Skip to content
Insurance

IBCCC sanctions three brokers for reporting failures

Insurance Brokers Code Compliance Committee 2 mins read

The Insurance Brokers Code Compliance Committee (IBCCC) has sanctioned three insurance brokers for breaches of their obligation to submit Annual Compliance Statements, a crucial element of Code compliance.

All three brokers failed to meet the 31 March 2025 deadline – the third consecutive year to miss the deadline – despite multiple reminders and clear guidance from both the IBCCC and the National Insurance Brokers Association (NIBA).

Chair of the IBCCC, Oscar Shub, highlighted the importance of the obligation that the brokers failed to meet.

“Annual Compliance Statements are not optional. They are a basic and essential obligation for every insurance broker that subscribes to the Code,” Mr Shub said.

“When brokers repeatedly fail to meet this commitment, it raises real questions about their systems, their governance, and ultimately, their commitment to professionalism.”

Each broker cited different reasons for their delays, ranging from system issues to competing work pressures. But the IBCCC found none of the explanations sufficient, given the importance of the obligation and the time brokers had to prepare.

“Every business faces competing priorities. But three consecutive years of missing a deadline signals a deeper problem. This was not just a one-off oversight,” Mr Shub said.

The IBCCC noted industry-wide improvements in reporting timeliness over the past three years, with the number of brokers missing the deadline falling from 86 in 2023 to 11 in 2024.

Its repeated warnings and widespread engagement resulted in most brokers who had previously missed the deadline reporting on time in 2025.

Each of the three sanctioned brokers eventually submitted their statements and have since taken steps to improve internal processes. The steps included introducing fixing administrative issues and reviewing internal compliance systems.

The IBCCC welcomed the improvements but stressed that they should have come much earlier, and that compliance cannot be left until the last minute.

“We appreciate the efforts to put things right, but brokers shouldn’t be scrambling after the deadline has passed. They knew of the deadline and should have been able to meet it,” Mr Shub said.

“But in cases where a broker anticipates missing a deadline, early engagement is key, especially if the broker needs support or extensions. These brokers did not reach out.”

The IBCCC has sanctioned each broker by referring their non-compliance to NIBA for further action under its membership rules.

“This outcome should serve as a warning to all brokers. Timely reporting is not a box-ticking exercise – it reflects the integrity of your business and your commitment to the Code,” Mr Shub said.

The IBCCC continues to monitor compliance across the industry and expects brokers to maintain robust systems that support timely and effective reporting.

Read the summary of the case.


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 brokers maintain consistent and high-quality service standards for the benefit of clients, and to promote trust and confidence in the insurance broking industry.


Contact details:

[email protected]

More from this category

  • Insurance, Medical Health Aged Care
  • 19/07/2025
  • 05:00
Medibank

Virtual cardiac rehab program reduces hospital readmission days by over 70%

Medibank’s Heart Health at Home a game-changer in cardiovascular care A study published in the European Heart Journal- Digital Health has hailed Medibank’s virtual cardiac rehabilitation program, Heart Health at Home, as a leap forward in modern healthcare, showing it is associated with a noticeable reduction in hospital readmission days for cardiac patients. The evaluation, conducted by the Baker Heart and Diabetes Institute, examined 176 Medibank customers enrolled in the Heart Health at Home program. Participants recorded a 71% reduction in hospital readmission days within a 3-month period. With approximately 1.3 million Australians currently living with vascular disease and cardiovascular…

  • Contains:
  • Insurance
  • 10/07/2025
  • 09:25
Descartes

Australian-inspired flood insurance product deployed in the US

Australian-inspired flood insurance product deployed in the US Descartes has announced the launch of its Flood-at-Location policy in the United States, following its proven success in Australia. The solution was originally developed in response to catastrophic flood events that have impacted Queensland and NSW and offers a cost-effective solution for flood risk. Using precise, no-contact sensors installed on-site to measure flood depth in real time, Flood-at-Location enables fast, transparent payouts, which helps clients recover quickly and stay resilient. Like Australia, the US has been affected by significant flooding – just last year, heavy rainfall from Hurricane Helene led to the…

  • Contains:
  • Insurance, Legal
  • 01/07/2025
  • 15:27
Attwood Marshall Lawyers

Bupa incorrectly rejecting claims is just another example of unethical and illegal conduct by insurers

Contact Shan Harvey, Media Specialist on 0438 772 752 or [email protected] FOR IMMEDIATE PUBLICATION 1 July 2025 Bupa incorrectly rejecting claims is just another example of unethical andillegal conduct by insurers For those of us who remember the 1997 Francis Ford Coppola movie based on John Grisham’s book, The Rainmaker, the film brought to Hollywood the story of insurance companies refusing clients in need. This theme appeared in Grisham's other works too reflecting real-world concerns about insurance practices. What we have witnessed here in Australia would not be out of place in one of Grisham’s books - namely the appalling…

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.