The National Insurance Brokers Association (NIBA) has announced that Phil Khoury of Cameron Ralph Khoury will conduct an independent review of the Insurance Brokers Code of Practice.
This review aligns with NIBA’s goal to ensure that the code remains relevant to consumer expectations and reflects current standards within the insurance broking industry.
Khoury, a specialist in governance, regulatory practices, and industry standards, has prior experience in similar roles, including his review of the Banking Code of Practice. His work on that project led to reforms aimed at improving industry transparency and consumer protection.
NIBA has expressed confidence that Khoury’s background in stakeholder engagement, and his familiarity with complex regulatory landscapes will be instrumental as he leads this process.
CEO Richard Klipin said Khoury’s expertise in regulatory reviews makes him well-suited to guide the review process.
“We are delighted to have Phil Khoury on board to lead this critical review. His expertise and track record in conducting thorough and balanced reviews of industry codes make him the ideal choice to ensure that the Insurance Brokers Code of Practice continues to meet the highest standards of professionalism and deliver positive outcomes for both brokers and their clients,” he said.
The IBCCC’s 2023-24 Annual Report, released shortly before Khoury’s appointment, urged the Australian insurance broking sector to enhance its practices in several key areas, including breach reporting, transparency, remuneration disclosures, and communication with clients.
Klipin highlighted the code’s role in helping the insurance broking profession maintain its commitment to self-regulation, enabling brokers to act as risk management advisors for Australian consumers and businesses.
“The Insurance Brokers Code of Practice underlines our ongoing commitment as a profession towards self-regulation, helping ensure that insurance brokers can continue supporting Australian families, communities, and businesses as trusted partners to manage risk and thrive,” he said.
Khoury said that the review is essential to keeping the code relevant and effective.
“The review is critical to ensuring that the code remains relevant, effective, and responsive to the needs of all stakeholders. I look forward to engaging with industry participants, regulators, and consumers to deliver recommendations that will uphold trust and integrity in the insurance broking profession,” he said.
