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Insurance Brokers Code of Practice

What’s in the Code?
Who ‘owns’ the Code?
How do I know if my broker is a member of the Code?
Who should I contact if I think my broker has breached the Code?
Where can I get a copy of the Code?

What’s in the Code?

The Insurance Brokers Code of Practice applies mainly to general insurance and life risk insurance. It also applies, to a lesser extent, to associated services such as risk management, arrangement of premium funding and valuation.

It sets out standards of good practice for brokers when dealing with customers, including the requirements to:

inform customers of conflict of interest and remuneration arrangements
establish an internal dispute resolution process.

Who ‘owns’ the Code?

The Insurance Brokers Code was developed by the National Insurance Brokers’ Association (NIBA)

.

How do I know if my broker is a member of the Code?

Adoption of the Code is voluntary. All NIBA members are automatically bound by the Code, although adoption of the Code is also open and recommended to all brokers. Most brokers offering retail services in Australia have subscribed to the Insurance Brokers Code. You can ask your broker if it is a member or you can contact Financial Ombudsman Service

(FOS) on 1800 780 808.

Who should I contact if I think my broker has breached the Code?

You should first discuss the matter with your broker. If you are not satisfied with their response, you can contact FOS

on 1800 780 808. NIBA has appointed FOS to be the administrator of the Code.

Where can I get a copy of the Code?

You can download a copy of the Code

or you can contact FOS

on 1800 780 808.

FIDO Website: Printed 09/06/2010