This Code presents the general principles and minimum standards that should be met by insurance and reinsurance companies, including branches of foreign insurance and reinsurance companies, and insurance related service providers in their dealings with their existing and potential customers.

The objective of This Code is to promote high standards of business conduct within the insurance industry.

This Code must be read in conjunction with the Law on Supervision of Cooperative Insurance Companies and its Implementing Regulations, in particular articles 12, 15, 16, 19, 22, 24, 25, 26, 37, 43, 44, 45, 46, 49, 51, 52, 53, 54, 55, 56, 71, 77, 78, and 80.

The term “Companies” in This Code is intended to include: insurance companies, and insurance related service providers including insurance brokerages, insurance agencies, insurance claims settlement specialists, loss assessors (loss adjusters), and insurance advisors. The rest of the terms used in This Code shall have the same meaning as per article one (1) of the Implementing Regulations.

This Code applies to insurance and reinsurance companies, and insurance related service providers including insurance brokerages, insurance agencies, insurance claims settlement specialists, loss assessors (loss adjusters), and insurance advisors.

Reinsurance activities are exempted from the provisions of This Code.