Persons engaged in the insurance industry have a responsibility to the public and other members of the profession, to at all times conduct themselves in a manner which will not bring disrepute to either the public, themselves or the industry. To this end, a Code of Ethics is necessary so as to:

1. define and promote standards of ethical behaviour among persons engaged in the insurance industry;
2. facilitate effective functioning of insurance personnel, in accordance with proper insurance industry practice;
3. project a positive image of the industry, as one dedicated to serving the public interest, in a fair and honest manner.

Definition

Unless specifically stated, for the purposes of this Code, Insurance Personnel shall be deemed to include any person engaged in the business of insurance as defined by the Insurance Act ’95, as well as persons in their employ, whether salaried or on a commission basis.

General

1. Insurance Personnel shall observe the rules of this Code, maintain their integrity and the honour and dignity of the profession, and encourage others to act similarly in the practice of the profession, and shall refrain from conduct which is detrimental to the profession or which may tend to discredit it.
2. Insurance Personnel shall seek the interest of the policy owners as they would their own and advise them to the best of their ability and responsibility without bias and without regard for personal advantage.
3. Insurance Personnel shall not endeavour, whether directly or indirectly to attract clients by unfair means, including the disparaging of a competitor.
4. Insurance Personnel shall not unlawfully breach their clients’ confidences regarding the policyholders’ personal and business affairs.
5. Insurance Personnel shall not make false or misleading statements or representation to policy owners or prospective buyers and should at all times be guided by utmost good faith policy.
6. Insurance Personnel shall bring to the attention of the Council without fear or favour, and/or before the proper tribunals, unprofessional or dishonest conduct by any other insurance person.
7. Insurance Personnel shall not refuse, without cause, someone proposing for insurance.
8. Insurance Personnel shall treat clients and third party litigants with fairness and courtesy, refraining from all offensive personal references.
9. Insurance Personnel shall at all times acknowledge and act promptly upon communications with respect to claims arising under insurance policies.
10. Insurance Personnel shall at all times adopt and implement reasonable standards for the prompt investigation of claims.
11. Insurance Personnel shall at all times affirm or deny coverage of claims within a reasonable time after proof of loss statements have been completed.
12. Insurance Personnel shall at all times act in good faith, to effectuate     prompt, fair and equitable settlement of claims in which liability has        become clear.
13. Insurance Personnel shall at no time attempt to circumvent their obligations by attempting to settle a claim for less than the fair amount due.
14. (a) Insurance Personnel shall at no time delay the settlement of a claim where liability has become clear under one portion of the policy in order to influence settlements under other portions of the policy.
    (b) Where there are several heads of a bona fide third party claim, settlement under one aspect shall not be delayed simply to influence the settlement of the remaining aspects.
15. Insurance Personnel shall at no time make payments to clients without an explanation about how the figures were arrived at.
16. Insurance Personnel shall at no time prior to the commencement of Arbitration proceedings, attempt to intimidate claimants by threatening a policy of appealing awards in favour of the claimants.
17. Insurance Personnel shall at no time seek to repudiate liability on the grounds of non-disclosure of material facts, which material facts a claimant could not be reasonably expected to have known either at policy inception or during its currency.
18. Insurance Personnel shall at no time seek to repudiate liability on the grounds of non-disclosure of material facts or the misrepresentation of material facts if knowledge of the fact would not materially have influenced the insurer’s judgement in the acceptance or assessment of the insurance, provided such non-disclosure or misrepresentation was not deliberate.
19. Insurance Personnel shall at no time seek to repudiate liability where there has been a breach of warranty or condition but the circumstances of the loss are unconnected to the breach.
20. Insurance Brokers shall at all times act in the best interests of their clients, representing them honestly, competently, zealously and endeavour by all fair and honourable means to obtain for them the benefit of any and every remedy and defence which is authorised by law.
21. Insurance Brokers shall at all times endeavour to place the interests of their clients above all else, so long as this is done within the law.
22. Insurance Personnel shall observe all laws governing unfair trade practices and unfair contracts as stipulated by subsidiary legislation.