News Flash (July 2006)


General Manager Debbi Thorne wins NIBA NSW Broker of the Year Award

Please join with us in congratulating Debbi Thorne who was awarded the NIBA NSW QPIB of the Year Award for 2006.  

The award was sponsored by Zurich Financial Services. Zurich are the only Insurer who are truly dedicated to the Broker market – with all their dealings placed through brokers. They do not market directly to clients but have recognised the true value they can provide to their clients throught the professional broker market. 

Zurich are a preferred partner with Action Insurance Brokers.

The award was announced on Saturday 22nd July 2006 at the Annual NIBA Ball and a number of Action team members were there to support and celebrate the win with Deb.

Candidates were nominated by Insurers and a strict criteria applied. Candidates had to have a sound knowledge of the industry, exhibit leadership qualities and effect change within the industry. Of the many candidates nominated, Debbi naturally reflects all these qualities and whilst we knew the competition would be strong, Debbi was stand out choice.

Debbi is also the first female recipient of the award – yet another example that the “glass ceiling” is being shattered on a regular basis in our industry.

Congratulations Debbi.
                                                                                      

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News Flash (June 2005)


Inquiry Clears Brokers

Australian insurance brokers have welcomed the results of a Government inquiry clearing them of misconduct of the kind uncovered in the United States insurance industry.

The National Insurance Brokers Association (NIBA) said that the results of the six-month inquiry, which were released today by the Australian Securities and Investments Commission (ASIC), will give insurance-buyers renewed confidence that brokers are acting in their best interests when negotiating risk insurance products on their behalf.

NIBA Chief Executive Noel Pettersen said the exhaustive ASIC inquiry examined truckloads of information obtained from brokers and insurers, and has effectively cleared brokers of any wrongdoing. “In the small number of cases where isolated deficiencies were identified, they were not judged serious enough to warrant enforcement action by ASIC,” he said.

“This report reinforces what we have been saying since last November, when the Spitzer inquiries in the United States first began – that Australian brokers are very tightly regulated and professional in their dealings with clients and insurers.”

However, Mr. Pettersen expressed disappointment in the tone of the ASIC press release, which “does not reflect the overall thrust of the report”.

For example, while the ASIC press release highlights contingency payments, the inquiry itself found their impact on brokers’ overall earnings were – in ASIC’s own words – “immaterial”.

Mr Pettersen said the report’s comments on conflict of interest will be examined very closely. “Brokers believe the interests of their clients are paramount, and we’ll be working with ASIC to reinforce this across the industry.”

But Mr Pettersen made the point that prior to the introduction of the Financial Services Reform Act in 2004 brokers were specifically forbidden from receiving contingent commissions. The new Act put them on the same basis as other financial services licence holders.

“We recognise this is a complex and dynamic business environment we’re working in. We need to ensure at all times that the interests of our clients remain our primary focus.

“The government acknowledges that the new FSR regime is not perfect and we want to help reduce the level of complexity and confusion in the documentation that clients receive. We’ll also be updating our Code of Practice to ensure that insurance buyers in Australia remain the best protected in the world,” Mr. Pettersen said.

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 News Flash (January 2005)

Action Insurance Brokers Pty Ltd wishes to advise that it has terminated the authorised representation aggreement of Mr Robert Tresidder with affect 13 December 2004. Mr Tresidder's clients who wish to continue dealing with him should contact Mr Tresidder directly. Action Insurance Brokers Pty Ltd categorically denies any wrong doing in the termination of the agreement with Mr Tresidder.

If you have any questions regarding Mr Tresidders termination please email jon@actioninsurance.com.au