Sri Lanka mandates CII Advanced Diploma for insurance firms

This follows February’s announcement that the United Arab Emirates Central Bank has introduced new legislation mandating professional qualifications for senior insurance representatives, and cites the ACII as exemplary of the internationally recognised qualifications that will be required.

The commission, at its 261st meeting, amended Rule 3 of Additional Requirements for Registration as an Insurance Broker Rules of 2024, published in the Extraordinary Gazette (no. 2401/12 dated 9 September 2024), as follows:

“Any person who wishes to be registered as a broker under the Act to carry out re-insurance broking business shall have employed at least one person: i) having the qualifications of Associate of the Chartered Insurance Institute (ACII)”  The rule amendment came into effect on 11 April , with qualification holders able to hold a senior management position, such as “Principal Officer” on condition that they hold the ACII. 

Gaenor Jones, CII Middle East, Central & South Asia Regional Director, welcomed the amendment, commenting: “This mandating will go a long way to boosting professional standards across the sector in Sri Lanka. Professionals who possess our qualifications automatically instil confidence in end-users and consumers, who are assured that the advice they are receiving is from a highly competent practitioner, who has attained an internationally recognised qualification from a body that upholds the highest standards of integrity and best practice. 

“Attaining the CII’s Advanced Diploma (ACII) demonstrates that a senior insurance broker has in-depth knowledge of the principles and practice of insurance. It covers a comprehensive range of topics and learning, and is regarded globally as the industry’s benchmark for standards of capability and professionalism. We look forward to working closely with Sri Lankan corporates to ensure that their senior employees attain the ACII and remain compliant with the regulator’s mandate.”