NIBA Releases Further Code Guidance for Strata Insurance Products
NIBA has developed additional guidance materials for Subscribers to the Insurance Brokers Code of Practice
As part of its commitment to effective self-regulation and promoting professionalism and good client outcomes across the insurance broking profession, NIBA has developed additional guidance materials for Subscribers to the Insurance Brokers Code of Practice.
This guidance clarifies the obligations of Subscribers and their representatives when arranging or providing advice on strata insurance products.
According to 2022 Australasian Strata Insights, strata properties play an integral role in meeting Australia’s future housing needs with the number of Australians living in strata properties predicted to increase to 50% by 2040.
Insurance brokers play a crucial role as trusted advisors in the strata sector, providing expert guidance and arranging insurance to protect residents from a variety of risks. By navigating increasingly complex insurance markets and advocating on behalf of their clients, brokers help to enhance transparency and safeguard strata communities.
The Insurance Brokers Code of Practice is an important part of the broking profession’s commitment to clients and the broader community. The Code is built on three key principles; Professional Commitment, Ethical Behaviour, and Transparency and Accountability. The guidance helps Subscribers interpret how these principles apply to the provision of strata insurance products as well as clarifying obligations for representatives of Code Subscribers, including Strata Managers who have entered into an Authorised Representative arrangement.
Subscribers are encouraged to review the guidance materials and if necessary, make any required changes within their operations.