Details of the broking code review process and how stakeholders can provide input will be announced in coming weeks, the National Insurance Brokers Association says.

The Insurance Brokers Code of Practice is reviewed every three years. The current version took effect in November 2022, apart from section 6.1 on disclosing remuneration, which was introduced a year later. 

NIBA said earlier this week that Phil Khoury will act as independent reviewer.

“We are delighted to have Phil Khoury on board to lead this critical review,” association CEO Richard Klipin said.  

“The code underlines our ongoing commitment as a profession towards self-regulation, helping ensure that insurance brokers can continue ... as trusted partners.”  

Mr Khoury, a former Australian Securities and Investments Commission GM, reviewed the Banking Code of Practice in 2016 and 2021, and oversaw the General Insurance Code of Practice review in 2017.  

He also reviewed submissions related to the Insurance Ombudsman Service’s new terms of reference in 2009.