Professional Standards Set for Captive Industry Advancement
January 22, 2019 – The Self-Insurance Institute of America, Inc. (SIIA) today announced the formalization and release of the SIIA Captive Manager Code of Conduct (“the Code”), a result of months of deliberation and feedback by SIIA members, and other industry stakeholders. The purpose of the Code is to provide ethical business conduct guidance to captive manager in their captive insurance and reinsurance business, while simultaneously educating and protecting current and potential clients.
Captive insurance companies have long been successfully utilized by employers, large and small, as a means to address employer risk management needs. The quality, understanding, experience and integrity of captive managers play an important role in this continued success.
To encourage captive managers and other industry participants to continue to abide by the highest ethical standards, SIIA convened a diverse group of industry participants for the purpose of establishing an understandable and concise set of practices that could be used to differentiate ‘best in class’ captive managers. The result of this work is the establishment of a set of 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 members expect that 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. The provisions of the Code of Conduct have been implemented by participating members with the following goals in mind:
SIIA has also established on an ongoing task force to ensure that 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.
The full set of SIIA’s Captive Manager Code of Conduct may be found here.
For further information or questions, please contact Ryan Work, SIIA’s vice president of federal government relations, at email@example.com.