Weather Insurers issued code
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ISSUE #146 (23 MAY 2003 - 29 MAY 2003)
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The government has come up with new rules for the insurance sector. The amendments to the Insurance Regulation now authorise the Insurance Board (IB) to issue a code of conduct for agents. It makes training and orientation a prerequisite and allows an agent only a single affiliation with a life insurer, but allows for another affiliation for general insurance. The surveyors will also be bound by the new amendments. The IB is empowered to issue directives to surveyors in definitive terms on the scope and limitation of their jobs. Till now they could be appointed to assess losses in all sorts of damages. An aspirant now needs to have at least a bachelors' degree in either engineering, accounting or insurance to obtain the licence of a surveyor. It is hoped that this move will standardise qualifications, enhance surveyors' credibility and reduce dependency on foreign surveyors.
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