The new Insurance Brokers Code of Practice has come into effect with strong support from all stakeholders and no teething problems reported.

National Insurance Brokers Association (NIBA) CEO Noel Pettersen says the new code, which came into effect on January 1, helps to clarify brokers’ responsibilities as well as promote efficiency throughout the industry.

“The business world has shown in recent years there is a need for prudent behaviour across the board and insurance brokers are no different,” he said.

The Code of Practice covers 2600 NIBA brokers and is enforceable through Insurance Brokers Dispute Ltd.