INSURANCE BROKER - CODE OF CONDUCT
CODE OF CONDUCT
The Broker's activity must be based on the principles of professionalism, independence, transparency and respect towards clients, insurers, other intermediaries, their collaborators and, in general, all the subjects with whom they interact.
Aware of the importance of the interests that have been entrusted to the Broker, who is required to comply scrupulously with the duties imposed by laws, customs and professional traditions.
Considering: that the independence enjoyed does not confer any privileges but, on the contrary, commits the Broker to abide by specific moral obligations; that adequate regulation of the insurance and reinsurance brokerage profession is of social importance, to guarantee the best development of the entire insurance market and the protection of both policyholders and savers.
Establishes and drafts the Code of Conduct for Insurance and Reinsurance Brokers which must be considered as a guide of conduct of a general, binding and mandatory nature.
The Broker must:
- safeguard the interests of the client, placing them above all self-consideration, also in relation to the duration of insurance contracts and brokerage assignments in particular the importance of the remuneration received must in no way influence the quality of the service;
- assist the client in identifying their insurance needs as part of the assignment received and, with their consent, present them to the insurers in strict compliance with objectivity in order to satisfy them in a suitable manner;
- assist the client both in the formulation of the contractual conditions, providing explanations and recommendations useful for final evaluation and management in the event of any claim;
- respect professional confidentiality;
- propose to the client suitable insurers in relation to the client's needs, with particular regard to financial stability, characteristics of the insurance solutions offered and quality of service;
- in the case of quotations indicated, the same must be based on a sufficiently complete set of information fit for purpose, be reasonably reliable and represent in a truthful and correct manner the actual conditions obtainable on the market for the characteristics of the risk.
The Broker must not:
- Make misleading or deceitful statements directed at customers that are likely to create discredit to a colleague or to the profession;
- act in a manifestly unfounded manner towards the client.
LOYALTY TOWARDS INSURERS
The Broker must:
- submit, in the utmost good faith, proposals that are clear and truthful and documented as fully as possible;
- refrain from supporting client requests when they are clearly unjustified;
- avoid inserting names or products of specific insurers in its advertising, unless the reasons for this are fully explained in the text and there is the prior consent of the insurers themselves.
SOLIDARITY WITH COLLEAGUES
The Broker must:
- Implement principles of fair competition.
- in determining remuneration, they must take into account the interests of the client and market prices in compliance with a fair economic policy;
- not denigrate a colleague. Any criticisms must be objective and in any case based exclusively on technical reasoning;
- carry out the procedures of the Association in the event of a dispute with another AIBA Associate; accept that notice of such decisions is given, within the limits permitted by the regulations in force, to the Presidential Committee, the Board of Directors and the colleagues concerned;
- avoid relationships with insurers who do not comply with market ethics and mediation practices, and inform the Association of any incorrect attitude;
- promptly inform the Association of the announcement, by the contracting authorities, of tenders that one or more Associates believe that, with full evidence, are not suitable to ensure a level playing field for all competitors;
- refrain from submitting an independent appeal to the administrative judge if, using the situation referred to in the previous letter in the notice, the Association has decided to take its own initiative against the public body to suggest changes to the notice or its revocation;
- in the event of an award already made and in the presence of the situation referred to in letter e), consult the Association before submitting an independent appeal to the administrative judge in order to verify its compatibility with the general interests of the category;
- in the event of economic competence ungoverned by the AIBA self-regulation rules relating to portfolio transfers, the Associate may contact customers directly. By way of non-exhaustive example, the Broker may involve customers in the hypothesis of remuneration agreed directly with customers, for any contractual penalties, in the case of assignments resulting from public selections, for commissions that, in relation to the time period, do not fall within the competence of the Arbitration Board or the Board of Arbitrators.
RELATIONSHIP WITH THE ASSOCIATION
Participation in the Association implies the recognition of its role as the representative of collective interests. This involves, among other things, the abstention by members from any behavior that could harm the image, common interest and the commitment to adapt their behavior to the resolutions of the Associative bodies. Each Broker also undertakes not to participate, either directly or through its administrators, in associations of similar purpose and composition.
Each Broker undertakes to comply with the provisions of this Code. Transgression will give rise to the application of the disciplinary sanctions provided for by the Association's Statute. The General Secretariat of the Association is responsible for receiving any report or complaint concerning alleged violations of this Code of Conduct.