The National Insurance Brokers Association (NIBA) has made some changes to the new code of practice following feedback as members prepare for the November start date.

Changes include an expansion of the remuneration disclosure requirement to include all individual and small business clients, not just those that fall under the definition of retail clients, as defined in the Corporations Act.

Under the code, a small business is an enterprise employing less than 20 people, or less than 100 people if it is a goods manufacturer.

Another change allows subscribers who operate under a general advice model to comply with their obligations under the code, while still providing general advice.

CEO Phil Kewin says he has been overwhelmed by the level of support from members for the new code, which was originally conceived as a living document that upholds professionalism and demonstrates brokers’ commitment to quality client outcomes.

“Having had the opportunity to speak with members and review the feedback that NIBA has received so far, the NIBA board has made some amendments to the code that was published on 1 March,” he said.

“These changes strengthen the commitment to transparency and professionalism that is ingrained within the code.”

NIBA has also released a Member Implementation Guide and will hold an additional webinar on May 16 to provide an overview of changes made in the updated code, which overhauls the 2014 version.

All NIBA members and existing code subscribers must formally adopt the new code by November 1. Any that miss the deadline will have their NIBA membership privileges suspended until the process has been completed.