NIBA Acknowledges IBCCC Findings on Annual Compliance Statements
Media Release
The National Insurance Brokers Association (NIBA) acknowledges todayʼs announcement by the Insurance Brokers Code Compliance Committee (IBCCC) regarding sanctions imposed on three brokers who failed to meet their obligation to submit Annual Compliance Statements for the third consecutive year.
This outcome provides clear evidence that the independent monitoring and enforcement arrangements under the Insurance Brokers Code of Practice are operating effectively and delivering on their intended purpose. The system is working as it should, identifying non-compliance, taking appropriate action, and reinforcing the expectations that come with Code subscription.
While it is disappointing that a small number of brokers have failed to meet their Code obligations, the broking community continues to demonstrate ongoing professionalism and a strong culture of accountability and responsiveness to regulatory expectations, as evidenced by the significant decline in late submissions over recent years.
NIBA notes that the sanctioned members did subsequently respond to the IBCCC and acknowledged the need for immediate improvement. However, this response does not diminish the seriousness of their non-compliance or the importance of the IBCCCʼs findings.
NIBA and its members remain firmly committed to the Code of Practice and to upholding the standards it sets. These standards are central to building trust with clients, regulators, and the broader community.
The referral of these matters to NIBA by the IBCCC will now be considered by the NIBA Board. NIBA will continue to work with Code subscribers and relevant stakeholders to support high standards of conduct and the effective implementation of the Code of Practice.
Quote attributable to Richard Klipin, NIBA CEO
“The Code of Practice reflects the professionalism and integrity that define the broking profession. Our members understand the importance of meeting their obligations, and we are encouraged by the improvements in compliance across the sector. Where issues arise, they are being identified and dealt with, and that is exactly what a functioning Code framework should deliver. NIBA will continue to support members to meet their obligations while ensuring the integrity of the Code is maintained.”