The Self-insurance Institute of America (SIIA) has released the SIIA Captive Manager Code of Conduct to provide ethical business conduct guidance to captive managers.
The code, which is the result of months of deliberation and feedback by SIIA members and other stakeholders, is also engineered to provide education and protection to current and potential clients.
SIIA convened a diverse group of industry participants to help produce a set of ethical benchmarks that can be used to inform consumers, policymakers and regulators on how to evaluate captive manager business practices, and the captive industry in general.
The code is made up of five canons: integrity, conflicts of interest, confidentiality, advertising, and practice management.
The provisions of the code have been implemented by SIIA members, with the following goals in mind: anticipating the next challenges to the industry, offering readily available standards for policymakers and regulators, providing a professional and ethical differentiator for those SIIA members and managers, and offer a need level of uniform professionalism in the industry.
The association’s members expect it to serve as an important step forward in strengthening industry practices and risk-management recommendations, further ensuring captive managers observe high standards of ethical conduct.
A task force has been established by SIIA to ensure the code is evaluated and updated periodically to reflect an ever-evolving industry and looks forward to ongoing dialogue with industry participants, regulators and other stakeholders.
Ryan Work, vice president, government relations, SIIA, said the code is a way to create “a professional standard of responsibility for captive managers”.
Work commented: “As we, as an association and industry, seek to improve and strengthen these practices, the code will help to inform and educate policymakers and regulators, while also providing an important resource to clients.”
“It is our hope, as we continue to build upon the foundational guidelines of this code in the future, to demonstrate the quality and integrity of those captive managers who choose to adhere to it.”