2021 will be an interesting year for insurance brokers in Australia, said National Insurance Brokers Association (NIBA) CEO Mr Dallas Booth with his comments carried in the association’s newsletter Insurance & Risk.
He has listed the top five focus areas for NIBA in 2021 as follows:
Preparing for the 2022 review of remuneration arrangements in general insurance, as recommended by the Royal Commission. NIBA has started this process with the Deloitte Access Economics report on the role and value of insurance brokers in Australia, which sets the foundation on which a range of industry submissions will be based.
Completing the review of the Insurance Brokers Code of Practice, which will demonstrate the industry’s ongoing commitment to professionalism, ethics and integrity, and to putting the interests of clients first at all times.
Continuing to work with Australian Securities and Investment Commission (ASIC) on setting higher standards for education and training of insurance brokers.
Working with members to implement the reforms recommended by the Royal Commission.
Promoting the role and value of insurance brokers more broadly, to a wide range of stakeholders and interested parties.
Mr Booth said, “NIBA has been examining a plethora of legal and regulatory updates on behalf of our members and we are engaged in a lot of discussions with the Treasury and the Federal Government to ensure that insurance intermediaries’ concerns are represented to policymakers.”