NIBA – National Insurance Brokers Association
NIBA represents the vast majority of insurance brokers in Australia – about 2600 individual intermediaries from around 500 separate broking companies, operating from over 800 locations nationwide. NIBA brokers are responsible for almost 90% of all commercial insurance transacted in Australia.
All NIBA brokers subscribe to the Insurance Brokers Code of Practice that sets out standards of service and behaviour that must be met. All members must also abide by the NIBA Code of Conduct.
NIBA brokers also belong to an independent external complaints facility - Financial Obudsman Service
QPIB – Qualified Practicing Insurance Broker
QPIB stands for Qualified Practising Insurance Broker. It is a strict system of professional accreditation, introduced by NIBA in 1992, to ensure the highest professional standards. Brokers who are QPIBs are obliged to meet and maintain rigorous standards of knowledge, skills and behaviour.
QPIBs have at least four years’ experience in broking or seven years in an advisory role in the industry.
Continuing Professional Development (CPD) - For QPIBs, professional education is an ongoing process. QPIBs are required to keep their skills up to date through continuing education and training – a minimum of 24 hours per year.
Code of Conduct – In addition to adhering to the law through the Financial Services Reform Act, as NIBA members, QPIBs are further bound by NIBA's strict Code of Conduct.
