Australian insurance brokers are facing a key regulatory milestone with the introduction of new informed consent requirements from July 10.
The National Insurance Brokers Association (NIBA) is rolling out a series of educational tools and engagement initiatives to assist brokers in adapting to the regulatory shift, which applies to those offering personal advice to retail clients.
The updated obligations are expected to influence how brokers manage client communications and advisory processes.
NIBA president Nick Cook said the transition would necessitate operational changes.
“This means it will be critical for brokers to be well prepared to continue delivering trusted advice to their clients,” he said.
He added that NIBA is engaging with government officials to promote a regulatory rollout that leverages digital tools and simplifies implementation.
As part of its preparation strategy, the association will host webinars and distribute support materials.
The first webinar, “In Practice: Informed Consent,” features a panel discussion focusing on the real-world effects of the new rules.
“The strong demand and engagement for our webinar demonstrates the importance of practical guidance and the need for clarity around this area,” said NIBA CEO Richard Klipin (pictured).
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In parallel, NIBA is aligning its policy engagement priorities with the recent appointment of Daniel Mulino MP as assistant treasurer and minister for financial services.
Klipin said the association looks forward to working with the minister on matters relevant to the broking profession and the wider general insurance market.
“Insurance brokers play a critical role in ensuring that clients have access to quality advice and appropriate cover,” he said. “Dr Mulino brings a strong policy background to a portfolio that is vital to Australiaʼs economic resilience and consumer protection framework.”
In his recent article in Insurance Business, Klipin said NIBA’s ongoing advocacy will focus on issues including insurance affordability, disaster resilience planning, and reform of tax structures impacting insurance products. He also reiterated the value of broker involvement in the claims process, especially during catastrophic events.
“When the world becomes more complex, the need for trusted advice becomes even more important to help navigate through that complexity. Brokers step in to play the important role of trusted advisors,” Klipin said.
