NIBA / Representation
ASIC Incidental Retail Cover Relief Instrument
Ahead of the scheduled sunsetting of ASIC Corporations (Incidental Retail Cover) Instrument 2022/716 in August 2025, NIBA was approached by ASIC to provide feedback on the instrument’s operation and usefulness. In its response, NIBA advised that the instrument is operating effectively and continues to serve an important and necessary function within the broader legislative framework governing general insurance.
Insurance Brokers Code of Practice Independent Review
NIBA CEO Richard Klipin, Vice-President Rebecca Wilson, and Austbrokers AEI Executive Chairman Tim Wedlock at the Public Accountability and Works Committee.
Over recent months, the Independent Reviewer of the Insurance Brokers Code of Practice has conducted an extensive program of engagement, consulting with 42 stakeholders across the broking profession, government, regulatory, industry and consumer sectors. Three roundtable sessions were held for Code Subscribers, providing brokers of all sizes with a forum to share their experiences, raise concerns, and explore how the Code could better meet the needs of brokers and their clients. The Reviewer also held meetings with regulators, industry representatives, and consumer advocates. These conversations highlighted both the strengths and limitations of the current Code, and identified opportunities to improve clarity, consistency, and outcomes. The Reviewer is now finalising their analysis of the feedback received, including submissions made in response to the Consultation Issues Paper. The Reviewer is expected to provide their report to the NIBA Board shortly.
Klipin, Vice-President Rebecca Wilson, and Austbrokers AEI Executive Chairman Tim Wedlock and called for reforms that strengthen the governance and oversight of the scheme. Following this hearing, the Committee announced it would not immediately return the Bill to the Legislative Council for a vote. Instead, it will continue its inquiry, including holding an additional public hearing in late July. The Committee has invited further written submissions and extended the consultation timeline, reflecting the complexity and importance of the issues at stake. AFCA Rules
by the Australian Financial Complaints Authority (AFCA) to its Rules and Operational Guidelines. The proposed changes aim to improve transparency and accountability within the external dispute resolution framework. NIBA backed reforms relating to Paid Representatives, including requirements to use appropriate communication channels and allowing AFCA to cease dealing with complaints where a Paid Representative is not an AFCA member but should be. NIBA also expressed support for changes that would give AFCA the power to publish the names of Financial Firms that fail to comply with an AFCA Determination stating that doing so would help maintain a level playing field by ensuring that firms that meet their obligations are not disadvantaged by those that do not. AFCA will consider stakeholder feedback before seeking ASIC approval, with any final rule changes expected to take effect by March 2026.
NIBA has lodged a submission supporting key amendments proposed
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