| How
JRG Insurance brokers protect and promote the
public interest |
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1.
Market conduct: All persons engaged in the sale
of insurance must pass a pre-licensing exam and
IRDA clearance. Once licensed, they must adhere
to the principle of utmost good faith, as outlined
in the IRDA’s Code of Conduct. |
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2. High
ethical standards: JRG Insurance Broking Private
Ltd voluntarily adhere to levels of disclosure
and accountability over and above regulations.
We assert- |
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“We
will strive to provide the highest possible standard
of service which the insuring public is entitled
to expect to receive from a well-qualified brokerage,
and will at all times hold the interests of the
public paramount.” |
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3. Expertise:
All insurance brokers must meet mandatory continuing
education requirements during the term of their
licenses to be eligible for renewal. The IBABC
is the primary provider of high-quality pre-licensing
and continuing education for the insurance brokerage
industry in B.C. |
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4. Errors
& Omission: It is mandatory in B.C. for insurance
brokerages to carry errors and omissions insurance.
This insurance covers the broker for any loss
sustained due to rendering or failing to render
professional services. |
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5. Privacy:
It’s necessary to obtain private information
about a client in order to recommend the best
coverage, and to assess ongoing needs. Insurance
brokers meet the requirements of federal and provincial
privacy legislation in the collection, storage
and sharing of personal information. |
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6. Advocacy:
As experts with constant daily contact with the
needs of the public, insurance brokers are uniquely
qualified to promote the interests of their clients
in a number of ways. First and most important
is when a client suffers a loss and files a claim.
Insurance brokers work on behalf of their client
to get the best possible compensation from the
insurance company. Brokers also serve on a wide
range of committees, councils and task forces
with insurance companies, government and other
stakeholders to improve insurance policy wordings
distribution systems. Insurance brokers influence
public policy by making recommendations to government. |
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| 7.
Dispute resolution: Consumers have access to ombudsman
services and low-cost resolution of disputes.
The Insurance Dispute Resolution Services of B.C.
IDRSBC is an independent, not-for-profit service
that provides dispute resolution options to the
insuring public and the insurance industry. It
offers mediation, arbitration and mini-trial services
as an alternative to costly litigation. Several
notable practicing and retired judges, lawyers
and insurance professionals provide their time
for a small stipend to resolve insurance-related
disputes. It was established in 1997 by the IBABC
and continues to receive arm’s-length funding
and support. |