A brokers' educational trust is providing funding to help set up a new training arm for the Insurance Brokers Association of New Zealand (IBANZ).

The trust, set up to administer excess funds held by the Independent Insurance Brokers Association when it merged with the Corporation of Insurance Brokers in 2005, has agreed to provide an initial $NZ120,000 ($97,607) to assist in setting up IBANZ College and develop courses for brokers

Speaking at the IBANZ National Conference on the Gold Coast at the weekend, CEO Gary Young told insuranceNEWS.com.au the grant will provide a major boost to efforts to have the college operational by January.

"It's essential that we're able to meet the challenges arising from the new regulations that come into effect in December next year," he said. "It's clear the Government is expecting us to lift our standards higher than the legislation outlines at this point, and we see it as essential to help IBANZ members stay ahead of the game."

Mr Young says IBANZ is talking to the National Insurance Brokers Association in Australia and other education-providers about providing training materials that can be adapted to the NZ industry.

"The trustees have indicated they will consider further requests for funding as things develop," he said.