Chartered title for individuals
Q1. What does an individual have to do to be eligible for the title?
A. To be awarded Chartered Insurer, Insurance Practitioner or Insurance Broker status, an individual will have to:
- Have five years’ experience in the industry (not necessarily postqualification) of a kind satisfactory to the Institute
- Be a member of the Chartered Insurance Institute (CII)
- Gain CII approved qualifications equivalent to first degree level
- Follow the CII’s Code of Ethics
- Be able to demonstrate that Continuing Professional Development (CPD) is up to date and commit to an ongoing programme of continuing professional development.
Q2. Which CII approved qualifications are suitable?
A. An individual will need to hold the Advanced Diploma in Insurance (or equivalent). To achieve the Advanced Diploma you must accumulate a minimum of 290 credits, with at least 205 at Diploma level or above and 90 at Advanced Diploma.
Q3. What, if any, other qualifications/exams will the CII recognise as part of an individuals qualifying portfolio?
A. The CII already has an extensive accreditation procedure, details of which can be obtained from Customer Service.
Q4. Can someone who meets the qualifying criteria just start using the title?
A. No, they must apply to the CII first and be given approval.
Q5. What rules govern the use of a Chartered title?
A. The CII must uphold the rules of its Charter. Holders of the title must comply with the CII's CPD requirements and abide by the Code of Ethics.
Q6. Is there a CPD requirement prior to applying for the title?
A. An individual must be up to date with their CPD and new and existing members must comply with the CII’s CPD requirements.
Q7. What will the CPD requirement be once the title has been awarded?
A. The CII’s new CPD scheme introduced in October 2005 requires CPD to be achieved each year. The nature of the CPD will, to a large extent, depend on its relevance to each Chartered title holder.
Q8. How will you police holders of a title to ensure they abide by the rules?
A. Each month, the CII will select a random number of members to submit their CPD logs to monitor activity. A disciplinary process exists to deal with cases against members and a new complaints facility was introduced in October 2005 to allow members of the public to register a complaint against a CII member. The CII also works closely with the relevant regulatory and supervisory bodies.
Q9. How much will it cost someone to apply for and maintain the title?
A. The annual membership fee for Chartered Insurer, Insurance Practitioner or Insurance Broker status is £168 and replaces any existing membership fee paid. The new fee will be effective from the next renewal for existing members. This fee applies until 31 December 2011.
Q10. Can someone who qualifies for two Chartered titles use both?
A. No. CII members will be able to apply for one title only. This title should reflect the majority of the work that they carry out. The qualifications criteria will also need to be met.
Q11. Will the CII charge a fee to existing Chartered title holders to transfer to the new title?
A. No, this fee has now been waived.
Q12. What has the CII had to do to get the title approved?
A. As a Chartered body the CII had to gain approval for the title from the Privy Council. It is a condition of the Privy Council that an individual must be able to demonstrate relevant qualifications to first degree level before a Chartered title can be awarded.
Another key consideration for the Privy Council was that the CII already awards three Chartered titles. Chartered Insurance Broker, Chartered Insurance Practitioner and Chartered Insurer are regarded as the highest and most prestigious level of professional achievement for people working within the insurance industry.
The CII has a Code of Ethics and a robust disciplinary process already in place as part of the governance of the existing Chartered titles.
Q13. Does the initiative have the support of the market/market bodies, regulator and consumer groups?
A. All groups recognise the need to raise levels of consumer confidence in the sector. Discussions are taking place with industry bodies and organisations and all contacted have voiced their support for this initiative.
Q14. Consumers just want a good deal from their financial products, how is Chartered status going to help?
A. The establishment of Chartered status introduces a new, internationally recognisable benchmark of quality and ethical practice for general insurance professionals. This will re-assure consumers as for the first time general insurance will be elevated in the public eye to the same standing as other Chartered professions, such as accountants, engineers and surveyors. All holders abide by a Code of Ethics and the CII has the sanction of a disciplinary process against members should this be necessary. This represents the first step in an evolving process. The CII will work with industry practitioners to ensure that the standards and practices associated with a professional body are established and maintained within general insurance industry.
Q15. How can I show to the public I hold the title?
A. You can show the title on your business cards as long as the name is not shortened or abbreviated. The CII has also produced an online searchable database for members of the CII and the public. The database includes an option to display only members who hold a CII Chartered title and is available here.
