The National Insurance Brokers Association (NIBA) will release the final 2027 Insurance Brokers Code of Practice next week at its Convention, which has sold out with more than 1,000 delegates registered, up from 890 in 2025.
The three-day event runs Oct. 18–20 at RACV Royal Pines. NIBA said it brings together 70 speakers across more than 30 sessions, 119 exhibitors, and eight awards with 44 finalists.
NIBA CEO Richard Klipin said the sell-out reflected the profession’s commitment to coming together. “Crossing 1,000 delegates shows how much value brokers and their partners place on meeting face to face, learning from each other and working through the issues that matter to their clients.”
The Code takes effect Jan. 1, 2027. NIBA president Nick Cook said an early release gives brokers a head start. “Releasing the final version at the Convention gives members the chance to engage with it directly, with time to prepare before it takes effect in January,” he said.
Brokers can already see what to plan for in the draft released for consultation in July. Experts noted this would let any client ask what their broker is paid and receive the figure in dollars, regardless of the product. It also adds a 28-day pre-renewal contact commitment and makes record-keeping a Code obligation. This extends automatic remuneration disclosure to all strata insurance. The final text may differ, but NIBA has said an appropriate transition period will apply to new obligations, giving firms time to adjust systems and processes.
The debate over disclosure is not settled. Insurance Brokers Code Compliance Committee (IBCCC) chair Oscar Shub told a federal inquiry into small business insurance that the draft falls short because it does not require brokers to proactively disclose commissions to all individual and small business clients.
The Australian Consumers Insurance Lobby raised similar concerns with assistant treasurer Daniel Mulino in September. It pointed to section 1101AE of the Corporations Act, which lets government prescribe a mandatory code. NIBA has maintained that mandatory disclosure templates are too prescriptive for a profession ranging from sole practitioners to multinationals.
The inquiry is scheduled to report on Oct. 27. For brokers, the IBCCC’s data shows where scrutiny is concentrated: remuneration disclosure breaches rose from 42 in 2023 to 334 in 2024, and its 2025 annual report counted 5,417 breaches overall.
On Oct. 20, NIBA will launch new research on the impact of technology and AI on broking. It builds on last year’s report, Ready or Reacting? Shaping the Future of the Broking Profession. That report found 83% of respondents expected technology and automation to have a significant impact by 2035, but only 61% felt prepared, NIBA said.
“Our members told us technology and AI are the biggest forces that will shape their businesses over the next 10 years. This research gives brokers evidence on how those changes are playing out and what they mean for the advice and service clients receive,” Klipin said.
Other data gives brokers benchmarks for client conversations. Vero’s 2026 SME Insurance Index, which surveyed more than 1,500 businesses, found 55% were comfortable with their broker using AI to support insurance processes. Vero said human judgment remains important at claim time.
On the insurer side, Gallagher Bassett reported that 74% of Australian insurers use generative AI in claims resolution. The Australian Prudential Regulation Authority warned in April that AI governance and risk management practices are not keeping pace with adoption. That makes questions about a carrier’s AI oversight a reasonable part of placement discussions.
The Convention includes a dedicated program for emerging professionals to build skills, expand networks and meet experienced brokers and industry leaders.
“Supporting young professionals is central to the future of broking,” Cook said.
NIBA represents about 380 member firms and more than 14,000 individual brokers.
