NIBA welcomes IBCCC Annual Data Report

The National Insurance Brokers Association (NIBA) has welcomed the release of the Insurance Brokers Code Compliance Committee's (IBCCC) 2020-21 Annual Data Report, which was released today.

The report outlines the key findings from the 2020 Annual Compliance (ACS) Verification Program and the Committee's observations on the overall compliance of the insurance broking sector with the Insurance Brokers Code of Practice (the Code).

NIBA Chief Executive Officer, Phil Kewin, said "NIBA welcomes the release of the IBCCC 2020-21 Annual Data Report and acknowledges the important role of the IBCCC in providing guidance and recommendations on how subscribers can improve their compliance reporting, and achieve better practice within their organisation.

"The report upholds the professionalism of the insurance broking industry as outlined in the Code of Practice and focuses on the continuous improvements that brokers can undertake to best serve the needs of their clients", he added.

Our initial analysis is that it appears the process is working as more breaches are self-reported and there is no evidence of systemic inappropriate misconduct. The majority of breaches relate to human error or poor processes, so there is more work which can be done by licensees in areas such as training programs, review of policies and procedures, and promotion of best practice behaviours.

"The NIBA Board and I will be completing a full analysis of the report to identify opportunities to engage with our Members and other key stakeholders in relation to the report's findings. Our goal is to continue to pursue high levels of professional conduct by insurance brokers in Australia, both under the existing Code of Practice and under the new Code of Practice when it is finalised in the near future".