Industry Association & Regulation
National Insurance Brokers Association (NIBA) www.niba.com.au
Established in 1982, following the amalgamation of earlier broker associations, the National Insurance Brokers Association (NIBA) is the voice of the insurance broking industry, representing the vast majority of all registered insurance brokers in Australia. Significantly, members handle over 90% of premiums transacted by all insurance brokers nationally.
To ensure the highest possible standards, members of NIBA are bound by a Code of Conduct and staff can elect to undertake continuing professional development through the Qualified Practising Insurance Broker (QPIB) accreditation programme. With experience and examinations they can also become Associates and Fellows.
NIBA is the only nationwide organisation of professional insurance brokers in Australia. Its major objectives are:
to set and maintain high standards of behaviour for insurance brokers;
to achieve better service for the insurance public;
to work with governments on all legislative matters affecting the insurance industry; and
to work with other insurance industry sectors for the betterment of the industry and thus benefit the public.
NIBA members also belong to an Insurance Ombudsman Facility which is an independent body set up to facilitate disputes between brokers and their clients quickly and at minimal cost.
Insurance brokers must be registered with the Australian Securities and Investment Commission: a Federal Government authority for regulating the finance sector. To gain and maintain registration insurance brokers are required to comply with a set of criteria which includes a full annual audit and professional indemnity insurance.
Logans membership of NIBA, commitment to the QPIB accreditation programme and registration as an insurance broker shows their commitment as a professional insurance broker.
“Logans are committed to professional insurance broking.”
In 2000 the Federal Government incorporated significant changes into the Corporations Act for the Financial Services Industry. These changes were designed to make the consumer aware of what they are buying and make it harder for unscrupulous insurance activities. In essence all insurance brokers are required to go through a stringent registration process which incorporates such issues as experience, education, qualifications and notification to clients. In this regard our clients are receiving a Financial Services Guide when they first deal with Logans and if a retail client (pleasure horses not used for breeding or competition) then a Product Disclosure Statement.