The underlying principle of the business of insurance is utmost good faith. When purchasing insurance, a client is purchasing a “promise” that they will be indemnified against loss or liability for loss in the event of a specified peril. Therefore, it is essential to the insurance business that its participants command and maintain the confidence and respect of the public.
This can only be achieved by maintaining a reputation for integrity, competence and good faith.
In establishing this Code of Conduct, the General Insurance Council is identifying for insurance agents the minimum standard of conduct expected of them and identifying for the public at large the standard of conduct they should expect from their agent.
Insurance agents are the public face of the industry and, as such, are expected to strive to maintain the highest possible standard of ethical conduct and to encourage others to do so as well.
The willingness and commitment of all licensed insurance professionals to achieve widespread compliance with this Code of Conduct is a more powerful enforcement mechanism than any sanction imposed by a regulatory body.
Let’s dive in!!
