The National Insurance Brokers Association (NIBA) is progressing with a review of the Insurance Brokers Code of Practice, a move that comes as the sector faces increasing scrutiny over compliance and professional standards.
The review was a central topic at the 2025 NIBA Convention, where industry leaders discussed the code’s role in defining ethical conduct and accountability for insurance brokers in Australia.
Since its establishment, the code has outlined the expectations for broker behaviour and client service, providing a benchmark for professionalism in the broking sector.
NIBA, which oversees the code, is responsible for ensuring that these standards are upheld and that brokers remain accountable to both clients and the wider community.
“Codes are central to building trust and confidence with clients, regulators, and the broader community,” said Richard Klipin (pictured), CEO of NIBA.
To facilitate the review, NIBA appointed Phil Khoury from cameron. ralph. khoury (CRK) as independent reviewer.
According to Di Phelan, past president of NIBA, Khoury’s approach has involved extensive consultation with stakeholders and a focus on best practice.
“Phil and his team have led this review with professionalism, clarity, and care, listening closely to key stakeholders and grounding his analysis in best practice,” she said.
The review process has involved active participation from NIBA members, industry representatives, and regulators.
Multiple consultation sessions have been conducted to gather input on potential updates to the code.
The final report from the Independent Reviewer is expected to be released soon, after which members will have the opportunity to provide further feedback.
Nick Cook, president of NIBA, highlighted the board’s commitment to ensuring the code remains relevant.
“The code review is a key opportunity for NIBA to demonstrate leadership on behalf of all brokers. We must ensure we understand client expectations, as well as get clarity around how those expectations might evolve into the future. Capturing the voice of our members and their clients is important to ensure the code is fit for purpose today and tomorrow,” he said.
The review is structured around five guiding principles:
These principles are intended to ensure the code is updated in a way that meets regulatory requirements, addresses client needs, and maintains operational practicality.
The Insurance Brokers Code Compliance Committee (IBCCC) Annual Data Report for 2024 recorded a 19% increase in reported breaches of the code.
The IBCCC attributed this rise to improved internal monitoring and a greater willingness to report compliance issues.
The report identified that failures in client communication were a leading cause of breaches, particularly instances where brokers did not provide clients with at least 14 days’ notice before policy renewal.
There was also a significant increase in breaches related to remuneration disclosure, rising from 42 in 2023 to 334 in 2024. This trend coincided with the introduction of new informed consent regulations in July 2025.
“The Annual Data Report provides a clear picture of how the code is operating in practice, and where improvements can be made," Klipin said. "Importantly, it highlights the seriousness with which brokers take their compliance responsibilities, and their commitment to putting their clients’ interests ahead of their own.”
The outcomes of the code review are expected to influence future compliance practices and professional standards across Australia’s insurance broking sector.
