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Captive Insurance Industry Code of Ethics Adopted in North Carolina

Code of Ethics
August 07, 2015

The North Carolina Captive Insurance Association (NCCIA) recently adopted a Code of Ethics designed to maintain a high-quality captive insurance industry. The code of ethics is believed to be the first one created for the captive insurance industry. Atlas Insurance Management is one of the first captive insurance management firms to sign a written pledge to adhere to the 10 principles of the new code.

The code includes the following canons.

  • Captive insurance professionals should continually and regularly improve their skills and competence, as professional competency relates to captive insurance or risk management.

  • Captive professionals must not willfully violate any laws or regulations, in both their personal conduct and in their advice to clients. Captive professionals should be familiar with the laws of the domiciles where they advise clients and operate captives, as well as applicable federal law. Captive professionals should avoid conduct or activities that are reasonably certain to cause unjust harm to others.

  • Captive professionals shall be reasonably diligent in their interactions with clients and prospective clients and be reasonably diligent and prompt in their occupation and duties on behalf of clients.

  • The captive professional should seek to raise ethical standards within the profession and to raise his or her own standard of professionalism.

  • Captive insurance professionals shall seek to maintain dignified and honorable relationships with other insurance professionals and members of other professions.

  • Captive professionals should endeavor to elevate the public image of captive insurance and to improve the public understanding of captive insurance.

  • The captive professional shall retain the autonomy to make independent decisions, exercise judgment, and give advice in the best interest of his or her client.

  • The captive professional should aspire to be open, frank, and veracious in communications with the client.

  • To the best of his or her knowledge, a captive professional should fully and frankly disclose any conflicts of interest or situations that could be perceived as a conflict of interest with each client. After this disclosure, the professional should seek the informed consent of each client before continuing a business transaction or relationship.

  • If a captive professional’s ethical obligations conflict with a statute, administrative regulation, or other professional code of ethics or conduct, the captive professional should inform the appropriate parties of the conflict between this aspirational code of ethics and the other authority. The captive professional should then initiate a conversation and seek to take steps to resolve the conflict. If the conflict cannot be amicably resolved, the captive professional and this code of ethics should yield to the other professional licensing or accreditation board or governmental authority.

“The implementation of this Code of Ethics is a mark of responsibility for all NCCIA members, and Atlas encourages this accountability,” said Martin Eveleigh, chairman of Atlas Insurance Management. “Atlas has always held itself to a higher standard, and by implementing the new code we hope to continue to revolutionize the captive industry in North Carolina.”

Captive.com encourages its readers to review the code and the accompanying comments on each of the canons at the NCCIA website.

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