Abstract.
This paper presents the findings of two surveys conducted in April 2003 of Chartered Life Underwriters (CLUs) and Chartered Financial Consultants (ChFCs) who are members of the Society of Financial Service Professionals. The first survey of 3000 CLUs and ChFCs – the life insurance industry’s most highly regarded professionals – was aimed at identifying the key ethical issues faced by professionals working in the life insurance industry today. A comparison of these findings with those of earlier studies conducted in 1990 and 1995 suggests that while the key ethical issues facing those working in the life insurance business today are essentially the same as those encountered during industry’s highly troubled ethical environment of the early 1990s, these issues are perceived as presenting somewhat less serious problems than in the past. The second survey of 3000 CLUs and ChFCs was aimed at determining the extent to which these professionals perceive the industry created Insurance Marketplace Standards Association (IMSA) as having contributed to any change in the ethical environment that has taken place. The findings suggest that IMSA has played an important role in influencing senior managers to more strongly encourage and support ethical market conduct, a critical step in improving the industry’s ethical environment.
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R.W. Cooper G.L. Frank (1999) ArticleTitleThe Potential Effects of IMSA on the Industry’s Ethical Environment The Journal of Financial Service Professionals 53 IssueID3 49–55
R.W. Cooper (1998) ArticleTitleIMSA: An Industry Effort to Restore Ethical Market Conduct Journal of the American Society of CLU and ChFC 52 IssueID5 88–96
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Cooper, R.W., Frank, G.L. The Highly Troubled Ethical Environment of the Life Insurance Industry: Has it Changed Significantly from the Last Decade and if so, why?. J Bus Ethics 58, 149–157 (2005). https://doi.org/10.1007/s10551-005-1399-2
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DOI: https://doi.org/10.1007/s10551-005-1399-2