NIBA Concludes Code of Practice Consultation, Moves to Drafting Phase

The National Insurance Brokers Association (NIBA) has concluded the consultation phase of its review of the Insurance Brokers Code of Practice (the Code), and is now moving into the drafting phase, with a revised Code to be released for public consultation in May 2026.

The Code consultation period ran from February to early April 2026. It was designed to hear directly from the broking profession, clients and businesses that brokers serve, as well as key public stakeholders including regulators, government and dispute resolution bodies, and consumer advocates that interact with the Code every day.

Across the period, NIBA held 11 member and stakeholder workshops with 81 participants, received 14 written submissions, and ran two surveys that drew more than 100 responses from brokers. Taken together, this feedback represents more than 10,000 insurance brokers across Australia — from sole practitioners through to the country's largest broking networks and global firms. The breadth of voices means the new Code will be informed by every part of the system it is designed to serve.

The NIBA Board will now consider the feedback received from the membership and other key stakeholders as it moves into the drafting phase.

“There was robust engagement throughout this consultation. Brokers, consumer groups and regulators alike came to the table prepared and committed to lifting professional standards in the interests of the consumers and businesses who rely on broking advice,” said NIBA CEO Richard Klipin.

Code Review Committee Chair Di Phelan said the depth and diversity of the feedback received had set a strong foundation for the drafting phase ahead.

"Throughout the consultation, we heard from practitioners at every level of the profession, from the consumer advocates and regulators who see the Code tested in real situations, and from the dispute resolution bodies that sit at the sharp end of it. That depth and diversity of input across a variety of touchpoints is invaluable,” Di said.

Next Steps

NIBA will now move into the drafting phase. A draft of the revised Code will be released for public consultation in May 2026, giving members, consumers, regulators and the broader community a further opportunity to shape the final document.

NIBA President Nick Cook noted the engagement and response from the profession reflected its understanding of what is at stake.

"What this consultation has shown is a profession that is confident enough to look honestly at itself, and ambitious enough to keep moving forward. Our members understand that a strong, contemporary Code is one of the clearest signals of trust and confidence that the broking profession can send to clients, government, and the wider community. The NIBA Board is grateful to everyone who contributed, and we are determined to deliver a Code that meets the moment and sets the standard for what professional broking looks like in Australia,” Nick said.

Mr Klipin said the focus of the drafting phase would remain firmly on consumer outcomes.

"Every decision in the drafting room will be tested against a single question: does this make the experience better for the consumer who walks into a broker's office, picks up the phone, or lodges a claim? That is the standard this Code will deliver against,” Richard added.

NIBA thanks every member, stakeholder and organisation that contributed to the consultation phase and looks forward to continuing the conversation when the draft Code is released next month.