The insurance broker code of conduct is an agreement set out by the National Insurance Brokers Association which focuses on the service standards of brokers.
It aims to provide a minimum level of practice for clients to expect, outlining how complaints and reviews can be addressed by clients and how the broker will resolve them.
Accessible to everyone
The NIBA Code of Practice has been designed for both brokers and clients to access. It is an easy-to-navigate document that outlines the quality of service clients can expect from their brokers.
Main Objectives
High standard of service
To promote a higher standard of service, the Code:
- Commits all insurance brokers to a high standard of customer service and ensures that quality of assistance is maintained
- Promotes more professional, informed and productive relationships between all involved parties (brokers and their customers, insurers and others involved in the industry, etc.)
- Works alongside insurance laws by addressing issues that aren’t explicitly dealt with in legislation.
Transparency
To create transparency in all areas of service, the Code:
- Promotes an honest and responsive communication system for brokers, their clients and anyone else involved.
- Commits all insurance brokers to providing a free and transparent complaints and compliance review process.
Dealing with breaches justly
To make sure brokers are abiding by all rules and regulations, the Code:
- Enforces aforementioned complaints system and conducts a fair and timely process for a resolution to be sought.
- Ensures that if there is a breach of the Code, brokers will abide by any binding sanctions imposed on them under the Code.
Why is it important?
The Code provides a clear framework for brokers to abide by, enhancing both their professionalism and their competence in the broking industry. In doing so, consumer confidence and trust is built, and honourable relationships are formed.
What are the service standards set out by the code?
- We will comply with all relevant law
- We will transparently manage any conflicts of interest that may arise
- We will clearly tell you if we do not act for you
- We will clearly tell you about the scope of our covered services
- We will discharge our duties diligently, competently, fairly and with honesty and integrity
- We will clearly tell you how our Covered Services are paid for before we provide them and answer any questions you have
- We will handle any money received in accordance with relevant law and any agreement with you
- We will ensure that we and our representatives are competent and adequately trained to provide the relevant services and will maintain this competence
- We will respond to catastrophes and disasters in a timely, professional, practical and compassionate manner in conjunction with any industry-wide response
- We will ensure that we have an internal complaints and disputes handling process that meets the Code Complaints and Dispute process standards
- We will not engage in activity or inactivity that is reasonably likely to bring the insurance broking profession into disrepute
