Enforcement (Disciplinary Procedures) and Sanctions
- A report against a member for a breach of, or non-compliance with, any of the provisions of this Code, shall be made to the IBAG Executive Council.
- The Disciplinary committee shall investigate allegations and complaints within 30 days and it shall recommend the necessary action or sanction, including any appropriate disciplinary action, to the IBAG Executive Council.
- The IBAG Executive Council shall promptly inform the complainant (or an informant) of the outcome of his case and the action taken.
- The IBAG Executive Council shall have the power to direct the offending member concerned to make amends, including warning, rectification, payment of a sum of money, or take any other actions as may be deemed necessary in favour of the aggrieved party, and the offender shall comply with the directive within 30)days.
- The IBAG Executive Council shall expel a member who is found guilty of a serious unprofessional conduct, abuse of office, or flagrant breach of the Code, and shall recommend to the National Insurance Commission (NIC) to consider cancellation of the member’s operating license.
- A member against whom a disciplinary action is taken may, within 14 days upon receipt of the decision in writing, appeal to the Disciplinary Committee (IBAG) for a review of the decision, and the Committee will then consult with IBAG Executive Council for a review or confirmation of the decision.
- For the purpose of enforcement of this Code, an act shall be deemed to have been committed by an insurance broking firm or a broker if it is committed by:-
- The Board of Directors; or
- The General Meeting of shareholders; or
- The Managing Director or Chief Executive; or
- A Director, Manager, Officer, or Employee in the course of his duty.
- Complaints against a broking firm or a broker for acts or omissions involving this Code or any other professional misconduct but committed otherwise than in the course of employment, shall be referred to the NIC, especially when such complaint, or breach, or offence is in contravention of the Insurance Law either directly or otherwise.
- Any member of IBAG who fails to attend monthly meetings for 3 consecutive times without reasonable cause shall be liable to fine of ¢500,000 or GH¢50
- Any member of IBAG who fails to settle its annual subscription by the end of the first quarter shall attract an interest charge of 10% on the accrued sum from the date of the member’s default.
- The Code may be amended or rescinded, either in part or in whole, by a simple majority decision of the Association (IBAG)
- Upon adoption of the Code by IBAG by resolution, all brokers as members shall abide by, and respect, at all times, the terms and the spirit of the Code.
- In the event of any conflict of meaning or interpretation of any aspect of the Code, involving the Insurance Law (existing/prevailing) and the Code, the Insurance Law shall prevail.
