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"... and place their interests above my own“ "... and place their interests above my own“ Ethics Day 2006 Kelley Insurance Center – Drake University Des.

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Presentation on theme: ""... and place their interests above my own“ "... and place their interests above my own“ Ethics Day 2006 Kelley Insurance Center – Drake University Des."— Presentation transcript:

1 "... and place their interests above my own“ "... and place their interests above my own“ Ethics Day 2006 Kelley Insurance Center – Drake University Des Moines, Iowa Larry L. Klein, CPCU Secretary-Treasurer CPCU Society

2 As a Chartered Property Casualty Underwriter... I shall strive at all times to live by the highest standards of professional conduct. I shall strive to ascertain and understand the needs of others and place their interests above my own. And I shall strive to maintain and uphold a standard of honor and integrity that will reflect credit on my profession and on the CPCU designation.

3 When do you “place their interests above `your’ own?” One should always play fairly when one has the winning cards. One should always play fairly when one has the winning cards. Oscar Wilde, Irish dramatist, novelist & poet Good leadership means doing the right thing when no one’s watching. Good leadership means doing the right thing when no one’s watching. Carly Fiorina, former CEO, Hewlett Packard

4 CPCU Society Bylaws Five Committees Five Committees –Executive Committee –Nominating Committee –Budget & Finance Committee –Diversity Committee –Ethics Committee

5 CPCU Society Ethics Code Specified Unethical Practices Specified Unethical Practices –Violate any law or regulation –Willfully misrepresent or conceal a material fact –Breach confidential relationship –Willfully misrepresent the CPCU designation –Represent the Society or a chapter without authorization –Aid or abet any unethical practice –Violate a presidential or Board cease and desist

6 CPCU Society Ethics Code Unspecified Unethical Practices – –Engage in practices which tend to discredit the Society or the business of insurance and risk management – –Fail to use due diligence – –Fail to use full knowledge and ability

7 CPCU Society Board Policy Statement Ethics Violation Procedures – –Inquiry – the president appoints a committee of inquiry to determine whether there is reasonable basis to believe a violation has taken place. – –If there is a reasonable basis the president shall appoint a conference panel. The panel shall determine whether the conduct constitutes unethical conduct by conducting a hearing which shall include provision for the member to present witnesses, question witnesses & present written evidence. – –In the case of a finding of specified unethical conduct, the panel shall submit its recommendation for action by the Board of Governors.

8 AICPCU Code of Professional Ethics Cannons and Rules of the Code of Professional Ethics – –Cannon 1 – CPCUs should endeavor at all times to place the public interest above their own. – –Cannon 2 – CPCUs should seek continually to maintain and improve their professional knowledge, skills, and competence. – –Cannon 3 – CPCUs should obey all laws and regulations, and should avoid any conduct or activity which would cause unjust harm to others.

9 AICPCU Code of Professional Ethics Cannons and Rules of the Code of Professional Ethics – –Cannon 4 – CPCUs should be diligent in the performance of their occupational duties and should continually strive to improve the functioning of the insurance mechanism. – –Cannon 5 – CPCUs should assist in maintaining and raising professional standards in the insurance business. – –Cannon 6 – CPCUs should strive to establish and maintain dignified and honorable relationships with those whom they serve, with fellow insurance professionals, and with members of other professions.

10 AICPCU Code of Professional Ethics Cannons and Rules of the Code of Professional Ethics – –Cannon 7 – CPCUs should assist in improving the public understanding of insurance and risk management. – –Cannon 8 – CPCUs should honor the integrity of the CPCU designation and respect the limitations placed on its use. – –Cannon 9 – CPCUs should assist in maintaining the integrity of the Code of Professional Ethics.

11 The Ethics of American Youth Josephson Institute of Ethics 2004 Report Card Survey of nearly 25,000 high school students – –Nearly two-thirds cheated on exams – –More than one in four stole from a store within the past 12 months – –40% admit they “sometimes lie to save money”

12 The Ethics of American Youth Josephson Institute of Ethics 2004 Report Card Survey of nearly 25,000 high school students – –Nearly three-quarters rated their own ethics higher than those of their peers – –98% said honesty, ethics and good character are very important – –92% said they were satisfied with their ethics

13 American Institute of Certified Professional Accountants Code of Professional Conduct – –The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage. – –In carrying out their responsibilities as professionals, members should exercise sensitive professional and moral judgments in all their activities. – –Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism. – –To maintain and broaden public confidence, members should perform all professional responsibilities with the highest sense of integrity.

14 American Institute of Certified Professional Accountants Code of Professional Conduct – –A member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing auditing and other attestation services. – –A member should observe the profession's technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member's ability. – –A member in public practice should observe the Principles of the Code of Professional Conduct in determining the scope and nature of services to be provided.

15 Sarbanes-Oxley Act of 2002 Section 406 – –DEFINITION- In this section, the term ‘code of ethics’ means such standards as are reasonably necessary to promote-- (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely, and understandable disclosure in the periodic reports required to be filed by the issuer; and (3) compliance with applicable governmental rules and regulations.

16 Iowa Bar Standards for Professional Conduct Client Lawyer Relationship Competent representation to a client Abide by a client’s decisions concerning the objectives of representation Representation of a client does not constitute an endorsement of the client’s views or activities. Confidentiality of information Conflict of interest Duties to former clients

17 Iowa Bar Standards for Professional Conduct Lawyer’s Duties to Other Counsel We will practice our profession with a continuing awareness that our role is to advance the legitimate interests of our clients We will not, even when called upon by a client to do so, abuse or indulge in offensive conduct directed to other counsel, parties or witnesses. 3. We will not encourage or knowingly authorize any person under our control to engage in conduct that would be improper if we were to engage in such conduct. 4. We will not, absent good cause, attribute bad motives or improper conduct to other counsel or bring the profession into disrepute by unfounded accusations of impropriety. 4 of 32 Duties to Other Counsel

18 Iowa Bar Standards for Professional Conduct Lawyers’ Duties to the Court We will speak and write civilly and respectfully in all communications with the court We will be punctual and prepared for all court appearances so that all hearings, conferences and trials may commence on time; if delayed, we will notify the court and counsel, if possible We will be considerate of the time constraints and pressures on the court and court staff inherent in their efforts to administer justice We will not engage in any conduct that brings disorder or disruption to the courtroom We will not knowingly misrepresent, mischaracterize, misquote or miscite facts or authorities in any oral or written communication to the court. 5 of 8 Duties to the Court

19 Universal Professional Standards StandardCPCUCPAAttorney Violate lawYes Misrepresent/concealYes ConfidentialityYes Misrepresent CPCUYesn/a Aid/abet othersYes Defy cease & desistYes Discredit professionYes Due diligenceYes Use full knowledgeYes Place their interests…Yes

20 Other Professional Standards Independence in fact Independence in appearance Conflicts of interest Disclosure of fees Permissible fee arrangements Duties to former clients Memorialize in writing Safekeeping property Ownership/custody of work papers Client with diminished capacity

21 Ethical behavior in the real world Find the hat Should you answer the question that was asked, or answer the question that was intended? Whistleblowers and “I will not lie cheat or steal nor tolerate those who do.” The Golden Rule: “Do unto others as you would have others do unto you.”

22 and why CPCUs prefer the message of Carly Fiorina… The only thing to do with good advice is pass it on. It is never any use to oneself. The only thing to do with good advice is pass it on. It is never any use to oneself. Oscar Wilde, Irish dramatist, novelist & poet


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