As well as the security provided by the Qualified Practising Insurance Broker (QPIB) status, all NIBA member brokers are duty bound to adhere to the Insurance Brokers Code of Practice.
The Code sets out the minimum service standards you can expect when you use an insurance broker and outlines what you need to do in the unlikely event you have a complaint to make.
Fortunately, disputes involving insurance brokers are few and far between. Indeed, according to the Australian Financial Complaints Authority (AFCA), out of 9,193 COVID-related disputes, only 21 related to brokers.
All brokers listed on Need a Broker subscribe to the Code of Practice. Just another reason why you can be so sure you’re in good hands when you use this service. You can read more about what the Code means for consumers here.
The Insurance Brokers Code of Practice was developed by the National Insurance Brokers Association of Australia (NIBA) and is independently monitored by the Code Compliance Committee.
The National Insurance Brokers Association (NIBA) is the peak representative body for the intermediated insurance industry in Australia.
NIBA represents approximately 450 member firms and 15,000 individual brokers including large, multinational insurance brokers, Australian broker networks, and small to medium-sized businesses located in cities, and regional areas right around Australia.
NIBA member firms all hold an Australian financial services licence, issued by the Australian Securities and Investments Commission under the Corporations Act, which enables them to deal in or advise on risk insurance products.
At an international level, NIBA is a member of the Council of Asia Pacific Insurance Brokers Associations (CAPIBA) and the World Federation of Insurance Intermediaries (WFII).
NIBA is committed to supporting its members by representing the interests of brokers and their members to government and regulators and promoting high levels of professionalism.
You can find out more about NIBA and its operations on their official website.