What is the term for the ethical standards established by organizations like RIBO and insurance councils that extend beyond the Insurance Act?

The term that refers to the ethical standards established by organizations such as RIBO (Realtors Association of Manitoba) and various insurance councils, which go beyond the Insurance Act, is known as a Code of Conduct or Code of Ethics. This code outlines the ethical principles and professional standards that must be adhered to by members of the organization.

These codes are designed to ensure that practitioners within the insurance industry maintain a high level of integrity and professionalism in their dealings with clients and other stakeholders. They often cover aspects such as honesty, fairness, confidentiality, and competence, guiding members to act in a manner that upholds the reputation and trustworthiness of the industry.

In contrast, terms like statutory conduct, compliance requirements, and ethical statute do not specifically address the standards set forth by professional organizations in the same way. Statutory conduct refers to behavior dictated specifically by laws and regulations, while compliance requirements generally focus on adherence to regulations without the ethical nuances. An ethical statute might suggest a legal framework but lacks the professional guidelines characteristic of a Code of Conduct or Code of Ethics.

Thus, the Code of Conduct or Code of Ethics serves as a vital framework for ensuring ethical behavior in the insurance profession, reinforcing the importance of these standards in building trust and accountability