Oct 2021
As can be seen from the cases surveyed, the insurance regulatory regime administered by the IA demands that insurance intermediaries and insurers carry on business ethically and with integrity, principles which are essential to the trust on which the insurance market must be founded. The general principles of ethics and integrity, treating clients fairly and acting in the client’s best interests, run like a golden thread through the Codes of Conduct and Guidelines which the IA has issued and are embedded into the conduct requirements demanded of licensed insurance intermediaries under the Insurance Ordinance.
These are more than just words on a page. They have to be lived by every licensed insurance intermediary and every insurance practitioner in their day to day work.
Belinda, has been a technical representative (broker) working for the same insurance broker company serving clients for over 20 years. One of her clients, V purchased a medical insurance from Belinda some years ago. Since then, Belinda met with V regularly to review her insurance needs and ensure they were kept up to date.
In 2020, V was diagnosed with cancer and had to undergo an immediate serious operation. Belinda assisted with the notification to V’s insurer and advised V on coverage and the expected amount she could be reimbursed. Belinda then accompanied V to the hospital, helped her get settled in and stayed with her to listen and talk through her fears and concerns. Everyday whilst V remained in hospital, Belinda came to see V, keeping her company, encouraging her to eat what she could, helping her be sick when needed because of the side-effects of the medicine, and doing what she could to give V the courage to get through one of the hardest moments in her life.
As soon as V was out of hospital, Belinda assisted her in submitting her claim to the insurer. The claim was paid within days. But when Belinda checked the amount of the claim payment, she realized V was entitled to a greater percentage of reimbursement on one aspect of her treatment. With V’s permission, Belinda contacted V’s doctor to obtain the necessary clarifying documents, submitted these to the insurer and full payment was made.
A year on V has just started a new job and is getting on with life with confidence. But she will never forget the ethics, integrity and kindness shown to her by her insurance broker, Belinda, who was by her side during the most difficult period of her life.
The IA’s Codes of Conduct reflect the principles of integrity and ethics shown by Belinda in acting in the best interests of her client, V. By taking disciplinary action against insurance intermediaries who contravene these requirements, the IA will protect policyholders, ensure insurance intermediaries like Belinda are supported and reinforce the trust on which the insurance market needs to be founded.