NEWS / Representation
WE ARE YOUR VOICE!
There is a lot happening at the present time. The following are a few key developments that insurance brokers need to be aware of.
N
IBA is the voice of insurance brokers in Australia. We work with governments and regulators, and we do our very best to promote the interests of our members and their clients. Some of the major projects we were working on this past month include:
Review of Tasmanian Fire Services Act In keeping with their election commitment, the Tasmanian Government has announced a review of the Fires Service Act (1979). As part of the review, the government will consider alternative funding models for the state’s fire and emergency services. NIBA is currently preparing a submission to the consultation, and will be providing Tasmanian members with details on how they can support NIBA’s work to abolish the levy on insurance premiums.
Royal Commission Legislation
NIBA continues to engage with the Australian Securities and Investment Commission (ASIC) and Treasury on a number of outstanding issues relating to the Royal Commission reforms, including breach reporting obligations, anti-hawking, deferred sales model, and design and distribution obligations, all of which commence this month. NIBA has previously provided members with guidance on a number of Royal Commission reforms, and a summary has been included on page 18 and 19 of this issue. Members can access materials outlining these reforms, and the actions they will need to take to remain compliant on the NIBA website’s Media Hub.
The Role and Value of Insurance Brokers
NIBA continues to meet with State and Federal MP’s, ministers and business
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representatives, as well as consumer groups to promote the Deloitte Report, The Economic Value of Insurance Broking and to communicate the value of brokers more broadly ahead of the 2022 review into the intermediated insurance industry. NIBA is already preparing for the review, and we look forward to sharing more information with you over the coming months.
WA Workers’ Compensation
The NIBA WA Divisional Committee
working group is continuing to examine the proposed Workers’ Compensation and Injury Management Bill 2021 and its impact on the intermediated insurance market. The working group includes brokers from across the WA broking community, all of whom have considerable experience in the workers’ compensation space. Interested members are invited to provide their feedback on the draft Bill to NIBA’s Policy and Research Manager, Allyssa Hextell at ahextell@niba.com.au.
CONTACT NIBA
As always, brokers who have questions about these or any other government or regulatory matters should feel free to contact NIBA CEO Philip Kewin at: pkewin@niba.com.au
