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Chartered Insurance Institute
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Good supervisory practices on insurance knowledge & ability

CII response to EIOPA consultation

The Chartered Insurance Institute welcomes EIOPA’s initiative on developing EU-wide standards for insurance training. It reflects the wider regulatory focus towards professional conduct and ethical behaviour, in which voluntary efforts like the Aldermanbury Declaration and Chartered status leave the UK well placed.

It reflects the wider regulatory focus towards professional conduct and ethical behaviour, in which voluntary efforts like the Aldermanbury Declaration and Chartered status leave the UK well placed. We support proper training and qualifications for staff who interact directly with customers and would expect similar standards to be adhered to by independent intermediaries, such as insurance brokers. The report goes a long way to helping to achieve this:

  • it confirms that professional standards are on the European and even global financial regulation agenda;
  • it validates the view that better qualifications, knowledge and ability, ethics and continuing professional development (CPD) can contribute to attaining regulatory objectives such as better consumer protection and outcomes;
  • it acknowledges the importance of ongoing learning, and sets out a view that professional experience is not sufficient to indicate appropriate conduct and behaviours;
  • it recognises the role of professional bodies in providing oversight of CPD, however there should be more reference to this role in delivering other aspects of knowledge and ability as well; finally
  • the number of CPD hours (30 hours over a 3-year reporting period) is very minimalist by CII standards but nevertheless represents a step in the right direction by EU standards.

 View our consultation response »