The Act provides for the registration of insurance brokers and for the regulation of their professional standards. The objective of the Code of Conduct is to establish a recognised standard of professional conduct to which all insurance brokers should, in the interests of the public and in the performance of their duties, conform and in doing so they should bear in mind this objective and the underlying spirit of this Code.

The Code is not exhaustive or all embracing and while it shall serve as a guide to insurance brokers and other persons concerned with their conduct nevertheless the mention or the lack of mention in it of a particular act or omission shall not be taken as conclusive of any question of professional conduct.

Apart from this Code insurance brokers authorised by the Council to advise or effect transactions on relevant investment business are also required to comply with any rules made by the Council for the conduct of investment business under the Financial Services Act 1986.

Claims against insurance brokers for compensation arising from acts or omissions amounting to negligence are matters for determination by the Courts. Nevertheless, acts of gross negligence or repeated acts of negligence may amount to unprofessional conduct and notwithstanding that the matter may be the subject of legal proceedings, the Council may still investigate the conduct of the insurance broker.