Introduced in 1990, the objective of the Code of Ethics and Conduct is to promote and maintain the highest degree of standards and integrity among employees and intermediaries in the life insurance sector. It is applicable to all directors (executive and non-executive), employees and intermediaries in the life insurance sector.
The Code comprised three parts - Guidelines on the Code of Conduct, Code of Ethics and Conduct for Life Insurance Selling, and Statement of Life Insurance Practice. Companies are required to submit a quarterly report to Bank Negara Malaysia on breaches observed and the corrective or punitive actions that were taken. In addition, insurers have to report any fraud cases Bank Negara Malaysia and the police.
FOR THE LIFE INSURANCE INDUSTRY (Approved By Bank Negara Malaysia)
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