Insurance Broker’s Code of Ethics

Our activities are subject to principles set down in the Insurance Broker’s Code of Ethics.

 

The code observes and closely follows the provisions of Code of Ethics in Insurance approved by Czech Insurance Companies Association. To secure insurance business’s good reputation, Association of Czech Insurance Brokers promotes and ensures compliance therewith.

 

Insurance brokers must primarily protect their clients’ interests, and elaborate insurance plans optimal from both the perspective of their clients’ needs and the insurance market offer. At the same time, brokers are obligated to observe legal regulations, keep the business secrets of their clients, and maintain the standards listed below:

 

• brokers observe the rules of economic competition and code of business practice, they refrain from using untrue or slanderous allegations about their competitors
• while conducting their activities, they strictly avoid anything which could violate clients’ trust or create distorted impressions about their services
• any and all advertising is conducted truthfully, in accordance with fair completion, and carries no elements of deceptive advertising
• brokers maintain careful personal policies, they care for their employees’ professional and ethical education
• insurance brokers must adopt such organizational measures and means that enable them to preserve their clients’ interests, even in the absence of their companies’ representatives or owners
• insurance brokers are independent intermediaries of either of the parties that conclude insurance contracts
• as parts of the economic sector of insurance, brokers are obligated to contribute to a healthy, functioning insurance market

 

 

Insurance brokers’ employees follow these ethical standards:

 

• they represent with dignity their companies, as well as the entire insurance sector
• they refrain from any activities that could constitute a conflict between their own interests and the interests of their companies or the entire insurance sector
• they maintain  business secrets, even after they cease their professional engagement in the insurance sector
• they strictly follow code of ethics, particularly, they may not misuse their position in order to accept or request financial or material benefits from anyone, and also they may not offer of provide such benefits to anyone
• they never use the companies information or documents for their own benefit
• they continuously increase their professional knowledge by caring for their education

 

 

Insurance brokers and their employees follow these rules:

 

• clients’ interests are always superior to those of their own or of the market
• they observe the rule of non-disclosure of any facts related to their clients’ insurance
• they essentially provide complete, true, undistorted, and intelligible information about insurance companies, insurance products and their prices
• they never procure insurance with speculative intentions
• they are accountable for comely risk analyses, elaboration of insurance program proposals, consulting and advisory activities, insurance administration, and collaboration in resolving claims
• they at all times have their professional indemnities insurances in place
• upon request, insurance brokers disclose  amounts of their income from concluded deals, and methods of their a remuneration
• Insurance brokers must place insurances for prices specified in their price proposals
• they must not take any illegal actions, even if their clients wish so
• relationships arising from delegation are always limited in time
• in the event that a third party operates between a broker and a client, the client must always be informed about that
• if a client decides to change his or her broker, the existing broker  returns all documents to such client

 

 

Brokers follow particularly these rules:

 

• they have an up-to-date overview of the status of insurance market, individual insurers, and their products
• while procuring a deal they behave impartially and professionally,  they refrain particularly from any slander, and from being partial to any of the insurers
• they maintain good cooperative relationships with insurers, usually anchored in individual agreements  on cooperation
• they never depend on any single insurance company