The Insurance Culture and Conduct Steering Committee (ICCSC) has released its first two papers, containing guidance to elevate the culture and conduct standards of the insurance industry.
The first paper, titled Human Resources Culture and Conduct Best Practices – Promoting Ethical Culture and Conduct Across the Employee Life Cycle, outlined best practices that insurance companies should apply in hiring, enterprise training, consequence management and exit management.
The second paper, titled Corporate Governance Culture and Conduct Best Practices – Promoting Ethical Culture and Conduct Through Corporate Governance and Systems, put forth recommendations on the role of leadership, governance and systems, capability and capacity, and performance management and remuneration.
“The papers are developed based on extensive research carried out on best practices observed internationally, and inputs from senior practitioners within the industry,” said Khoo Kah Siang, ICCSC chair. “We hope that these papers will provide timely and practical guidance to the insurance companies in Singapore to apply and elevate their standards of culture and conduct over time, to maintain public trust and confidence in the insurers.”
Established in December 2019, the ICCSC is composed of senior industry leaders and supported by the General Insurance Association of Singapore, the Life Insurance Association and the Singapore Reinsurers’ Association.
The ICCSC said it is currently working on its third paper, which will focus on the conduct of life insurance intermediaries. The paper will give recommendations on enhancing disclosures to customers and information sharing between insurers and non-tied financial advisory firms, in order to raise overall standards in the financial advisory industry. It is scheduled for release in April.
