What is the purpose of the RIBO Code of Ethics?

The RIBO Code of Ethics serves a crucial role in defining the ethical conduct that insurance brokers are expected to adhere to in their professional practices. It is designed to ensure that brokers maintain integrity, honesty, and fairness in their dealings with clients, peers, and the public. By establishing clear ethical obligations, the Code promotes a standard of professional behavior that protects consumers and enhances the reputation of the insurance industry as a whole.

The focus on ethical obligations rather than operational procedures or financial motivations highlights the priority of client welfare and trust in the insurance broker-client relationship. Upholding such standards is vital for ensuring that brokers act in the best interest of their clients, which ultimately helps to foster a safe and reliable insurance marketplace.

While operational procedures, commissions, and simplified selling processes are important in the functioning of the insurance sector, they do not reflect the primary aim of the RIBO Code of Ethics, which is rooted in ethical considerations and professional responsibility.