The Insurance Brokers Code of Practice was also launched at the National Insurance Brokers Association (NIBA) Convention on Sunday by Parliamentary Secretary to the Treasurer Chris Pearce. Designed to increase transparency and customer confidence for brokers, the code will come into effect from January 1.

Developed by NIBA, the new code will be administered by Insurance Brokers Disputes Ltd. It lays down rules for dealing with customers and promotes best practice.

Mr Pearce said the insurance broking industry is “one of a growing number of Australian financial services industries that are embracing the need to go beyond legislation by voluntarily laying down rules for dealing with customers”, and the code will foster public confidence in the broking industry.

NIBA CEO Noel Pettersen says the new code has received overwhelming acceptance by members, which he says is “proof of their ongoing dedication to customers and the industry”.