The Self-Insurance Institute of America (SIIA) has released a code of professional standards to provide ethical business conduct guidance to captive managers.
The SIIA Captive Manager Code of Conduct is aimed at encouraging captive managers and other industry participants to continue to abide by the highest ethical standards, along with educating and protecting current and potential clients.
As a result of month of deliberation and feedback by SIIA members and other industry stakeholders, SIIA has established a set of practices that could be used to differentiate ‘best in class’ captive managers.
The code includes ethical benchmarks that may be used to inform consumers, policymakers and regulators on how to evaluate captive manager business practices, and the captive industry in general. These practices elaborate on several main tenants, including integrity, conflict of interest, confidentiality, advertising and practice management.
SIIA suggested the code will serve as an important step forward in strengthening overall industry practices and risk-management recommendations, further ensuring captive managers observe high standards of ethical conduct.
North Carolina-based Atlas Insurance Management has since announced its adherence to the code.
On January 22, Atlas chairman Martin Eveleigh signed a written pledge adhering Atlas to the new code.
“This new Code of Conduct is a mark of responsibility for all SIIA members,” said Eveleigh. “Atlas is committed to upholding the Code as a way of setting accountability for all our peers in the captive industry. Atlas has always held itself to a higher standard; and by implementing this new code, we hope to continue offering quality service to our clients.”
SIIA, Rules, Captive management, North America