The National Insurance Brokers Association (NIBA) is reviewing its code of practice, paving the way for a new version next year.

It says a discussion paper will be released after consultation with members, industry groups and regulators including the Australian Securities and Investments Commission (ASIC).

The code, which took effect in 2014, was due to be reviewed after three years to ensure it remains relevant and keeps pace with industry developments.

“We are not aware of any substantial problems within the code,” CEO Dallas Booth told insuranceNEWS.com.au. “Nevertheless, it is appropriate to review its operation.

“Hopefully, we would be approving a new code in the first half of next year.”

Marigold Magnaye, a former NIBA board member who has been a senior executive at Willis Towers Watson, will assist with the review.

“The board has confirmed that, at the end of the process, it would like to see the revised code approved by ASIC, which is an important step,” Mr Booth said.

The review will consider developments in other parts of the financial services sector. The Insurance Council of Australia is reviewing its code, the Financial Services Council introduced a life cover code of practice last year and an insurance in superannuation code took effect this month.