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Code of conduct for insurance surveyors

Karachi (March 07 2003) : The Securities Exchange Commission of Pakistan (SECP) has approved a Code of Conduct which has been prepared in consultation with the Institute of Surveyors and Loss Adjusters of Pakistan.

The purpose of preparing this code of conduct is to bring uniformity and discipline in the working of surveyors and loss adjusters, the regulator said in a press release issued on Thursday.

Surveyors and loss adjusters play an important role and constitute an integral part of the financial sector that includes a wide cross-section of institutions, including banks, non-bank financial institutions and insurance companies.

Their role has a direct implication for the policyholders. There are 445 surveyors and loss adjusters in Pakistan.

There was, therefore, a need to bring uniformity and discipline in their conduct so as to serve the stakeholders in a more befitting manner.

This code has two general guiding principles, Fundamental Principles and General guidance notes.

The primary aim of this code is to streamline the profession of surveyors and loss adjusters.

SALIENT FEATURES: Salient features of the code are as follows:

A member should behave ethically and with integrity in all professional and business relationships.

A member shall act impartially when acting on instructions from an insurer in relation to policyholders' claim.

All the members of ISLAP are liable to disciplinary action if they commit any act or default likely to bring discredit to the member.

A member should, at all times, maintain a register of survey work, containing the relevant information and shall keep records of the survey reports, photographs and other important documents for a period of three years.

Surveyors and loss adjusters are to keep the information confidential that they may acquire during a course of survey.

Restriction on receiving and providing a hospitality to and from the employees of the client.

This code will go a long way in improving the conduct of insurance surveyors and loss adjusters and will also bring much needed discipline in this field. The code is available at the SECP.

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