Code of conduct
Mindful of the importance of the interests entrusted to him, the broker is required to comply scrupulously with the duties imposed by law, customs and professional traditions.
Considering that his independence does not confer any privileges on him but rather, commits him to comply with precise moral obligations, it is of social importance to properly regulate the profession of insurance and reinsurance broker, in order to guarantee the best development of the entire insurance market and the protection of policyholders and savers.
A Code of Conduct of the insurance and reinsurance broker, which must be considered as a guide of conduct of a binding and mandatory general nature, has been set up.
The business of the broker must be based on principles of professionalism, independence and transparency towards clients, insurers and colleagues.
The Broker shall:
a) Safeguard the interests of the client, placing these above all his/her own interests, including with regard to the duration of insurance contracts and brokerage assignments. In particular, the value of the remuneration which the broker receives must under no circumstances influence the quality of the service.
b) Assist the client in identifying his/her insurance needs, within the ambit of the assignment received, and, with his/her consent, present them to the insurers with strict respect for objectivity in order to satisfy them in a fitting manner.
c) Assist the client in the formulation of the contractual conditions, providing him/her, when requested, with each and every explanation useful for his/her final decision, and in the possible management of claims.
d) Respect professional secrecy.
e) Propose to the client insurers in whom he/she has confidence.
The Broker shall not:
f) Make misleading or false statements directed at customers and likely to discredit a colleague or category.
g) Issue quotations without a written, at least exploratory, mandate from the client if the amount of the policy to be traded exceeds a premium of 25,000 euros.
The Broker shall:
a) In the best good faith, make clear and truthful proposals, in as well documented a manner as possible.
b) Refrain from supporting the customer's requests when his/her claims are clearly unjustified.
c) Avoid using the names or products of specific insurers in any promotional material unless the reasons for this are fully explained in the text and the prior consent of the insurers is obtained.
The Broker shall:
a) Implement principles of fair competition.
In particular:
- in determining his remuneration, he/she shall take account of the interests of the client and of market rates and conform to a just economic policy;
- he/she shall not disparage a colleague. Any criticism should be objective and in any case based solely on technical grounds;
b) Promote and accept the arbitration of the Association in the event of a dispute with a colleague before referring the matter to the Civil Court.
c) Eschew relationships with insurers who do not comply with the ethics of the market or its mediation practices, and inform the Association of any improper behaviour.
d) Promptly inform the Association of announcements, made by contracting authorities, of calls for tenders which one or more associates consider to be clearly unsuitable to guarantee the equal treatment of all competitors.
e) Refrain from presenting an independent action to the administrative judge, if, referring back to the situation described in the previous point, the Association has decided to take its own initiative with regard to the public body to suggest modifications to the tender or its revocation.
f) In case of award already made and in the situation referred to in letter d), consult the Association before lodging an independent appeal with the administrative judge in order to verify its compatibility with the general interests of the group.
Participation in the Association implies recognition of its role as representative of collective interests. This implies, among other things, that members abstain from any conduct that may damage the common image and interest, and that they commit to adapting their conduct to the resolutions of the association bodies.
Each broker also undertakes not to participate, directly or through its directors, in associations of similar purpose and composition.
Each broker undertakes to comply with the provisions of this code. Violations will result in the application of disciplinary sanctions as provided for in the Association's Statute.
The General Secretariat of the Association is charged with receiving any report or complaint concerning alleged violations of this Code of Conduct.
(Approved by the Shareholders' Meeting of 2/12/1988; amended by the Shareholders' Meetings of 18/6/97, 18/6/98 and 28/6/05)
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