NIBA / Representation
Victorian Owners Corporation Act 2006 Review
NIBA has contributed to the statutory review of reforms made to the Victorian Owners Corporation Act 2006. As part of this review, the independent reviewer is considering whether managers’ commissions on insurance or other financial benefits should be prohibited. remuneration structures that do not create conflicts of interest and emphasised the critical role brokers play in ensuring owners corporations receive appropriate coverage at competitive terms. NIBA cautioned that reforms should not inadvertently restrict access to professional broking services, which provide essential value to owners corporations and their members. ASIC Regulatory NIBA highlighted the importance of maintaining transparent and fair Guide 181: Managing Conflicts of Interest ASIC has released proposed updates to Regulatory Guide 181, which provides guidance on managing conflicts of interest under the Corporations Act. The updates include additional clarity on how the conflicts management obligation interacts with other legal requirements, examples of conflicts that licensees should consider, and expanded guidance on what constitutes “adequate arrangements.” In its submission, NIBA supported the objective of enhancing clarity and consistency but urged ASIC to ensure its guidance remains practical, proportionate, and aligned with the realities of providing general insurance advice. NIBA reiterated that the existing framework, when properly applied, already provides strong consumer protections.
Engaging with WorkCover WA NIBA has been engaging with WorkCover WA throughout the year regarding issues surrounding workers compensation.
NSW Workers’ Compensation Legislation Amendment Bill NIBA made a submission to the NSW Public Accountability and Works Committee in response to its inquiry into the Workers Compensation Legislation Amendment Bill 2025. NIBA’s submission highlighted persistent concerns with the performance of Claims Service Providers, the acceptance of non-employment related claims, and inadequate oversight by both iCare and the State Insurance Regulatory Authority (SIRA). NIBA cautioned that these systemic issues, rather than the scope of worker entitlements, are the primary drivers of the scheme’s deteriorating financial position. NIBA reiterated its call for reforms that strengthen governance, accountability, and claims management performance to restore scheme sustainability and ensure fair treatment for injured workers. Compensation Scheme of Last Resort - Exceeding Subsector Levies NIBA has prepared a submission to Treasury’s consultation on funding arrangements for the Compensation Scheme of Last Resort (CSLR). Treasury is consulting on options to address a $47 million shortfall in the scheme’s 2025–26 budget, including exceeding sub-sector levy caps and reallocating the shortfall across other industry sectors. NIBA strongly opposed any option that would impose costs on unrelated sectors, arguing that such an approach would be
inconsistent with the principle of targeted and proportionate cost recovery. NIBA maintained that responsibility for the shortfall should be met within the relevant subsector, rather than through broader cross-subsidisation. AFCA Approach to General Insurance Complaints
The Australian Financial Complaints Authority (AFCA) has released an updated draft of its approach to handling general insurance complaints, focusing on issues such as claim delays, cash settlements in home insurance, and the reliance on expert evidence to deny claims. In its submission, NIBA emphasised the critical role brokers play in assisting clients through the complaints process and highlighted areas where insurer practices create significant consumer detriment. NIBA welcomed AFCA’s efforts to provide greater clarity and consistency and encouraged further refinement to ensure timely, fair, and transparent resolution of disputes. Looking Ahead The breadth of current consultations reflects the significant level of regulatory activity affecting the broking profession. NIBA will continue to work closely with government, regulators, and stakeholders to ensure that reforms are practical, balanced, and consistent with the interests of brokers and their clients.
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