A Video Explaining how to Apply Ethics to the Work of the Insurance Professional

The Ethical Insurance Professional

When the insurance professional has a well-developed ethical compass he or she can always apply that ethical compass to his or her work and will almost always treat the insureds and claimants he or she comes in contact with fairly and in good faith. Failure to do so avoids the essence of insurance.

The insurance professional must comply with the Insurance Company’s system of internal accounting, auditing, and claims controls as well as statutes and regulations imposed on insurers by state insurance departments. No action designed to circumvent such controls, procedures, statutes and regulations should be tolerated.

When reporting to management the insurance professional must ascertain that the records reviewed and reported to management are accurate and must ensure that all business transactions are properly authorized. All records and reports must fairly and accurately reflect the transactions or occurrences to which they relate. All records and reports must fairly and accurately reflect in reasonable detail the Company’s assets, liabilities, revenues and expenses. The Company must never, with the assistance of the insurance professional, contain records or reports that contain any false or intentionally misleading entries.

The insurance professional must ascertain that records and reports are accurate and ensure that no transactions are intentionally misclassified, all transactions are supported by accurate documentation, and no information is concealed from the internal auditors, the independent auditors, the audit committee, management or the full board of directors.