Insurance Broker - Code of Conduct
CODE OF CONDUCT – AIBA
The Broker’s activity must be based on principles of professionalism, independence and transparency towards clients, insurers and their colleagues.
The Broker must:
- Safeguard the interests of the customer, placing them above all his own considerations, with regard to the duration of insurance contracts and brokerage assignments. In particular, the importance of the remuneration must not influence service’s quality in any case.
- Assist the client in identifying his insurance needs as part of the assignment received and, with his approval, present them to insurers with severe objectivity, in order to satisfy them in an appropriate manner.
- Assist the client not only in the formulation of contractual conditions, providing him useful explanations for his final judgement if requested, but also in any claims management.
- Respect professional secrecy.
- Offer to the client insurers that he trusts.
Broker must not:
- Make misleading or mystifying statements aimed to clients and likely to create discredit to a colleague or a category.
- Issue quotes without written assignment, at least exploratory, by the client if the amount of the policy to be processed exceeds the premium of 25 thousand euros.
LOYALTY TO INSURERS
The Broker must:
- Present clear and truthful proposals in good faith and as much documented as possible.
- Refrain from supporting client’s complaints if clearly unjustified.
- Avoid including names or products of specific insurers in its advertising, unless his reasons are fully explained in the text and unless the Insured Company gave its prior consent.
SOLIDARITY WITH COLLEAGUES
The Broker must:
- Implement principles of fair competition.In particular: – In determining its remuneration, he must take into account the interests of the client and of Market prices, complying with a fair economic policy; – He must not denigrate a colleague. Any criticism must be objective and in any case based on technical reasons;
- Ask and accept the opinion or arbitration of the Association in case of a dispute with a colleague. Accept the notification of those decisions to the Committee of the Presidency, to the Board of Directors and to interested colleagues, within the limits dictated by the rules in force.
- Avoid relationships with insurers that do not adhere to market ethics and mediation practices, and inform the Association of any misconduct.
- Promptly inform the Association of the call by the contracting authorities of notices that one or more Associates believe, with full evidence, are not suitable to guarantee the equalty of all competitors.
- Avoid presenting an independent appeal to the administrative judge, if, by resorting in the notice the situation described in the previous letter, the Association has decided to take its own initiative towards the public authority to suggest changes to the notice or its revocation.
- In the event of an adjudication already carried out and in the situation referred to point 5., consult the Association before lodging an independent appeal to the administrative judge in order to verify its compatibility with the general interests of the category.
RELATIONS WITH THE ASSOCIATION
Participation in the Association implies the recognition of its role as representative of the
Collective interests. This entails, among other things, the abstention of members from any behavior that may harm the common image and interest, with the commitment to adapt one’s own behavior to the deliberations of the associative bodies.
Each Broker also undertakes not to participate, directly or through its directors, to Associations similar in purpose and composition.
Each Broker undertakes to comply with the provisions of this Code.
Violations will give rise to the application of the disciplinary sanctions provided by the Statute of the Association.
The General Secretariat of the Association is in charge of receiving any report or complaint concerning alleged violations of this Code of Conduct.