The National Insurance Brokers Association (NIBA) has entered the next phase of its review of the Code of Practice, seeking feedback from industry stakeholders to ensure the code reflects evolving regulations and industry standards.

The NIBA Code of Practice establishes professional and ethical guidelines for insurance brokers across Australia.

This second phase of the review aims to assess the code’s effectiveness and identify areas for improvement to maintain transparency, consumer protection, and industry accountability.

The code review is one of the priority agenda for the association in 2025, as previously stated by NIBA CEO Richard Klipin.

Read more: NIBA CEO Richard Klipin sets association's 2025 agenda

Independent reviewer Phil Khoury from CRK Consulting has released a Consultation Issues Paper outlining key themes for consideration. NIBA is encouraging stakeholders to engage with the process through written submissions, participation in signatory workshops, or by requesting dedicated discussions.

According to Klipin, the consultation is an essential step in keeping the code aligned with changing regulatory frameworks and market conditions.

"This review will help foster greater transparency and trust, ensuring that consumers and businesses continue to benefit from the highest level of service and ethical conduct," he said.

Last month, NIBA named its board members for 2025, including its new president, Nick Cook.

NIBA represents approximately 420 member firms and 15,000 individual brokers across Australia, including multinational companies, broker networks, and small to medium-sized enterprises. The association advocates for the interests of insurance brokers and their clients while promoting industry integrity and professional standards.

Should industry codes evolve more regularly to keep pace with changing regulations and market trends? Share your thoughts below.