Phil Khoury has been appointed independent reviewer of the Insurance Brokers Code of Practice.

The current code took effect in November 2022, apart from section 6.1 on disclosing remuneration, which was introduced a year later. The code is scheduled for review every three years.

“We are delighted to have Phil Khoury on board to lead this critical review,” National Insurance Brokers Association CEO Richard Klipin said.  

“The code underlines our ongoing commitment as a profession towards self-regulation, helping ensure that insurance brokers can continue ... as trusted partners.”

NIBA says further details on the review process and how stakeholders can provide input will be announced in coming weeks.

Mr Khoury is an expert in governance and industry codes, with deep understanding of complex regulatory environments, Mr Klipin says.  

His track record makes him the “ideal choice to ensure the code continues to meet the highest standards of professionalism and deliver positive outcomes for both brokers and their clients”.

Mr Khoury, a former Australian Securities and Investments Commission GM, conducted independent reviews of the Banking Code of Practice in 2016 and 2021, which NIBA says resulted in “significant improvements to industry standards and consumer protections”. 

He oversaw the General Insurance Code of Practice review in 2017 and reviewed submissions related to the Insurance Ombudsman Service’s new terms of reference in 2009. 

Mr Khoury says reviews are “critical to ensuring that the code remains relevant, effective and responsive to the needs of all stakeholders. I look forward to engaging with industry participants, regulators and consumers to deliver recommendations that will uphold trust and integrity in the insurance broking profession.”