Insurance Brokers Code of Practice
The Code provides that brokers:
- Act in the best interests of the Client;
- Provide advice and guidance to enable clients to make informed decisions on risk and insurance protection;
- Provide full and accurate information for effective underwriting;
- Respect the client’s confidentiality in relation to all records and information;
- Ensure the validity and accuracy of all documentation;
- Make available all relevant documentation, policies and certificates, endorsements, and premium calculations as may be required;
- Be professional, efficient and responsive in all dealings;
- In the event of a claim, take every step necessary to ensure prompt and fair settlement;
- Work towards maintaining and enhancing the reputation of NIBA and its members;
- Act in the spirit of the Code and encourage others to do likewise.
General Insurance Code of Practice
When we are acting as an agent of the insurer, we are bound by the General Insurance Code of Practice (GICOP). A link to the GICOP can be found here:
The Code Governance Committee is an independent body that monitors and enforces insurers’ compliance with the GICOP. The GICOP covers many aspects of a consumer’s relationship with their insurer, from buying insurance to making a claim, to providing options to those experiencing financial hardship, to the process for those who wish to make a complaint.