Principle1
Member companies will conduct business according to high standards of honesty and
fairness and to render that service to its customers which, in the same
circumstances, it would apply to or demand for itself.
A.
Insofar as the products we sell on our website are concerned, we make
reasonable efforts to determine the insurable needs or financial
objectives of our customers based upon relevant information obtained
from the customer and enter into transactions which assist the customer
in meeting his or her insurable needs or financial objectives.
B. Member companies maintain compliance with all applicable laws and
regulations.
C. In cooperation with consumers, regulators and others, we
affirmatively seek to improve our practices for sales and marketing of
life products.
D. The Principals of Ethical Market Conduct are reflected in our
company policies and practices.
Member
companies
will
provide competent and customer-focused sales and service.
A.
Member companies
are of good character and business repute, and have
appropriate qualifications and experience.
B.
Member companies
are duly licensed or otherwise qualified under state law.
C. Employees involved in the sales process are adequately trained,
as appropriate to the insurer's distribution system, to focus on
customers' needs and objectives.
D.
Member companies
have adequate knowledge of the insurer's products and their
operation.
E. Employees involved in the sales process are trained, as
appropriate to its distribution system, in the need to comply with
applicable insurance laws and regulations and the concepts in the
Principles and Code of Ethical Market Conduct.
F. Employees involved in the sales process participate, as
appropriate to the insurer's distribution system, in continuing
education.
Member
companies
will
engage in active and fair competition.
A.
Member companies
maintain compliance with applicable laws and regulations
fostering fair competition.
B.
Member companies
do not replace existing life insurance policies without
first communicating to the customer, in a manner consistent with
Principle 4, information that he or she needs in order to ascertain
whether such replacement of existing policies or contracts may or may
not be in his or her best interest.
C. Employees involved in the sales process refrain from
disparaging competitor insurers.
Member companies will
provide advertising and sales materials that are clear as to purpose and honest and fair as to content.
A. Presentation of any material designed to lead to sales or
solicitation of life products is done in a manner consistent with the
best interests of the customer. All such sales or solicitation
communications should be based upon the principles of fair dealing and
good faith, and will have a sound basis in fact.
B. Materials presented as part of a sale are comprehensible in
light of the complexity of the product being sold.
C.
Member companies
maintain compliance with all applicable laws and regulations
related to advertising, unfair trade practices, sales illustrations and
other similar provisions.
D. Illustrations of premiums and considerations, costs, values and
benefits are accurate and fair, and contain appropriate disclosure of
amounts which are not guaranteed and those which are guaranteed to the
policy or contract.
Member companies will provide for fair and expeditious handling of customer complaints
and disputes.
A. Complaints are identified, evaluated and handled in compliance
with applicable state law and regulations related to consumer complaint
handling.
B. Good faith efforts are made to resolve complaints and disputes
without resorting to civil litigation.
Member
companies
will maintain a system of supervision and review that is reasonably
designed to achieve compliance with these Principals of Ethical Market
Conduct.
A. Member companies Senior Management establishes and enforces policies and
procedures reasonably designed to comply with the Principles and Code of
Ethical Market Conduct.
B. There is an adequate system of supervision of the market
activities of employees involved in the sales process in order to
monitor their compliance with these Principles and Code and applicable
laws and regulations.
C. Compliance training sessions are conducted for employees
involved in the sales process and instruction on the company's
compliance requirements is made available to all employees.
D. Policies and procedures provide for auditing and monitoring of
information related to sales practices of employees involved in the
sales process.
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