Insurance Brokers Code of Practice
The Insurance Brokers Code of Practice sets clear standards for professional and ethical conduct that clients can expect from brokers who subscribe to it.
The Insurance Brokers Code of Practice sets clear standards for professional and ethical conduct that clients can expect from brokers who subscribe to it.
Developed by the National Insurance Brokers Association (NIBA), the Code sets out the standards of professionalism, integrity and fairness that clients should expect from brokers who subscribe to it. These standards often go beyond what the law requires, offering extra protections and peace of mind.
The Code is independently monitored and enforced by the Insurance Brokers Code Compliance Committee (IBCCC). This independent oversight helps build trust and confidence among clients, knowing that brokers are held to account for the promises they make.
Brokers who subscribe to the Code commit to:
- Act honestly and with integrity in all dealings with clients, insurers and others
- Promote and uphold the ethical standards of the insurance broking profession
- Putting clients’ interests first when providing advice and services
Handling complaints promptly and fairly
The Code is designed to guide both brokers and clients through the insurance journey, from choosing a policy to managing claims. It explains what good service looks like and what clients can do if something goes wrong.
Before launching the current Code in March 2022, NIBA engaged in extensive consultation with consumer groups, regulators and the broader insurance community. This collaboration helped shape a Code that is practical, relevant and focused on real client needs.
To keep pace with changes in the insurance landscape and client expectations, the Code is reviewed at least every three years, or sooner if needed.
Whether you are a broker looking to demonstrate your commitment to professional practice, or a client wanting to understand your rights and the standards you should expect, the Code is designed to support and protect you.
Resources
Terms of Engagement Template
DownloadCode of Practice Review
The insurance brokers code of practice sets out the standards and values that guide insurance brokers across Australia in serving their clients. it plays a Central role in promoting trust professionalism and ethical conduct within the broken profession for stop to ensure the code remains relevant and continues to reflect the highest standards of practice, the code is subject to review every three years for stop this process is part of NIBA’s commitment to continuous improvement and accountability to clients, regulators, and the broader community.
The current review, led by independent Reviewer Phil Khoury from Cameron Ralph Khoury, will examine whether the Code:
- remains fit for purpose in a changing regulatory and commercial environment
- meets rising expectations of clients, government, regulators, and other stakeholders
- continues to strengthen trust and confidence in the role brokers play for their clients
You can find more information about the review process, including key updates and how to get involved, below.
“Together, we are working to ensure the Code continues to serve as a clear statement of the professionalism and commitment that clients can expect from insurance brokers across Australia."
Nick Cook
NIBA President
2024/25
December / January
Informal engagement with key stakeholders
2025
February
Issues Paper released for consultation
2025
March/April
Industry roundtables held
2025
May
Consulting periods
TBC
TBC
NIBA publishes response to Code recommendations
TBC
TBC
Draft revised Code released for consultation
TBC
TBC
Final version of revised Code released
TBC
TBC
Update Code commences
Stakeholder Consultation
Recognising that not all stakeholders have the resources, capacity or preference to prepare a written submission, the Code review process has adopted a multi‑channel and inclusive approach to consultation. This has ensured that a broad cross‑section of views could be heard and considered, regardless of organisational size or location.
Consultation to date has included direct engagement with key external stakeholders such as the Insurance Brokers Code Compliance Committee (IBCCC), ASIC, AFCA, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), the Financial Rights Legal Centre and NSW Fair Trading. In addition, Code Subscribers and insurers participated in a series of online roundtables, bringing together representatives from across the broking profession and the wider insurance sector to examine specific issues in greater depth.
So far, more than 40 individual organisations have contributed to the review through these various formal and informal channels. This multi‑layered approach has enabled rich, candid discussion and ensured that voices from across the general insurance landscape, including large national firms, regional brokers, industry bodies and consumer representatives, can meaningfully contribute to the conversation.
Through this process, the Review has sought not only to collect views but to test ideas, clarify issues and explore potential solutions in a genuinely collaborative way. The breadth and depth of this engagement reflects the Reviews commitment to ensuring the revised Code is grounded in real‑world practice, responds to stakeholder expectations and remains practical and effective for brokers and clients alike.