Brokers Tackle Compliance Surge Amid New Regulations

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

According to insuranceNEWS.com.au, the association contends that the recent uptick in breaches was expected as a result of numerous new obligations embedded within the revised 2022 code. According to NIBA, this demonstrates an industry adjusting to more rigorous expectations.

Yesterday, the Insurance Brokers Code Compliance Committee (IBCCC) released its annual data report, highlighting an increase in breaches. Specifically, 63.4% of insurance brokers reported breaches in the preceding year, up from 55.2% in 2022. The total number of breaches escalated by 36% to 4642, impacting 794,000 clients as opposed to 412,081 the prior year.

A particular area of concern flagged by the committee was remuneration disclosure, with 106 breaches reported compared to just 23 cases a year earlier.

"The data in our report should be seen as a wake-up call," said committee chair Oscar Shub. "Brokers must emphasize robust compliance and reporting procedures to enhance service quality and maintain client trust."

On the rising remuneration breaches, Mr. Shub added, "This significant increase signals that brokers must improve their practices."

NIBA has expressed encouragement over the growing trend of brokers reporting their breaches. The body noted a more than 26% increase in the number of subscribers self-reporting since 2020.

"Given the considerable number of new obligations introduced with the revised code, an increase in reported breaches was anticipated," NIBA explained. "The data from the IBCCC shows that the profession is actively considering and adapting to higher standards, aiming to better fulfill client needs."

While NIBA acknowledges ongoing needs for improvement, it plans to collaborate with subscribers and the IBCCC over the coming year to foster greater transparency and enhance compliance reporting habits.

Providing a contrastive perspective, Insurance Advisernet MD Shaun Standfield expressed disappointment in the IBCCC’s critical stance on compliance outcomes. He noted, “The committee should recognize our efforts in promoting breach awareness and reporting. It’s disheartening to receive mixed signals when we've almost tripled reportable breaches over three years."

Mr. Standfield cautioned that such criticism might dissuade brokers from reporting breaches faithfully. "We do not want our advisers to backtrack on reporting for fear of negative commentary from the IBCCC. Despite the surge in reported breaches, brokers work diligently to serve their clients every day," he concluded.

Published:Saturday, 28th Sep 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Clear

Why spring storm planning belongs in your insurance review

08 Sep 2026: Paige Estritori

Recent rural reporting around the spring outlook has put severe weather back on the agenda for Australian farm businesses. The practical concern is not whether one forecast proves exactly right. It is that storms, hail, lightning, strong wind and sudden downpours can move quickly from weather bulletin to balance-sheet problem, particularly when crops are advancing, machinery is in heavy use and sheds are holding higher-value inputs or stored produce. - read more

Mouse Activity Is a Timely Prompt to Check Farm Risk

01 Sep 2026: Paige Estritori

Recent rural reporting has pointed to renewed mouse activity across parts of the grain belt, with growers being urged to monitor paddocks, sheds and stored grain as seasonal conditions become more favourable for breeding. For many producers, the immediate concern is practical: protecting emerging crops, keeping grain storage secure and acting early before damage becomes expensive or difficult to contain. - read more

Dry Conditions Put Feed, Livestock and Insurance Planning Back in Focus

25 Aug 2026: Paige Estritori

Recent rural reporting has again highlighted the strain dry seasonal conditions can place on livestock producers, particularly where pasture growth is limited, supplementary feed is expensive and water security is becoming a daily management issue. For many Australian farm businesses, the immediate concern is practical: keeping stock in condition, deciding whether to buy feed, move animals, agist, or sell earlier than planned. - read more

Frost alerts are a reminder to review crop risk now

18 Aug 2026: Paige Estritori

Recent rural reporting has again pointed to frost as a live concern for grain and mixed farming regions after a season that, in many districts, began with improved moisture and renewed confidence. For growers, the message is familiar but important: a good start does not guarantee a clean finish. Frost can arrive quickly, affect paddocks unevenly and turn strong yield expectations into a much more complicated financial picture. - read more

Fruit Fly Pressure Shows Biosecurity Is a Whole-Farm Insurance Issue

11 Aug 2026: Paige Estritori

Recent rural reporting on Queensland fruit fly pressure in horticultural regions is a timely reminder that biosecurity is not only a production issue. For orchardists, vegetable growers and mixed farms with small horticulture enterprises, a pest detection can affect far more than the crop in the paddock. It can influence picking schedules, packing arrangements, transport routes, labour planning, market access and cash flow. - read more

Rain Boosts the Season, but Risk Planning Still Matters

31 Jul 2026: Paige Estritori

Recent rural reporting has pointed to a more encouraging winter moisture profile across parts of the eastern and southern farming regions, with many growers seeing improved crop prospects after a difficult start in some districts. For farm businesses, that is welcome news. Better soil moisture can support establishment, pasture growth and yield potential, but it does not remove the need for disciplined risk planning. - read more

Grain Price Rally Puts Seasonal Risk Back in Focus

24 Jul 2026: Paige Estritori

Grain Central reported on 23 July 2026 that Australian grain prices have continued to firm, supported by global wheat market heat and local uncertainty about new-crop production. For growers, the story is not simply about better prices. It is also a reminder that a promising crop can still carry significant risk when weather, timing and market volatility start moving together. - read more

Second NSW H5 Bird Flu Detection Puts Biosecurity Back on the Farm Risk Agenda

17 Jul 2026: Paige Estritori

A second H5 bird flu detection in New South Wales has moved avian disease risk from a distant global concern to a practical on-farm planning issue for Australian producers. The latest case involved a petrel found at Hawks Nest on the NSW Mid North Coast, following an earlier detection at the same beach. Authorities have indicated the human health risk remains low, and there has been no reported H5 detection in NSW commercial poultry flocks at this stage. - read more

What SowSure Could Mean for Crop Risk Planning

10 Jul 2026: Paige Estritori

On 3 July 2026, Grain Central reported that RAGT Australia’s SowSure crop establishment protection initiative had received $982,049 through the Australian Government’s Future Drought Fund. For grain growers, the news is notable because it places insurance-style thinking closer to the sowing decision, rather than waiting until later-season losses become obvious. - read more

What a Major Quad Bike Fine Means for Farm Risk

03 Jul 2026: Paige Estritori

A recent quad bike fatality case in New South Wales has put farm safety, workplace liability and risk management back under close attention. ABC Rural reported on 2 July 2026 that Wumbulgal Agriculture Pty Ltd was fined $555,000 after an 82-year-old worker died in a quad bike accident at Yenda in the Riverina in February 2023. The company was found to have breached work health and safety obligations. - read more

Click for more Insurance News