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The
Insurance Institute of Ireland (The Institute)
encourages the highest professional and ethical
standards in insurance and financial services
worldwide.
The Council and membership of The Institute look to
all members, to meet these standards and to maintain
the reputation of The Institute by following this
Code of Ethics and Conduct (the Code). It sets down
the principles which all members of The Institute
should follow in the course of their professional
duties.
Members are obliged to comply with this Code. If
they do not comply, this may result in The Insurance
Institute of Ireland taking disciplinary action
against the member.
The key values which set the standards for the
behaviour of all The Institute members in respect of
the key stakeholders in sections 1 to 5 are:
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(a) |
Behaving with
responsibility
and
integrity
in their professional life
and taking into account their wider
responsibilities to society as a whole.
Acting in a courteous, honest and fair
manner towards anyone they deal with. Being
trustworthy and never putting their
interests or the interests of others above
the legitimate interests of their
stakeholders; |
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(b) |
Complying with all relevant Laws (including
the laws of The Institute) and meeting the
requirements of all applicable regulatory
authorities, and appropriate codes of
practice and codes of conduct. |
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(c) |
Demonstrating
professional competence
and
due care
including:
- Meeting the technical and professional
standards relating to their level of
qualification, role and position of
responsibility;
- Completing their duties with due skill, care and
diligence; |
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(d) |
Upholding
professional standards
in all dealings and
relationships; |
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(e) |
Respecting the
confidentiality
of information; |
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(f) |
Applying
objectivity
in making professional
judgements and in giving opinions and
statements, not allowing prejudice or bias
or the influence of others to override
objectivity. |
Members should respect the traditions and cultures
of each country in which they operate. They should
carry out business in any country according to all
applicable local Laws, Rules and Regulations. Where
there is a conflict between local custom and the
values stated above, the Code will act as a guide to
help members to act professionally.
A member operating in a professional capacity has
duties, arising from these key values, to a number
of different groups. Within these relationships a
member should always act ethically and their
behaviour and conduct should meet the following
principles:
1. Relations with customers
Members will seek to earn and maintain the trust of
their customers at all times and should:
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1.1. |
Give fair and
proper consideration and the appropriate
priority to the interests and requirements
of all customers. Obtain and provide
relevant information, including all
necessary documentation and respect the
confidentiality of information; |
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1.2. |
Avoid conflict between personal interests,
or the interests of any associated company,
person or group of persons, and their duties
to all customers; |
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1.3. |
Avoid conflict between any competing interests
of one or more customer(s), stepping aside in one or
all matters if such conflicts cannot be resolved; |
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1.4. |
Act at all times with due skill, care and diligence; |
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1.5. |
Act only within the limits of personal
competence and any limits of authorisation; |
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1.6. |
Act in a financially honest and prudent manner,
including ensuring the protection of any money and
/or property held on behalf of customers; |
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1.7. |
Act openly, fairly and respectfully at all
times, providing all customers with due respect,
consideration and opportunity; |
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1.8. |
Be honest and trustworthy with customers and
communicate with them in a clear, prompt and
appropriate manner; |
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1.9. |
Provide suitable and objective recommendations
to customers; |
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1.10. |
Comply with all Laws and Regulations regarding
the supply of goods and services to customers; |
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1.11. |
Not provide or accept money, gifts,
entertainment, loans or any other benefit or
preferential treatment from or to any existing or
potential customer or provider, other than
occasional gifts, entertainment or
remuneration, which are provided as part of accepted
business practice, and which are not likely to
conflict with duties to customers. |
2. Relations in employment
Members should aim to ensure good relations with
their employer and employees and should:
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2.1. |
Avoid conflict between personal interests, or
the interests of any associated company or
person, and their duty to their employer; |
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2.2. |
Not make improper use of information obtained
as an employee or disclose, or allow to be
disclosed, information confidential to their
employer; |
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2.3. |
Seek to be a responsible employer or employee
and be honest and trustworthy at work; |
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2.4. |
Act openly, fairly and respectfully at all
times, treating other employees, colleagues,
customers and suppliers with equal respect,
consideration and opportunity; |
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2.5. |
Aim to take every opportunity to improve their
professional capability, knowledge and skills; |
