Latest Update
November 2025 – We have completed a draft Report and provided this to NIBA for a response. NIBA is consulting with their members before providing its response which we think will make for a better Review Report. We are expecting NIBA’s response in the next two weeks and that our report will be quickly finalised after that.
May 2025 – We were asked by a number of stakeholders for an extension of time to make a submission. To facilitate broad consultation, we agreed to these extensions. We are expecting to receive the final couple of submissions by the end of this month.
April 2025 – Submissions to the Code review are welcomed and will be accepted until May 2nd. Public submissions to the review are published as we receive them and can be viewed here.
February 2025 – A Consultation Issues Paper has now been released for public consultation and is available here.
To learn more about the consultation process as we move forward with the review please go here.
Review Background
Independent Review of the Insurance Brokers Code of Practice
The 2022 Insurance Brokers Code of Practice (‘the Code’) defines the ethical and professional standards expected of all members of the National Insurance Brokers Association (NIBA) and non-members who have subscribed to the Code.
By committing to the Code, the broking profession demonstrates its commitment to high standards of professionalism and ethical conduct, offering clients protections and safeguards that go beyond legal requirements.
The Code is subject to a three-yearly independent review. In keeping with this commitment, NIBA has appointed Phil Khoury of cameron. ralph. khoury (‘CRK’) to lead the review. Phil has an extensive background in undertaking reviews in the financial services sector (see https://crkhoury.com.au). The Terms of Reference for the Review are available here and the current Code of Practice is available here.
Consultation will take place during the first half of 2025. A revised indicative timeline is set out below however, further flexibility may be required.
Timeline
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- Initial consultations with key stakeholders – mid-December to mid-February
- Publication of consultation paper – late February
- Consultation with stakeholders – mid-February to late-April
- Analysis and follow-up – June and July
- Draft Report prepared – late August
- Final consultations – TBC
We are conscious that there are other, important reviews impacting general insurance already underway, including the Review of the General Insurance Code of Practice and consideration of the outcomes of the inquiry into insurers’ responses to major flood claims in 2022. As the outcomes of these reviews unfold, potential impacts on the Code will need to be considered.
Communications
This webpage will be used to provide periodic updates relating to the Review and to provide relevant information to stakeholders as it becomes available. If you would like to contact the Independent Reviewer, please email niba_code_review@crkhoury.com or call on 03 9421 3111.