NEWS / Industry Bulletin
NIBA LAUNCHES 2022 INSURANCE BROKERS CODE OF PRACTICE
The 2022 Insurance Brokers Code of Practice aims to enhance and promote the professionalism and standing of NIBA members, and further increase community confidence in insurance brokers.
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n 1 March 2022, NIBA officially launched the 2022 Insurance Brokers Code of Practice. The development of the 2022 Insurance Brokers Code of Practice has been a significant project for NIBA requiring extensive stakeholder consultation. Therefore, it is fair to say it has taken longer than expected, but it is now complete. The NIBA Board is incredibly proud of the final version and the level of engagement with industry, regulators and consumer groups that has gone into producing an industry-leading Code of Practice. The 2022 Insurance Broker Code of Practice reflects changes in the industry, as well as changes to community and client expectations that have occurred since the Code was last updated. There are a number of significant changes in areas such as disclosure, remuneration and vulnerable clients that all Code Subscribers will need to know. NIBA understands that for many Principal Members these changes will simply enforce what they already do on a day-to-day basis, while for others significant changes will need to be made in the way they do business. To allow members time to implement these changes, the 2022 Insurance Brokers Code of Practice will not take effect until 1 November 2022. The 2014 Insurance Brokers Code of Practice will be in effect until 31 October 2022.
12 / INSURANCE ADVISER MARCH 2022
