Code of Conduct
The Code of Conduct and Ethics (Code) establishes the standards that govern the way we deal with each other, our customers, shareholders, governments, suppliers, competitors and the public at large. Complying with the Code is a part of the terms and conditions of employment with Shaheen Insurance Company Limited.
The Objectives are tabulated below:-
(a) Describe the expected standard of good insurance practice in the establishment of insurance contracts between insurers and customers and to settle claims under insurance policies:
(b) Promote the disclosure of relevant and useful information to customers so as to allow them to make informed decisions about insurance products and to contract insurance policies effectively;
(c) Facilitate the education of customers about their rights and obligations under insurance contracts;
(d) Foster a high professional standard in the transaction of insurance business and ensure that customers’ rights and interests are recognized and respected; and
(e) Encourage insurers to promote and enhance the industry’s public image and standing as a responsible service provider and good corporate citizen and
(f) Instilling ethical values in the management and Staff of SICL.
|3. Application of the code|
Shaheen Insurance Company Limited Directors, Key Officers and all the other employees are to abide by the “Code of the Conduct and Ethics” and make their best endeavor to ensure that their staff and insurance agents observe its provisions. Contravention of Code will be regarded as misconduct.
|4. BUYING INSURANCE|
Ensuring that all information contained in our advertising and product materials are current, clear, expressed in plain language and not misleading to the public.
|4.2 Information about products and servicesSICL will ask for details for the cover. We will explain all the main features of the products and services that we offer, including
• All the important details of cover and benefits;
• Any restrictions, warranties or exclusions;
• Any significant conditions or obligations which must be met;
• The period of cover.
|4.3 Explaining our service:-Provide sufficient information and help to the customer to make an informed decision to buy an insurance policy. Customer shall be explained:-
• All types of products and services SICL offers
• The choice of products and services SICL offers.
|4.4 Information on costsSICL will provide full details of the costs of insurance including:-
• Separate insurance premium for each of the individual products or services being offered
• Details of any fees and charges other than the insurance premium, and the purpose of each fee or charge
• When the customer agrees to pay the premium, fees and charges then he should be explained how and when it should be paid.
|4.5 Confirming coverGive enough information to check the details of cover and provide the customers with any certificate or document they need.|
|4.6 Dispatch of policyDispatch complete policy document to the Customer promptly.|
|4.7 Providing ongoing service:-• Deal with any questions promptly and give help and advice to Customer whenever needed.
• Promptly deal to any changes in policy including giving written confirmation of any changes, full details of premiums or charges expected to pay, give any certificate or documents required by customer and provide a receipt as proof of payment when payment is received.
• At least 30 business days before expiry a notice to renew the policy and explain all the renewal terms, inform any changes to the cover, bring to the customer attention the need to disclose material information to insurers, if we decide not to renew the policy we will inform accordingly and when policy is renewed we will send the customer the documentation they are entitled to promptly.
|Shaheen Insurance Company will handle valid claims fairly and promptly.|
|5.1 Information on Claims proceduresWhen a person/entity become a customer SICL will explain on how to make a claim and it’s complaint procedures.|
|5.2 On making a Claim:-If the customer makes a claim, we will follow procedures and will advise the customer on claims settlement.
• Acknowledge the customer notification of a claim within 5 business days;
• If we need additional information SICL will contact the customer and request that information promptly;
• Customer will need to provide all information requested on a claim form and supply all the necessary documents;
• Consider and handle the claim fairly and promptly, and tell the customer how the claim is progressing;
• Inform the customer the identity and contact details of the Surveyor/s;
• If we cannot deal with all or any part of the customer claim, we will inform in writing and explain the reasons for denial;
• Once we have agreed to settle the customer claim and on receipt of all relevant documents, we will effect settlement promptly.
Provide the customer any important information in writing
• Ensure that all the written information and documents we send are clear and not misleading
• Handle complaints fairly and promptly
• For insurance disputes customer may refer to The Insurance Tribunal or the Insurance Ombudsman.
|7. DUTY OF UTMOST GOOD FAITH|
A contract of insurance is a contract based on utmost good faith and there shall be implied in such a contract a provision requiring each party to it to act towards the other party, in respect of any matter arising under or in relation to it, with the utmost good faith. Any breach of duty of utmost good faith by either party to the contract renders the contract void ab initio.
|8.1 Avoiding Conflict of Interest:-
A conflict of interests is said to occur where an employee or insurance agent has a personal interest that conflicts or might possibly conflict with his/her duty to provide the best possible advice or service to a customer. This may occur because of the employee’s or insurance agent’s family, business or personal relationships.
• An employee or insurance agent has prime responsibility to the Company and avoid any activity which interfere with that responsibility
• The employees are forbidden from holding any personal financial interest directly or indirectly in any deal of supplying goods or services to the company;
• Avoid engaging in outside business or activity that might interfere with their duties and responsibilities to the Company.
|8.2 Company Assets
All employees should endeavor to protect the company’s assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on company’s profitability. Any suspected incident of fraud or theft should be immediately reported to the organization.
8.3 Fair Dealing
All employees shall behave honestly and ethically at all times and with all the people. They shall act in good faith and due care. Stealing propriety information, possessing trade secret information that was obtained without the owner’s consent or inducing such disclosure by past or present employees of other companies is prohibited.
Confidential information includes all non public information that might be of use to competitors or harmful to the company or its customers if disclosed. Employees must maintain the confidentiality of the confidential information entrusted to them except when disclosure is authorized.
8.5 Compliance with laws and regulations
All employees and management personnel should strictly adhere to the Company rules and regulations, observe the best codes of conduct and abide by all laws of Pakistan. The use of alcohol or drugs is prohibited on all company locations/ premises and also arriving at the place under the influence of alcohol/ drugs will not be permitted to enter the premises. All forms of gambling/ betting on company’s premises is also prohibited.”