The insurance industry is a highly regulated industry of professionals who must be licensed by the state(s) in which they conduct business. As such, the industry is prone to both legal and ethical issues which regulatory agencies have attempted to curtail with licensing and education requirements. Nonetheless, legal and ethical issues still arise despite precautions taken to decrease such occurrences. Legal and ethical concerns generally arise as a result of an insurance professional’s negligent actions, but may also occur on behalf of a policyholder or perhaps even an insurer. A strong knowledge of and commitment to ethics is crucial in maintaining the integrity of the insurance industry while guaranteeing its operation within the boundaries of the law.
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