Date(s) - 12/21/2017
1:00 pm - 4:00 pm
Categories No Categories
Learn all about the fiduciary responsibility that all agents must abide by. We also go a little further in depth with examples of how we develop our own morals and ethics based on many factors.
The ASIR project explains more about Ethics & the Cod of Ethics that is set up for the insurance professional;
A CODE OF ETHICS FOR
The ASIR project work plan requires the development of a Code of Ethics for all insurance
The Merriam Webster Online Dictionary defines ethics as:
1) The principles of conduct governing an individual or a group OR
2) A guiding philosophy
Hence, a Code of Ethics is meant to apply rules governing the behaviour of insurance
industry professionals in their operations.
In insurance regulation, market conduct is regarded as the second main pillar of supervisory
attention alongside financial solvency regulation. Market conduct is all about insurance
consumer protection, ultimately. What is EISA protecting insurance consumers against?
Well, in brief, it is to protect against unfair treatment, high sales pressure tactics, improper
dealings, fraud, dishonest transactions, misleading information.
All of these market conduct/consumer protection concerns finally boil down to one thing;
ethical behaviour. People who act with proper ethics are unlikely to be guilty of the
aforementioned tactics. Instilling ethical behaviour among insurance industry participants is
a key to winning the respect and trust of the average Egyptian insurance consumer. It
cannot be earned overnight. It takes considerable time to gain this and develop a reputation.
While the focus of ethical guidelines must be the protection of policyholders, we must also
remember that ethical behaviour should also be practiced at all times towards other
insurance professionals and other interested parties such as government Departments and