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2.6. |
Accurately and completely account for and
report in employer records all business dealings; |
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2.7. |
Not provide or accept money, gifts,
entertainment, loans or any other benefit or
preferential treatment from or to any
existing or potential supplier or business
associate, other than occasional gifts,
entertainment or remuneration, which are
provided as part of accepted business
practice, provided this is not likely to
conflict with any duty that is owed to their
employer. |
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In addition, where a member holds a position of
influence within an organisation they should: |
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2.8. |
Provide, or encourage their employer to provide,
suitable arrangements for the internal review of
decisions, policies and actions where an employee
raises concerns of unethical behaviour. (Employees
should not be penalised for raising matters of
ethical concern even if this results in a loss to
the organisation
or a customer); |
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2.9. |
Incorporate, or encourage their employer to
incorporate, ethical standards into the organisation’s governance standards, including the
development of an ethical code. |
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(This part of the Code will operate alongside any
employer policies, guidance,work rules, contracts
and conduct documents. Where this part of the Code
sets higher standards, the Code should be followed.) |
3. Relations with Regulators and the Law
Members must respect all Laws and abide by all
Regulations that affect their business and must:
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3.1. |
Ensure they operate within the Law and within
the spirit of the Law, at all times; |
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3.2. |
Ensure they deal with regulators in an open,
transparent and co-operative manner and
meet any requirements correctly made of them. |
4. Relations with the community and the public
Members should recognise the important wider role
that they play as professionals and should:
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4.1. |
Seek to advance the reputation of financial
services, financial planning, insurance and
associated trades through their own conduct; |
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4.2. |
Operate in a way that respects environmental
concerns and issues; |
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4.3. |
Act in a socially responsible manner within the
countries and societies in which they operate; |
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4.4. |
Strive to be trusted individuals and fulfil
their responsibilities to the societies and
communities in which they operate professionally. |
5. Relations with The Insurance Institute of Ireland
Members receive various benefits as The Institute
members, but they also have responsibilities to The
Institute and its members.
They should:
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5.1. |
Act at all times according to the laws of The
Institute (including this Code of Ethics and
Conduct); |
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5.2. |
Ensure a transparent relationship with The
Institute, based on trust, respect, responsibility
and integrity; |
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5.3. |
Have pride in their status as an The Institute
member and in any The Institute qualifications they
hold; |
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5.4. |
Ensure they do not make improper use of
information or disclose, or allow to be disclosed,
information confidential to The Institute; |
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5.5. |
Aim to seek opportunities to support the work
of The Institute and to promote its values to
others, especially industry bodies, employers and
prospective members; |
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5.6. |
Aim to seek opportunities to support local The
Institute activities; |
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5.7. |
Demonstrate to others the value of professional
qualifications and continuing professional
development; |
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5.8. |
Treat other The Institute officers, other
members and The Institute employees with the same
respect they would wish to be given; |
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5.9. |
Ensure that their membership of The Institute
is not publicised in any way, that might suggest
that they hold a professional qualification which
they are not entitled to; |
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5.10. |
Ensure that any conduct, promotion or public
announcement, with which a member, their name or
qualification are connected does not bring The
Institute, another member or their
profession into disrepute; |
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5.11. |
Advise The Institute of any members who are
not following its rules or this Code, and advise The
Institute of anyone wrongly representing themselves
as a member; |
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5.12. |
Aim to ensure the expected standard of
technical competence is maintained and that they
remain informed of current developments (to ensure
they remain competent to carry out their role) by
undertaking appropriate professional development. |
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In addition: |
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5.13. |
Qualified Institute members, using
Institute designatory letters
should comply with the
requirements of The Institute’s scheme for
Continuing Professional Development (CPD)
appropriate to their level and conditions of
membership; |
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5.14.
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All titleholders
should notify the Institute promptly
of any change in the nature of their employment
which might affect the particular chartered title
applicable to them under the terms of The
Institute’s Bye-laws. |
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