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National Insurance Brokers Association launches new client code

2 reports, 1 independent Updated Oct 1
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AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

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The National Insurance Brokers Association launched the 2027 Insurance Brokers Code of Practice, which takes effect on January 1, 2027. The new Code allows clients to ask their brokers what they are paid in dollars. Key changes include doubling the minimum notice period before a policy renews from 14 days to 28 days, and establishing a dedicated section for conflicts of interest.

From insurancebusinessmag.com

Why it matters

Some supportBrind's analysis of the reports

The new Code of Practice introduces significant regulatory changes to the insurance brokerage industry. It mandates greater transparency regarding broker remuneration, regardless of the client's business size or policy type. Additionally, brokers are now required to contact affected clients after a declared catastrophe to offer assistance with lodging claims.

From insurancebusinessmag.com

Who's involved

  • Nick CookPresident of the National Insurance Brokers Association

How it developed

Newest first. Tap a step to see who reported it.
  1. Nick Cook takes leadership role at NIBA.1 source
  2. NIBA and Nick Cook set a new insurance code and rewrote the industry rulebook.1 source

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