The National Insurance Brokers Association has launched its new code of practice, which will take effect at the start of next year.

The updated version follows an independent review announced in 2024 and two rounds of NIBA consultations, with more than 300 pieces of feedback provided on the draft document.

“No single reform defines this code. Its strength lies in how its obligations work together to describe what clients should expect from a professional insurance broker, from the first conversation through to a claim,” president Nick Cook said today.

NIBA says the document, released today at its annual convention on the Gold Coast, will guide the profession through to the group’s 50th anniversary in 2032.

Changes include a new section on conflicts of interest, which brings together obligations previously spread across the code, and an additional section on client records.

Any client can ask what their broker is paid and get the answer in dollars, and the minimum notice period before a policy renews doubles to 28 days.

A client experiencing a difficult time can, with consent, have that recorded so they do not need to keep repeating their circumstances, and after a declared catastrophe, brokers must contact clients as soon as they reasonably can and offer to help with claim lodgement.

NIBA says views during consultations “did not always point the same way” and not all were adopted. It also released a consultation report on feedback during the process.

“We have set out our reasoning on the contested calls, including the ones some stakeholders will still disagree with. A profession that asks clients to trust its standards should be willing to show how it set them,” code review committee chair Di Phelan said.

Contested areas included the decision to reject a recommendation to extend remuneration disclosure to all individual and small business clients regardless of product type.

The consultations document says factors considered included a member survey where two-thirds of respondents supported the status quo, among three options. Reasons included no demonstrated client demand, compliance cost and that there would not be a “level playing field”.

NIBA says it will assist subscribers with code changes, including with section-by-section guidance and training. It will also publish a plain English guide for clients on what they can expect from their broker.

Obligations needing new systems, processes or training must be met within 12 months of the code taking effect.

Code documents are available here.