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  • HC-3.6 HC-3.6 Corporate Ethics[versions up to January 2011]

    • HC-3.6.1 [versions up to January 2011]

      The requirements in this Section do not apply to captive insurance firms, unincorporated entities and single person companies, but should be considered as guidance.

      Amended: January 2007

    • HC-3.6.2 [versions up to January 2011]

      An insurance licensee's Board must establish and disseminate to all employees and appointed representatives of the licensee a corporate code of conduct.

    • HC-3.6.3 [versions up to January 2011]

      The code of conduct must establish standards by giving examples or expectations of:

      (a) Honesty;
      (b) Integrity;
      (c) Leadership;
      (d) Reliability; and
      (e) Professionalism.
      Amended: January 2007

    • HC-3.6.4 [versions up to January 2011]

      The Board must establish and disseminate to employees and appointed representatives policies and processes for the identification, reporting and prevention or management of potential conflicts of interest, including matters such as:

      (a) Related party transactions;
      (b) The misuse of the licensee's assets; and
      (c) The use of privileged information for personal advantage ('insider trading').
      Amended: January 2007

    • HC-3.6.5 [versions up to January 2011]

      Any transaction in which Board members or any member of management have potential conflicts of interest should either be proscribed or require formal documented approval by the Board, with measures taken to manage those conflicts. (See also Paragraph HC-1.1.8)

      Amended: January 2007

    • HC-3.6.6 [versions up to January 2011]

      The Board must ensure that policies and procedures are in place to ensure that necessary customer confidentiality is maintained.

      Amended: January 2007