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Insurance Brokers specialise in risk and management. They provide professional advice to their customers on the insurance policies suitable to them and for providing this service they are paid brokerage by the company whose policy the customer finally chooses. The advice that insurance brokers provide are beneficial, especially during the time when you need to make a claim. In order to provide the services of insurance broker, an entity needs to obtain insurance broker registration from the insurance regulatory authority and the insurance brokers are expected to operate and function in a manner as specified by the regulatory authority. This is called as Insurance Brokers Code of Conduct.
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As per Insurance Brokers Regulations, every insurance broker needs to follow certain standards of professional conduct and discharge their functions in the best interest of its clients or policyholders. These standards are called as Insurance Brokers Code of Conduct. The code of conduct has been specified in respect of various factors such as during sales practice, while furnishing information, while explaining insurance contract etc.
Code of conduct in respect of relationship with the client
Code of conduct in respect of sales practice
Code of conduct in respect of furnishing information
Code of Conduct while explaining the insurance contract
Code of conduct in renewal of policies
Code of conduct on claim by a client
Code of conduct while receiving complaints
Code of conduct relating to documentation
Code of conduct on matters of advertising
All insurance brokers are required to comply with the Insurance Regulatory and Development Authority[1] (Insurance Advertisements and Disclosure) Regulations, 2000. Further, as part of the insurance brokers code of conduct, the insurance broker shall-
There are some other rules to be complied with by insurance brokers-
The insurance brokers code of conduct is an exhaustive list of dos’ and don’ts’ for Insurance brokers which they need to comply with while dealing with clients, during sales practice, advertising, explaining insurance contracts etc. It is the charter that governs the conduct of the insurance brokers hence every insurance broker needs to mandatorily comply with it. If an insurance broker violates insurance brokers code of conduct, the insurance regulatory authority shall impose appropriate penalty as per the nature of the violation/breach. However, the insurance broker shall have the right to appeal against such an order.
Read our Article:How to get an Insurance Broker License in India?
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