Code of Practice

Outline of the Code

The General Insurance Brokers’ Code of Practice is intended to promote good relations between Insurance Brokers and Insureds, insurers and others involved in the insurance industry. It will also promote efficiency in transactions by describing standards of good practice and the level of service to be expected from Insurance Brokers.

The Code is part of a national self regulatory scheme. The scheme also includes the Insurance Brokers Dispute Facility (IBDF). All Insurance Brokers subject to the scheme will be bound by the terms of both the Code and the IBDF.

The Code applies to general insurance matters only. (Life insurance matters are covered by a separate compulsory, government imposed life insurance code.) The Code sets out the responsibilities of participating insurance brokers and also requires them to establish an internal process for resolving disputes with insureds. It does not create legal rights. Any breach of the Code by an Insurance Broker may give rise to binding orders or sanctions being imposed on the Insurance Broker. However, no monetary penalties may be imposed. The Code will be monitored by the Insurance Brokers’ Compliance Council (IBCC). Its members represent consumers and insurance brokers.

The Code is a “living” document. It will be formally reviewed by the IBCC every three years in consultation with the Government, consumer representatives and the industry. However, it can be adapted in the meantime to deal with any problems which may arise. All participating Insurance Brokers are required to make information concerning the Code available to insureds.

Click to download a full copy of the Code of Practice.