IBCCC holds brokers to account and drives stronger practices
Insurance Brokers Code Compliance Committee
The Insurance Brokers Code Compliance Committee took firm action against poor practice and pushed brokers to strengthen how they serve and protect clients during 2025–26.
Its 2025–26 Annual Report, published today, shows how the Committee held brokers accountable for serious failures, exposed weaknesses in broker–agent arrangements and tackled persistent problems with insurance renewals.
During the year, the IBCCC made 17 formal findings that brokers had breached the Code and imposed six sanctions — its highest number to date.
A review of seven brokers also found weaknesses in how they managed agents and representatives, including conflicts of interest, disclosure and oversight. The Committee made nine breach determinations and imposed one sanction as a result.
Chair of the IBCCC, Oscar Shub, said formal action was important because it required brokers to address problems, not simply acknowledge that a breach had occurred.
“The numbers are not the achievement in themselves,” Mr Shub said.
“What matters is that brokers confront failures, remedy problems and strengthen their practices. Holding brokers accountable gives substance to the commitments they make to their clients under the Code.”
The Committee also targeted renewal practices, which remained the largest source of reported Code breaches and accounted for almost half of all breaches in 2025.
After reviewing the practices of 29 brokers, the IBCCC published guidance showing how earlier planning, closer oversight and clearer communication can reduce last-minute pressure, give clients more time to consider their options and reduce the risk of gaps in cover.
“Renewals are a persistent problem, but they are also an area where brokers can take practical steps to reduce the risk to clients,” Mr Shub said.
“Starting early, tracking progress and communicating clearly gives clients more time to understand their options and make informed decisions instead of dealing with important insurance decisions at the last minute.”
The IBCCC also used industry data to sharpen its monitoring and help brokers assess their own performance. Brokers reported 5,417 Code breaches affecting 14,824 clients, with a reported financial impact of $5.848 million. The Committee’s analysis reinforced renewals and communication as recurring areas of concern and helped shape where it focused its work.
“Industry data helps us see where problems are recurring and where the Committee needs to look more closely. It also helps brokers compare their own performance and identify weaknesses before they become bigger problems for clients,” Mr Shub said.
The IBCCC also used what it learned from monitoring the current Code to push for stronger client protections in the revised Insurance Brokers Code, including in areas such as conflicts of interest, vulnerability, renewals and remuneration disclosure.
In 2026–27, the Committee will focus on helping brokers implement the revised Code while continuing its work on conflicts of interest and better client communication practices.
Read the IBCCC Annual Report 2025-26
About us:
The Insurance Brokers Code Compliance Committee is an independent body that monitors compliance with the Insurance Brokers Code of Practice. Its purpose is to ensure brokers maintain consistent and high-quality service standards for the benefit of clients, and to promote trust and confidence in the insurance broking industry.
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