Insurance Brokers Code of Practice
Insurance Brokers Code of Practice
The Cowden Group includes insurance broking businesses that subscribe to the Insurance Brokers Code of Practice (the Code), developed by the National Insurance Brokers Association (NIBA). The Code establishes professional and ethical standards for subscribing insurance brokers, setting out what clients can expect when engaging their services. It complements our obligations under Australian financial services law and provides an additional framework for professional conduct, transparency, and accountability. At Cowden, these standards are reflected in how our insurance broking businesses engage with clients, provide advice, arrange insurance, manage claims, and maintain ongoing client relationships.What the Code means for our clients
Understanding your needs
We seek to understand your business, circumstances, and insurance requirements before recommending insurance solutions. We explain the services we provide, any limitations on those services and the basis on which we act for you.
Clear advice and informed decisions
We provide information about the insurance options we recommend, including relevant benefits, risks, costs, exclusions, and limitations. Our role is to help you understand your options and make informed decisions about your insurance arrangements.
Transparency about remuneration
We explain how we are remunerated, including relevant commissions, fees and other benefits. We provide remuneration information and obtain client consent where required under the Code and applicable law.
Managing conflicts of interest
We identify and manage conflicts of interest that may arise through our business activities, insurer relationships or remuneration arrangements. We disclose relevant conflicts and will not continue acting where a conflict cannot be appropriately managed.
Ongoing service and renewals
We assist clients with their insurance arrangements throughout the policy period, including policy changes and renewals, in accordance with our agreed services. We communicate renewal information within the required timeframes to allow clients to consider their insurance needs and available options.
Claims assistance and advocacy
When a claim arises, we assist clients in dealing with insurers, understanding claims decisions and progressing their claims. Where appropriate, we advocate for clients when claims are disputed, declined or reduced. We also recognise the importance of timely assistance following catastrophes and major events.
Supporting clients experiencing vulnerability
We recognise that personal circumstances, financial hardship, illness or other difficulties can affect a client’s ability to access or understand insurance services. We provide additional assistance where appropriate, respect confidentiality and take reasonable steps to accommodate individual needs.
Our approach to governance and accountability
Compliance with the Code forms part of Cowden’s broader governance, risk and compliance framework and our obligations as Australian financial services licensees. Our insurance broking businesses maintain policies, procedures, training and monitoring arrangements to support the professional standards expected of our employees and representatives. These arrangements address matters including client engagement, conflicts of interest, remuneration disclosure, recordkeeping, complaints management and compliance reporting.
We expect our people to act professionally, exercise appropriate care and judgement, maintain accurate records and raise concerns where our standards or obligations may not have been met.
Independent oversight
Compliance with the Code is independently monitored by the Insurance Brokers Code Compliance Committee. The Committee monitors, investigates and reports on compliance by subscribing brokers and can take action where breaches of the Code are identified.
This independent oversight provides an additional level of accountability beyond the legal and regulatory obligations applying to our insurance broking businesses.
Further information is available from the Insurance Brokers Code Compliance Committee.
Complaints and concerns
If you are dissatisfied with our services, we encourage you to contact us so we can investigate and respond to your concerns. Our complaints and dispute resolution process explains how to make a complaint, how it will be managed and your options for referring an eligible complaint to the Australian Financial Complaints Authority (AFCA).
Concerns about potential breaches of the Code may also be raised with the Insurance Brokers Code Compliance Committee. The Committee oversees compliance with the Code but does not resolve individual disputes or award compensation.
View Cowden’s complaints and dispute resolution information.
Read the Code
The Insurance Brokers Code of Practice is publicly available and provides further information about the standards and commitments applying to subscribing insurance brokers. We encourage clients to familiarise themselves with the Code and the standards they can expect when dealing with our insurance broking businesses.
Read the Insurance Brokers Code of Practice on NIBA’s website.