The Insurance Brokers Code of Practice’s Code Compliance Committee has a busy year ahead, according to its latest annual report.

Over the next year it will implement a quality assurance process to ensure “consistency, quality and continuous improvement” of the code function, including a review of the committee’s decision-making processes.

The committee, chaired by prominent insurance lawyer Michael Gill, is also developing guidance on the classification and enforcement of code breaches to ensure “consistency and transparency”, including creation of a “guidance library” for stakeholders about committee operations and decisions.

Other plans include developing a “brand identity” to enhance awareness of committee operations and a new communication strategy to guide stakeholders’ engagement over the next three years.

In 2014/15 342 insurance brokerages subscribed to the code, a third of which self-reported breaches. A total of 466 code breaches were self-reported by participating brokers.

“Most breaches reported were identified through quality assurance programs [and] 13 breaches were identified as a result of client complaint investigations,” the committee’s report says.

About 60% of participating brokers self-reported 321 complaints handled by their internal dispute resolution processes; 64% of complaints were resolved within 21 days.

Mr Gill says in the report that an industry proactively engaged with its code “is better placed to contribute to an efficient, resilient financial services regulatory system”.

He was appointed Chairman on January 1 last year. His term expires on December 31.