia, from sole practitioners to large broking groups and global firms.
"Throughout the consultation, we heard from practitioners at every level of the profession, from the consumer advocates and regulators who see the Code tested in real situations, and from the dispute resolution bodies that sit at the sharp end of it. That depth and diversity of input across a variety of touchpoints is invaluable," Code review committee chair Di Phelan said.
Input was gathered through 11 workshops involving 81 participants, 15 written submissions, and two broker surveys that attracted more than 100 responses, alongside engagement through webinars, social media and Broker Buzz.
NIBA president Nick Cook said the level of response showed the importance of the review for the profession.
"Our members understand that a strong, contemporary Code is one of the clearest signals of trust and confidence the broking profession can send to clients, government and the wider community. The NIBA Board is grateful to everyone who contributed, and we are determined to deliver a Code that meets the moment and sets the standard for what professional broking looks like in Australia," Nick said.
NIBA said it will continue engaging with stakeholders as the review moves forward.
