The new South African Insurance Association (SAIA) Code of Conduct, which was recently drafted and approved by the SAIA Board, as a mechanism through which self-regulation could effectively be implemented was launched recently.
“The purpose of the new Code is aiming to pursue the highest possible standards of fair treatment and good service to consumers, to ultimately also ensure a sustainable and dynamic short-term insurance industry for the benefit of all involved,” said Ronnie Napier, Chair of the SAIA Board.
The new Code sets detailed and comprehensive guidelines to ensure transparent and ethical business practices, not only for each of about 56 SAIA member companies who publicly signed the code on 16 March 2010, but also for their contracted associates.
“The onus will be on SAIA members to strive for compliance with the Code by achieving the self-imposed guidelines, and to monitor their compliance. SAIA will facilitate this process,” says Mr. Napier.
If a SAIA member fails to comply with this Code, a complaint could be lodged to be investigated by an independent Code Complaints Committee. This committee may impose sanctions on such a member.
The SAIA Code of Conduct is the culmination of a long and thorough process followed by the short-term insurance industry, coordinated by the SAIA. “We believe that we found the right balance between a Code that inspires the achievement of great heights, in terms of the relationship between insurer and its customers and consumers in general, while at the same time being practical,” says Mr. Napier.
“I am very proud of an industry who was prepared to take a long hard look at how things are done, how things have been done, and how things should be done and in the end agreeing to commit to the new SAIA Code of Conduct,” he concluded.