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Regulation and the insurance industry (3)

By Yinka Bolarinwa
IN the last edition of this column we concluded about the premier regulator of the insurance industry — NAICOM. It will be recalled that earlier, we said there are two statutory regulators, the other being the Chartered Insurance Institute of Nigeria (CIIN). Thus, while NAICOM deals with corporate operators in the industry, CIIN’s mandate is about the individuals that populate the industry.

The Chartered Insurance Institute of Nigeria (CIIN)

The CIIN is the professional body for all individual insurance practitioners in the country.  Individuals, not companies, are members, and it does not matter in which arm of the industry that member is engaged.

Actually, the Chartered Insurance Institute of Nigeria has been in existence since 1959, but the body did not fully come into a life of its own until December 1987 when a Registrar/Chief Executive was appointed. Subsequently a secretariat came into being, and since inception the institute, has through various programmes and activities, catered for the academic progression of members in siting for the examination of the Chartered Insurance Institute of London.

However, the institute has, since April 1989, conducted her own examination for the Associateship Certificate, though it is still responsible for the conduct of the (CII) examination in Nigeria.

From 349 candidates at start-up in 1989, the institute has grown over the years, such that in the April 2000 examinations, more than 2,000 candidates sat for various papers in more than 10 centres nationwide. In October of the same year, the same examination was conducted, thus beginning the twice a year examinations.

However, it was in the year 1993 that the Institute finally had its enabling law; the Chartered Insurance Institute of Nigeria Decree No 22 of  1993, Laws of the Federation of Nigeria, dated 26th day of February 1993 was promulgated. Thus the hopes and aspirations of the founding fathers of the institute were realised with this development.

The main objectives of the Institute are contained in the enabling law specified above, and include the following:

1.   (1) There is hereby established a body to be known as the Chartered Insurance institute of Nigeria (in this Decree referred to as “the institute”) which shall he a body corporate tinder that name and be charged with the general duty of _

(a)     determining what standards of knowledge and skill are to be attained by persons seeking to become registered members of the insurance profession (in this Decree referred to as “the profession”) and reviewing those standards, from time to time, as circumstances may permit;

(b)    securing, in accordance with the provisions of this Decree, the establishment and maintenance of a register of fellows, associates, and registered members of the profession and the publication, from time to time, of the lists of those persons; and

(c)     performing, through the Council established under section 3 of this Decree, the functions conferred on it by this Decree.


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