The National Insurance Brokers Association has released the final draft of its rewritten code of practice for public consultation.

The release follows workshops and discussions to develop the document while considering recommendations from independent reviewer Phil Khoury and initial responses by NIBA.

“We’ve heard the views of members, consumers and regulators, and this code focuses on change where it most improves the client’s experience,” association CEO Richard Klipin said today.

“We have been deliberate about doing that in a way that keeps professional advice accessible and affordable for the people who ultimately benefit.”

On remuneration, NIBA says clients will see a dollar figure – not just a percentage – on their invoices. Any client can ask their broker at any time what they are paid and will receive the figure in dollars, regardless of the product.

The document – rewritten in plain English – extends remuneration disclosure across residential and commercial strata cover and aligns how brokers identify and manage conflicts of interest with Australian Securities and Investments Commission regulatory guidance.

It strengthens protections for vulnerable clients, introduces a 28-day pre-renewal contact commitment and makes record-keeping a code obligation. The code’s review period will move to a five-year cycle.

“This review asked a great deal of the profession – 11 workshops, hundreds of pieces of member and stakeholder feedback, and a genuine willingness to change,” NIBA code review committee chair Di Phelan said.

“What has come through is a code designed to continue supporting clients and practical for brokers of every size.

“Getting both right, rather than trading one off against the other, is what makes this a code that the profession can stand behind.”

Feedback on the draft is due by August 7, before a final version goes to the NIBA board for approval. A transition period will apply to allow for system and process changes.

Mr Khoury made 14 recommendations. NIBA in its response supported six, raised concerns about four and said four more relating to the compliance committee should be addressed through its governance and charter arrangements.

Click here to read the draft code.