ETHICSANDCODEOFCONDUCT-THEINSTITUTE.pptVIP

ETHICS AND CODE OF CONDUCT: THE NIGERIAN INSURANCE INDUSTRY EXPERIENCE ;ISSUES FOR DISCUSSION;Ethics relate to a way of life, morals or principles generally agreed or adopted by a group or people. With the above description we often hear of Religious ethics Club ethics Communal or Societal ethics Professional ethics The agreed behaviour or conduct of the group or people form the standard for measuring adherence or compliance. Any infraction is usually penalised ;WHY DISCUSS ETHICS AND CONDUCTS;Insurance is a means of financial intermediation Its operations involve exchange of things of unequal value The article traded is a promise Assets are held in trust The supply chain involves people of various interests which at times could be conflicting ; Lack of adequate knowledge of standard practice Lack of established corporate culture Inadequate mentoring Unguided Competition Poor staff recruitment procedures Poor reward system Lack of necessary human capital development programmes Non availability of procedure manuals Accommodation of unacceptable life styles;Greed and pursuit of personal gains Inadequate enforcement of established rules Inadequate punishment for offenders Value system, societal influences and Peer pressure ;GENERAL CORE DUTIES IN THE CODE OF ETHICS;Code of Ethics and Practice for the Nigerian Insurance Industry;CORE DUTIES IN THE NIGERIA INSURANCE INDUSTRY CODE OF ETHICS AND PRACTICE;BENEFITS OF SUSTAINED HIGH ETHICAL STANDARD;RECOMMENDED MINIMUM ETHICAL STANDARD ;The benefits of the Nigerian economy will only serve the Insurance sector and enhance its ability to realize the full potential when discipline and high ethical standard is given a priority in its operations. ; THANK YOU AND GOD BLESS O-thomas@nigeriainsurer.org tomdaveng@yahoo.co.uk +2348036414876