The Victorian-based Regional Insurance Brokers Association (RIBA) is expanding its horizons by offering its services to other interstate country brokerages – and it’s dropping its rule that members have to be National Insurance Brokers Association (NIBA) members as well.

RIBA Chairman Les McInerney says the Financial Services Reform Act has forced RIBA to make several changes to its constitution to ensure as many groups as possible can benefit from belonging. “In the past when there wasn’t any regulation, we said RIBA members had to be NIBA members because we only wanted the best,” he said. “Now the only requirement is that the applicant must hold an Australian financial services licence.

The association will hold several seminars over the next year to ensure members are on track with compliance issues, Mr McInerney said. “Ongoing compliance isn’t going to be easy, but we hope RIBA will be able to make the process simpler for our members.”