The National Insurance Brokers Association (NIBA) plans to review its Code of Conduct during the next six months.

CEO Dallas Booth told last week’s House of Representatives committee inquiry into the operation of the insurance industry during disaster events that despite brokers performing well during the series of natural catastrophes in Australia earlier this year, the association will review its code in consultation with consumer groups, the Australian Securities and Investments Commission, the Federal Government and other interested parties.

The NIBA Code of Conduct already contains a provision that “in the event of a claim, [brokers must] take every step necessary to ensure prompt and fair settlement” as well as “be professional, efficient and responsive in all dealings [with clients]”.

Breaches of the code can result in fines of up to $10,000 or expulsion from NIBA.

Mr Booth told an inquiry hearing in Sydney on Friday that he has received no complaints regarding the conduct of brokers during the disaster period, and that the Financial Ombudsman Service has not indicated the conduct of brokers has arisen as an issue.

He also defended the conduct of insurance companies during the disasters, telling the inquiry panel: “There’s an element of trial by media here. If you read the headlines you’d think there had been a complete breakdown of insurance processes.”

However, he added: “This does not mean that all claims were handled to the highest possible standards.”