Licensed Professional Responsibilities
Licensed Professionals
Ryan Specialty requires Employees who transact insurance business to obtain and maintain appropriate licensure, registration, status, or the equivalent from all applicable regulatory agencies in jurisdictions where the Employee engages in the business of insurance. Satisfying continuing education requirements is critical for Employees to stay up to date with current insurance product information and regulatory changes.
Licensed Employees must abide by all laws and regulations relating to their licensure and the business of insurance.
Care, Skill, and Diligence
Wholesale brokers and managing general agents are held to a high standard of conduct. They must act with the utmost care when carrying out all trading activities, especially with regard to Ryan Specialty’s clients. Employees who engage in licensable activities are expected to understand the key features of the products they sell. If an Employee does not feel as though they have the skill set necessary to recommend a product, assistance from an Employee with knowledge on that specific product should be obtained.
Commission Sharing
As an independent wholesale broker, Employees based in the U.S. are allowed to share commissions received from insurance carriers with licensed retail producers. Commission sharing with other service providers who work with insureds – accountants, attorneys, financial planners – is generally prohibited.
Employees based in Europe must have all commission agreements approved by their management. Commission payment and timing must not create a conflict of interest. Additional Policies are available to provide guidance regarding commission sharing. When in doubt, contact your manager.
Preventing Fraud & Bribery
Corruption, fraud, and bribery in all forms are contrary to our business standards. We comply with all applicable laws and regulations that forbid bribery both of public officials and within the private sector.
Due to the nature of our business, there are many opportunities for people both inside and outside of Ryan Specialty to commit fraud or bribery. Remember to report any suspected misconduct that looks like a financial crime.