CODE OF CONDUCT FOR WEB AGGREGATORS
FORM W
[see regulation 32]
Code of Conduct for Insurance Web Aggregator:
a) Conduct in matters relating to clients relationship— Every Insurance Web Aggregator shall:
i) conduct its dealings with Prospects / Policyholders with utmost good faith and integrity at all times;
ii) act with care and diligence;
iii) treat all information supplied by the prospects as completely confidential to themselves and to the insurer(s) to whom the business is being offered;
iv) take appropriate steps to maintain the security of confidential documents in their possession;
v) understand the type of Prospect it is dealing with and the extent of the Prospect's awareness of risk and insurance;
vi) Avoid conflict of interest.
b) Conduct in relation to complaints handling — Every Insurance Web Aggregator shall: —
i) have in place a system for recording and monitoring complaints.
ii) ensure that the websites contain details of complaints handling procedures and provides a facility to the complainant to log complaints online;
iii) ensure that communication of clients in any form, written / phone / fax / email / Messaging etc are acknowledged promptly and in no case beyond five working days from the date of receipt of such complaint
iv) ensure that the grievance is resolved to the fullest satisfaction of the client;
v) ensure that response letters are sent to the complainant on the resolution of the grievance, and the complainant is informed of the further redressal procedure available to him;
vi) ensure that complaints are attended to at Key Management Person level.
(c) Conduct in matters relating to advertising— Every Insurance Web Aggregator shall ensure that the designated website contains no advertisements or any information that is prohibited under regulation 31 above.
d) Conduct in matters relating receipt of remuneration— Every Insurance Web Aggregator shall, if requested by a prospect, disclose the amount of remuneration or other remuneration it receives as a result of effecting insurance for that client.
e) Conduct in relation to matters relating to training — Every Insurance Web Aggregator shall:
i) Ensure that its staff are aware of and adhere to the standards expected of them by this code;
ii) ensure that staff is competent, suitable and have been given adequate training;
iii) ensure that there is a system in place to monitor the quality of advice given by its staff;
iv) ensure that members of staff are aware of legal requirements including the law of agency affecting their activities; and only handle classes of business in which they are competent;
v) draw the attention of the client to Section 41 of the Act, which prohibits rebating and sharing of commission / remuneration.
vi) Every Insurance Web Aggregator shall display in every office where it is carrying on business and to which the public have access a notice to the effect that a copy of the code of conduct is available upon request and that if a member of the public wishes to make a complaint or requires the assistance of the Authority in resolving a dispute, he may write to the Authority.
vii) Every Insurance Web Aggregator shall furnish the returns in such format to the Authority within 15 days from the end of the such period or within such time as allowed and specified by the Authority.
***