Insurance Act 1989 Code of Conduct for Insurance Intermediaries

Miscellaneous 01/07/1990

Status of Intermediary:

An Insurance Intermediary shall:

  1. Act with the utmost good faith and to the highest standards of professional integrity in his dealings with clients, insurers, fellow insurance intermediaries and members of the public.
  2. Observe all statutory and other legal requirements.
  3. Ensure that the interests of the client are paramount and in particular:
  1. ensure that the advice given in relation to proposed contracts of insurance is appropriate to the needs and full resources of the client;
  2. ensure that the client is given promptly information as to the suitability, scope and limitations of any insurance contract under negotiation;
  3. recognise the privileged nature of the relationship with the client;
  4. assist the client, where requested, in the completion of insurance proposals drawing his attention to the necessity of full disclosure of all relevant facts and explaining the consequences of non-disclosure;
  5. ensure that any contract of insurance recommended to a client is in the best interest of the client and disclose any potential conflicts of interest to the client and the insurer;
  6. furnish the contract of insurance and all documentation relating thereto to the client forthwith on receipt thereof from the insurer;
  7. not impose any charge on the client in addition to the insurance premium without disclosing the amount of such charge;
  8. where notification of a claim is accepted from a client inform the insurer, without delay, thereof and advise the client promptly of the insurer's requirements concerning the claim.
  1. In dealing with insurers:
  1. observe the privileged nature of the relationship between insurer and intermediary;
  2. remit to the insurer premiums collected from the client in strict accordance with the terms agreed between the insurer and the intermediary.
  1. Ensure that all advertisements are legal, honest and truthful and comply with the Advertising Standards Authority of Ireland general code on advertising and the specific codes on advertising and illustrations agreed by the insurance industry.
  2. Ensure that the separate client bank accounts required under Section 48 of the Insurance Act, 1989 are properly maintained.
  3. Ensure that this Code of Conduct is displayed in a prominent position in the public area of all his business premises.

Approved by the Department of Industry and Commerce