The public decided long ago that insurance regulation — fair, firm, honest insurance regulation — was in everybody’s interest. The job of protecting consumers and preserving a competitive marketplace was delegated to the states (Public Law 15 – McCarran Ferguson Act), which allows for each state to regulate their states’ business. It is important that we remain mindful of all the state or federal regulations affecting the insurance and financial services. No single industry is exempt from regulation.
Consociate recognizes the importance regulation has on our industry and the direct impact it has on producers and consultants. We encourage all of our producers and consultants to subscribe to these principles:
1. To 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 themselves.
2. To be competent, of good character, have appropriate education and qualifications and customer-focused business practices.
3. To engage in active and fair competition by the use of relevant, factually accurate information.
4. To use advertising and sales materials that are clear as to purpose and honest and fair as to content by the use of meaningful tools, such as a “buyer’s guide” and “disclosure” forms.
Every producer and consultant has a legal and ethical obligation to the industry and to their client. Consociate continues to provide its producers and consultants with tools and resources to achieve a high level of respect and professionalism within the industry.