The Insurance Brokers Code of Practise is monitored now by the Financial Ombudsman Service (FOS) after initially being administered by IBD. Initially set up in 2006, the code is subject to regular review over 5 years. NIBA has invited RMIA members to contribute their thoughts and suggestions on ways to improve and enhance the code.
The review is particularly relevant to many members of RMIA who operate within organisations which work with insurance brokers. Given the interaction between members and insurance brokers, NIBA is seeking input from RMIA members to assist in the review. The consultation period and submissions will close on Thursday 31 May 2012.
Details of the Code and the Review process, including the terms of reference, are available on the NIBA website at
www.niba.com.au This site also provides details on how members may submit comments.
NIBA would welcome the opportunity to hear RMIA members views on the code, particularly from the perspective as buyers of insurance.