NIBA is Reviewing its Brokers’ Code of Practice
NIBA is the National Insurance Brokers Association as we explained in the Daily Post A Little Bit about the National Insurance Brokers Association.
A Little Bit about the National Insurance Brokers Association
To better understand strata insurance issues, it’s important to know a little bit about the industry and sector groups that operate in and around the Australian insurance world.
And, NIBA has a Code of Practice for its broker members including strata insurance brokers as we highlighted in the Daily Post NIBA’s Code of Practice.
NIBA’s Code of Practice
We’ve highlighted the role the National Insurance Brokers of Association plays in the strata insurance landscape in the Daily Post A Little Bit about the National Insurance Brokers Association.
And, now NIBA has begun a review of the Code with independent advisor Phil Khoury of Cameron Ralph Khoury, with the following timeline:
Initial consultations with key stakeholders: mid-December 2024 to mid February 2025
Publication of consultation paper: late February 2025
Consultation with stakeholders: mid February to late April 2025
Analysis and follow-up: May and June 2025
Draft Report prepared: late June 2205
Final consultations: to be confirmed
There are submissions by the following stakeholders, and they’re [almost all] public.
Owners Corporation Network Submission [3 March 2025]
Australian Consumers Insurance Lobby Submission [3 April 2025]
NSW Fair Trading Submission [4 April 2025]
Insurance Council of Australia [7 April 2025]
Fortuna Advisory Group [9 April 2025]
John Trowbridge OA [11 April 2025]
Small Business Development Corporation [14 April 2025]
Insurance Training Australia [22 April 2025]
Australian Competition and Consumer Commission [23 April 2025]
Insurance Brokers Code Compliance Committee [2 May 2025]
Australian Financial Complaints Authority [May 2025]
Australian Small Business and Family Enterprise Ombudsman [2 May 2025]
Clear Insurance [2 May 2025]
Consumers’ Federation of Australia [8 May 2025]
One confidential submission
Did you notice any missing key strata stakeholders or groups? I can think of one that you’d expect to have something to say about insurance broking on behalf of their strata manager members.
And, are you wondering what all those submissions say?
Many would be obvious [and self interested]. But some serious organisations that are worth listening to [like the ACCC and NSW Fair Trading] have made submissions that strata insurance commissions should neither be paid to brokers or to strata managers.
You can read the Consultation Issues Paper here.
You can read all the submissions to NIBA here.
And, you can find out more and keep up to date with NIBA Code of Practice review here.
