Insurance Institute of Zambia

          Member's Handbook - Code of Ethics

1.0                Preamble

Professionals within the Pensions and Insurance industry owe important duties to their clients, to the market, the industry and to society at large.

Where these duties are set out in law or in regulation, the professional must always comply with the requirements in an open and transparent manner.

2.0                An Obligation

Membership of the Insurance Institute of Zambia requires members to meet the standards set out within the Institute’s Principles.

These principles impose upon members an obligation to act in a way that moves beyond mere compliance and supports the underlying values of the Institute.

The Code of Ethics is one of the responsibilities of the IIZA Disciplinary Committee.

3.0          Good Practice

As a guide to good practice ,the Code of Ethics sets out the standards of personal and professional conduct expected from members of the Institute.

They are expected to uphold these standards and the reputation of the Institute.

4.0          Clauses – Main Stakeholders

The Clauses shown below, indicate the main stakeholder in connection with application of the relevant clause. However, members should be aware that

the list is not exclusive and it is recognized that in some instances, the principles are applicable to more than one stakeholder.

4.1       To the Client:

4.1.1       Act honestly and fairly at all times when dealing with clients,

customers and counterparties ;

4.1.2           Be a good steward of their interests, taking into account the nature of the business relationship with each of them, the nature of the

service to be provided to them and the individual mandates given by them;

4.1.3           Avoid conflict with personal interests, or the interests of associated company, person or group of persons;

4.1.4           Act at all times with due skill, care and diligence;

4.1.5           Act only within limits of competence and any limit of authorization;

4.1.6           Provide suitable and objective recommendations to customers;

4.1.7           Comply with all Laws and Regulations regarding the supply of goods and services to customers;

4.1.8           Act openly, fairly and respectfully at all times, providing all customers with due respect, consideration and opportunity;

4.2  To the Employer/Organization

4.2.2           Act with integrity in fulfilling the responsibilities of your appointment;

4.2.3           Avoid any acts, omissions or business practices which damage the reputation of your organization or which are deceitful, oppressive or improper;

4.2.4           Promote high standards of conduct throughout your organization.

4.2.5           Not make improper use of information obtained as an employee or disclose pr allow to be disclosed, information confidential to your employer;

4.2.6           Seek to be responsible employer or employee and be honest and trustworthy;

4.2.7           Aim to take every opportunity to improve their professional capability, knowledge and skills;

4.2.8           Accurately and completely account for and report in employer business dealings ;

4.2.9           Not provide or accept money, gifts, entertainment, loans or any other benefit or preferential treatment from any existing or potential supplier

 or business associate, other than occasional gifts, entertainment or remuneration, which are provided as part of accepted business practice, provided

this is not likely to conflict with any duty that is owed to their employer;

4.2.10       Where holding a position of influence within an organization, provide or encourage your employer to provide suitable arrangements for internal

review of decisions, policies and actions, where an employee raises concern of unethical behaviour;

4.2.11       Encourage your employer to incorporate ethical standards into organization’s governance standards including the development of an ethical Code;

4.2.12       This code operate along side any Employer Policies, Guidance, work rules, Contracts and industry code of conduct, where this part of the code

 sets higher standards, the Code of Ethics should be followed;

4.3  To the Regulator

4.3.2           To observe applicable law, regulations and professional conduct standards hen carrying out Pensions and Insurance business;

4.3.3           To interpret and apply them to the best of your ability according to principles rooted in trust honesty and integrity;

4.3.4           Ensure that your employer operates within the Law and within the spirit of the Law, at all times;

4.3.5           Ensure that your Employer deals with the Regulators in an open, transparent and cooperative manner and meet any requirements correctly made of them;

4.4  To the Market Participants

4.4.2           Recognize the important wider role that you play as a Professional;

4.4.3           Seek to advance the reputation of the Pensions, Insurance industry and associated trades through their own conduct;

4.4.4           Observe the standards of market integrity, good practice and conduct required by, or expected of participants in that market;

4.4.5           Operate in a way that respects environmental concerns and issues;

4.4.6           Act in a socially responsible manner within the countries and societies in which you operate;

4.4.7           Strive to be trusted individuals and fulfill  responsibilities to society and the community in which you operate professionally;

4.5  To Your Self

4.5.2           Attain and actively maintain a level of professional competence appropriate to your responsibilities and commit to continued learning

and the development of others;

4.5.3           Strive to uphold the highest personal standards including rejecting short-term profits which may jeopardize your reputation and that of

your employer, the Institute and the industry.

4.5.4           Act at all times according to the Laws, Rules and Regulations of the Institute;

4.5.5           Ensure a transparent relationship with the Institute based on trust, respect, responsibility and integrity;

4.5.6           Have a pride in the professional membership status of the Institute and any other qualifications that they hold;

4.5.7           Aim to seek opportunities to support the work of the institute and to promote its values to others, especially industry bodies, Employers and

 prospective members;

4.5.8           Demonstrate to others the value of professional qualifications and Continuous Professional Development (CPD);

4.5.9           Treat the Governing Council ,Sub-Committee and ordinary members with the same respect they would wish to be accorded;

4.5.10       Ensure that the any conduct, promotion or public announcement, with a member, their name or qualification are connected doe not bring

the Institute, another member or their profession into disrepute;

4.5.11       Aim to ensure that the expected standard of technical competence is maintained and that they remain informed of current development by

undertaking Continuous Professional development;

4.5.12       As a qualified Ordinary, Associate or Fellow member, use of the  professional membership status designatory letters is subject to logging

Continuous Professional Development (CPD).

4.5.13       Any material breach of the code would be incompatible with continuing membership of the Insurance Institute of Zambia;

5.0          Note

Members are encouraged to contact the secretariat whenever they find themselves in a position which might require them to act in a manner contrary to the

Code of conduct.

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