General Insurance Brokers Code of Practice

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THE CODE

As of 1 January 2007 IBD has been appointed by the National Insurance Brokers Association (NIBA) under an agency agreement to administer and monitor compliance with the new Insurance Brokers Code of Practice. You can also obtain a copy of the new Code from NIBA educational website www.nibacollege.com.au which also offers various training courses and workshops in regards to the Code’s requirements.

All NIBA members will automatically be bound by the provisions of the new Code. However, non NIBA members can also adopt the Code. This is separate to the renewal of your IBD membership.

To subscribe to the Code, please:

• complete and return the Deed of Adoption ;
• provide written references from two (2) insurance companies; and
• include payment of the annual subscription fee of $55.00 (incl GST). 

Your application will then be forwarded to NIBA, who will publish your application in its Gazette for scrutiny by members and circulate your application to its divisional committee. NIBA may also request further information, before referring the application to its Board for approval.

For further information about the application process, please contact IBD (info@ibdltd.com.au).

Subscription to the new Code is not compulsory for IBD membership. However, IBD will strongly support and advertise Code compliance.

IBD believes that the Code will be an effective tool in the self-regulation of insurance brokers and assist in increasing consumer confidence in the insurance broking industry.

Please click her to obtain a copy of the procedures which have been developed by NIBA for the purpose of administrating the NIBA Insurance Brokers'  Code of Practice.