25/10/2022
The Insurance Brokers Code Of Practice
From 1 November, 2022 a new Insurance Brokers Code of Practice (the Code) is being re-established to set of standards of conduct for all Members of the National Insurance Brokers Association (NIBA).
The Code is independently monitored and enforced by a Code Compliance Committee – the Insurance Brokers Code Compliance Committee (IBCCC).
The Code provides additional safeguards for clients that are not set out in the law. In some areas, the Code sets higher standards than those required by law. No part of the Code limits, or is intended to limit, a client’s rights under the law.
The Code represents the commitment of Code Subscribers to clients, prospective clients and other parties with whom Code Subscribers interact in performing services.
To learn about or download the code from NIBA's website, please use the link below-
Insurance Brokers Code of Practice.
If you have any concerns regarding the code and how this relates to your dealings with us, please contact us.
05/10/2021
Regulatory Updates On Disclosures
From 5 October 2021, Insurance companies and intermediaries across many financial product categories will be subject to a new ‘Design and Distribution Obligations’ (DDO) regime. The intent of the DDO regime is to ensure financial products are designed for and distributed to the right people and businesses.
Target Market Determinations
Target Market Determinations (TMDs) are required under the ‘The Act’ - Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (The Act). TMDs have been developed for all products in-scope for DDO and describes the class of customers an insurance cover has been designed for, including the key attributes of the insurance cover and the customers who are eligible for it. A TMD does not replace the terms and conditions, nor the disclosures made, in a Product Disclosure Statement (PDS).
TMDs will be publicly available to assist you to distribute products to customers within the target market, thereby ensuring the objectives of the TMD are met.
Duty To Take Reasonable Care Not To Make A Misrepresentation
Additionally, to comply with provisions of The Act, insurers have updated our PDS's to include a new duty of the consumer not to make a misrepresentation. This replaces the existing Duty of Disclosure requirements. Insurers are now required to collect all the information they need rather than relying on the applicant’s opinion of what is appropriate. Equally, the customer has a duty to take reasonable care to provide accurate information so as not to make a misrepresentation when entering, renewing, extending, or varying a contract of insurance. The updated PDS can be found via the link to policy documentation below.
How to access the latest Policy Documentation
You can access your relevant Target Market Determinations and Product Disclosure Statements via the following link.
Steadfast TMD Policy Documents
The Insurance Brokers Code Of Practice
From 1 November, 2022 a new Insurance Brokers Code of Practice (the Code) is being re-established to set of standards of conduct for all Members of the National Insurance Brokers Association (NIBA).
The Code is independently monitored and enforced by a Code Compliance Committee – the Insurance Brokers Code Compliance Committee (IBCCC).
The Code provides additional safeguards for clients that are not set out in the law. In some areas, the Code sets higher standards than those required by law. No part of the Code limits, or is intended to limit, a client’s rights under the law.
The Code represents the commitment of Code Subscribers to clients, prospective clients and other parties with whom Code Subscribers interact in performing services.
To learn about or download the code from NIBA's website, please use the link below-
Insurance Brokers Code of Practice.
If you have any concerns regarding the code and how this relates to your dealings with us, please contact us.
05/10/2021
Regulatory Updates On Disclosures
From 5 October 2021, Insurance companies and intermediaries across many financial product categories will be subject to a new ‘Design and Distribution Obligations’ (DDO) regime. The intent of the DDO regime is to ensure financial products are designed for and distributed to the right people and businesses.
Target Market Determinations
Target Market Determinations (TMDs) are required under the ‘The Act’ - Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (The Act). TMDs have been developed for all products in-scope for DDO and describes the class of customers an insurance cover has been designed for, including the key attributes of the insurance cover and the customers who are eligible for it. A TMD does not replace the terms and conditions, nor the disclosures made, in a Product Disclosure Statement (PDS).
TMDs will be publicly available to assist you to distribute products to customers within the target market, thereby ensuring the objectives of the TMD are met.
Duty To Take Reasonable Care Not To Make A Misrepresentation
Additionally, to comply with provisions of The Act, insurers have updated our PDS's to include a new duty of the consumer not to make a misrepresentation. This replaces the existing Duty of Disclosure requirements. Insurers are now required to collect all the information they need rather than relying on the applicant’s opinion of what is appropriate. Equally, the customer has a duty to take reasonable care to provide accurate information so as not to make a misrepresentation when entering, renewing, extending, or varying a contract of insurance. The updated PDS can be found via the link to policy documentation below.
How to access the latest Policy Documentation
You can access your relevant Target Market Determinations and Product Disclosure Statements via the following link.
Steadfast TMD Policy Documents
