Rules & Regulations
Code of Conduct

This Code of Conduct shall serve as a guide to members and the objective of the Code is to assist and establish a recognized standard of professional conduct.

The principles are as follows:


Members shall at all times conduct their business with utmost good faith and integrity.

Members shall do everything possible to satisfy the insurance requirements of their clients and shall place the interests of those clients before all other considerations. Subject to these requirements and interests, members shall have proper regard for others.
Statements made by or on behalf of members when advertising shall not be misleading or extravagant.

The specific examples are that the company shall:

  1. provide advice objectively, independently and impartially.
  2. ensure that all employees are made aware of the Code of Conduct.
  3. on request explain to a client the differences in the principal types of insurance and explain the terms and exclusions therein.
  4. use sufficient number of insurers to satisfy clients' requirements without unduly limiting the client's choice.
  5. use its skill objectively in the choice of an insurer or insurers in the best interests of a client and shall not be unreasonably dependent on any particular insurer in transacting broking business.
  6. if required, inform a client of all insurers with whom a contract of insurance is placed and disclose any special association he may have with any insurer whom he is recommending.
  7. have proper regard of the wishes of a client who seeks to terminate business.
  8. ensure that any information received from clients shall not be used or disclosed except that relating to normal negotiation for insurance or if the information is required by a court of law.
  9. in the completion of the proposal form, claim form, or any other material document, insurance brokers shall make it clear that all the answers or statements are the client's own responsibility and explain the principle of utmost good faith. The client shall always be asked to check the details and told that the inclusion of incorrect information may result in a claim being repudiated.
  10. ensure that advertisements distinguish between contractual and non-contractual benefits.
  11. ensure that advertisements are not restricted to the policies of one insurer except where reasons are given and the insurer is named.
  12. ensure that advertisements shall disclose the company's identity, occupation and purpose.
  13. advise clients that the Code of Conduct is available and display a notice to this effect in a prominent position in its office/offices.
  14. ensure that any director or employee who may act for more than one broking firm shall identify to his client which broking firm he is representing in relation to each particular insurance transaction.