Representation

WE ARE YOUR VOICE!

Quite a lot has happened since the October comments were written. The following is an overview of some of the things NIBA has been examining on behalf of members.

Review of Tasmanian Fire Services Act

In keeping with their election commitment, the Tasmanian Government has announced a review of the Fires Service Act (1979). As part of the review, the government will consider alternative funding models for the state’s fire and emergency services.

NIBA is currently finalising its submission to the consultation having previously written to members encouraging them to submit a short statement supporting the abolition of the Fire Services Levy and detailing how the levy has impacted their clients.

NIBA would like to thank members who provided their feedback and support on this issue.

Royal Commission Reforms

While the remaining Royal Commission Reforms took effect last month, there is still a number of outstanding issues for brokers.

NIBA is continuing to engage with ASIC to make sure broker concerns are heard, and exploring opportunities for simplification within the existing regulatory framework.

WA Workers Compensation

NIBA is currently finalising its submission to the proposed WA Workers Compensation and Injury Management Bill 2021.

NIBA’s submission has been heavily influenced by the technical expertise and advice provided by the WA Divisional Committee working group, which included brokers from across the WA broking community, all of whom have considerable experience in the workers’ compensation space.

NIBA would like to thank the members of the working group for providing their feedback and expertise in support of this submission.

NSW ESL

NIBA previously wrote to the NSW Minister for Finance, Damien Tudehope, in regards to issues surrounding the collection of ESL by brokers for risks placed with foreign insurers.

Last month, NIBA met with the minister to discuss these issues with a view to finding a solution that removes the volatility and risk placed on brokers when placing risks based in NSW with foreign insurers.

While NIBA remains committed to advocating for the abolition of ESL, it is hoped that these issues can be addressed while larger issues around the future of the ESL remain unresolved.

2022 Remuneration Review

NIBA has already begun engaging with Treasury on the 2022 Remuneration Review which will examine, among other things whether the current conflicted remuneration and non-monetary remunerations exemptions for general insurance brokers remain relevant.

NIBA will shortly be providing members with information as to how they can support NIBA’s public policy work ahead of the review. In the meantime, NIBA has brought together key messaging on the role and value of insurance brokers that members may find useful.

CONTACT NIBA

As always, brokers who have questions about these or any other government or regulatory matters should feel free to contact NIBA CEO Philip Kewin at: pkewin@niba.com.au