The National Insurance Brokers Association (NIBA) has reminded brokers to complete and lodge their 2025 Annual Compliance Statement (ACS) under the Insurance Brokers Code of Practice by March 31, 2026. The 2025 ACS covers the period from Jan. 1 to Dec. 31, 2025, and must be submitted via the Insurance Brokers Code Compliance Committee (IBCCC) online portal. The ACS is one of the IBCCC’s tools for monitoring how code subscribers are meeting their obligations and for tracking patterns in broker conduct and compliance systems. The timing of the reminder aligns with NIBA’s release of its formal response to the Independent Review of the Insurance Brokers Code of Practice, linking the ACS process to wider work on code settings and oversight.
For the 2025 reporting cycle, code subscribers are required to submit an ACS supported by specific compliance data. Brokers will need to provide:
To help firms prepare, the IBCCC has released a sample 2025 ACS that outlines the information requested and how responses are to be recorded. A separate 2025 ACS information document explains the layout of the statement and notes any changes from previous years. Information collected through ACS submissions is used in the IBCCC’s individual benchmark reports and its annual data report. These outputs are used to track issues over time, compare outcomes across the subscriber base, and inform any follow‑up work the committee undertakes with brokers.
The IBCCC held a webinar on Oct. 14, 2025, that walked through the ACS process, including common reporting errors and frequently asked questions. Brokers can still access the recording and the slide pack, which includes examples and discussion of typical data quality and completeness issues. In addition, the IBCCC will run an “open month” from Jan. 27 to Feb. 27. During this period, code subscribers can book 15‑minute online meetings via Microsoft Teams with IBCCC representatives Daniela Kirchlinde, Carli Kidd, or Rishineel Sen. The sessions will cover code compliance questions, ACS preparation, and feedback on code monitoring. All session times are in AEDT. Subscribers who need further clarification on the ACS or code obligations can also contact the IBCCC by email.
The ACS due date remains March 31, 2026. The IBCCC has indicated it will consider extension requests where brokers face unexpected operational or resourcing constraints, and has asked firms that require additional time to make contact before the deadline rather than submit late. The committee has also restated that repeated late ACS submissions may lead to sanctions under section 11.4(b) of the Insurance Brokers Code of Practice. These may include naming the broker and referring the matter to NIBA. The stance sets out the committee’s expectations on timeliness and completeness for code subscribers.
On Jan. 21, NIBA released its detailed response to the Independent Review of the Insurance Brokers Code of Practice conducted by Phil Khoury of cameron. ralph. khoury. The review put forward 14 recommendations covering code structure and enforceability, remuneration and conflicts of interest, protections for vulnerable clients, professional conduct, renewal and record‑keeping practices, IBCCC investigations, and code governance. NIBA’s board has considered each recommendation and identified which proposals will be taken into the revised code and where different approaches will be pursued, including through governance changes rather than code wording. “This review has provided valuable input, and NIBA has listened to all stakeholders. Our response reflects feedback from our profession and clients, and our commitment to continuing to raise standards. The broking profession exists to serve – our code ensures we deliver trusted advice, and the 2026 code update will set high standards for excellence,” NIBA president Nick Cook said.
NIBA has said it supports six measures from the review that relate to consumer protections. These include extending remuneration disclosure to all retail clients, including small business retail clients, with a defined adjustment period; strengthening provisions relating to client vulnerability; introducing a 28‑day renewal contact period; updating record‑keeping requirements; and establishing a minimum five‑year cycle for independent reviews of the code.
For recommendations concerning the Insurance Brokers Code Compliance Committee, NIBA plans to make changes through updates to the IBCCC’s governance arrangements and charter, rather than adding further detail into the code itself. The association has indicated it wants the code to remain focused on the relationship between brokers and clients, with investigative and oversight arrangements addressed through the committee framework. NIBA has also committed to rewriting the code in plain language so that broker obligations and client expectations are stated in more accessible terms. “Codes are about trust and confidence. NIBA is committed to high standards for professional conduct. We have been clear about where we agree or differ. The result will be a code with real consumer benefits, understandable to clients, and clear guidance for professionals,” NIBA CEO Richard Klipin said.
