Skip to content

Brokers must improve reporting practices

Insurance Brokers Code Compliance Committee 2 mins read

The Insurance Brokers Code Compliance Committee (IBCCC) has observed too many instances of brokers failing to accurately report breaches and complaints in their Annual Compliance Statements.

In an effort to address this concerning trend, the IBCCC is intensifying its scrutiny of reporting practices, particularly in anticipation of the upcoming Annual Compliance Statement submissions, and has published important and timely guidance for brokers.

Oscar Shub, Chair of the IBCCC, emphasised the expectation of quality reporting from brokers.

“It is imperative that brokers uphold the highest standards of transparency and accountability in reporting breaches and complaints,” said Mr Shub.

“Reporting zero breaches and complaints throughout an entire year is not indicative of flawless compliance but rather raises questions about the effectiveness of internal reporting mechanisms.”

To help address the issue, the IBCCC has published comprehensive guidance to help brokers consider their reporting practices seriously and ensure accurate reporting in their Annual Compliance Statements. The guidance underscores the importance of transparent reporting and emphasises the role that reporting plays in maintaining trust and integrity in the industry.

“To make improvements and to work towards practices that deliver better outcomes for clients, it is essential that brokers identify and report any breaches or complaints,” Mr Shub said.

“Reporting breaches allows brokers to understand issues and learn from them. Also, consumers rely on brokers to act in their best interests, and accurate reporting is fundamental to maintaining that trust.”

The IBCCC remains committed to monitoring reporting practices closely and will continue to push for improved standards across the industry.

Brokers are reminded of their obligation to adhere to the Code of Practice and ensure full and proper reporting in their Annual Compliance Statements.

About us:

The Insurance Brokers Code Compliance Committee is an independent body that monitors compliance with the Insurance Brokers Code of Practice. Its purpose is to ensure consistent and high-quality service standards are maintained for the benefit of consumers, increasing trust and confidence in the insurance broking industry.

Contact details:

More from this category

  • Insurance, Regional Country Services
  • 19/04/2024
  • 15:54
House of Representatives

Flood insurance inquiry hearings in western Sydney, the Hawkesbury and central-west NSW, 7-10 May

TheHouse Standing Committee on Economicswill hold public hearings in western Sydney,the Hawkesbury and the Central Westfrom 7–10 May as part of itsinquiry into insurers’ responses to 2022 major floods claims. The Committee will hold public hearings at: Cabonne Community Centre, Molong – Tuesday 7 May Eugowra Bowling Club, Eugowra – Wednesday 8 May Richmond Club, Richmond – Thursday 9 May Venue tbc, Parramatta – Friday 10 May Committee ChairDaniel Mulino MPsaid the inquiry had heard from regulators, insurance companies and consumer advocacy and legal rights groups. “Now we want to hear firsthand from the locals in some of the worst-hit…

  • Insurance
  • 19/04/2024
  • 09:25

Qikio announces strategic underwriting partnership with Adica Insurance

Qikio Insurance (Quick-ee-oh), a leading provider of innovative insurance solutions, is delighted to announce a strategic car insurance underwriting partnership with Aioi Nissay Dowa…

  • Contains:
  • Finance Investment, Insurance
  • 09/04/2024
  • 13:36
Life Insurance Code Compliance Committee (Life CCC)

Life insurers struggling to meet claims-handling obligations

Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Code Compliance Committee (Life CCC). Despite the total breaches rising by 9%,the Annual Industry Data and Compliance Reportfound that the number of customers impacted by breaches declined between 1 July 2022 and 30 June 2023. Chair of the Life CCC, Jan McClelland AM, expressed cautious optimism about the findings. “It is encouraging to see a decrease in the number of customers impacted by breaches for the second year in a row. This indicates we are making headway in delivering…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.