Who referees Insurance Brokers

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The Australian Securities and Investments Commission ASIC are an independent Commonwealth Government agency who’s role include the licensing of  life or general insurance brokers.

ASIC receives reports about delivery of life or general insurance products, an ASIC licensed Australian financial services (AFS) licence authorises licensees to provide financial product advice to clients. ASIC investigations has lead to at least six insurance professionals being banned or jailed in recent months.

In the event of dispute The Financial Ombudsman Service offers a free, fair & accessible service to consumers who are unable to resolve a dispute with a financial services provider.

Most broker will also belong to industry association like NIBA (National Insurance Brokers Association) that are committed to the advancement of professional insurance broking and to the fostering of public confidence in brokers. NIBA is an independent industry association representing over 400 firms and more than 3000 intermediaries, who handle almost 90% of the commercial insurance transacted in Australia. Brokers play a major role in insurance distribution, handling $18 billion in premiums annually and placing around half of Australia’s total insurance business.

And often its insurance brokers that protect the industry from rouge operator as discussed in this video by NIBA

 

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