The National Insurance Brokers Association (NIBA) has made some adjustments to the updated code of practice, which will come into effect from November.

Changes include an expansion of the remuneration disclosure requirement to include all individual and small business clients, not just those that fall under the definition of retail clients, as defined in the Corporations Act.

Another change allows subscribers who operate under a general advice model to comply with their obligations under the code, while still providing general advice.

“The refinements we have made, have been done so to ensure that the wording of the disclosure requirements are in step with the original intentions, which was to include all individual and small business clients, irrespective of whether they were purchasing a retail or wholesale product,” CEO Phil Kewin tells insuranceNEWS.com.au.

The new code has been drafted in consultation with members and other stakeholders and the revisions were made following feedback.

“The code is a living document, and while there is a commitment to review every three years, if a change is necessary in the meantime, then we will implement the change where practicable,” Mr Kewin said.

NIBA has also released a Member Implementation Guide and will hold an additional webinar on May 16 to provide an overview of the new code, which overhauls the 2014 version. The document was launched at the start of March.