Insurance institute to align syllabus with UK’s
THE Chartered Insurance Institute of Nigeria (CIIN) has completed arrangement to align its syllabus with CII, United Kingdom that will enable the institute enjoy parity exemption.
Director-General of the Institute, Kola Ahmed, who disclosed this said aligning the syllabus with that of the UK, will enable the institute enjoy the parity exemption that is presently granted by CII UK.
Specifically, the syllabus which is at the final stage of completion, would contain local and foreign contents so as to produce well bred professionals in the industry..
He noted that the proposed syllabus has gone through management and special committee and that the report from the committee has been passed to the examination committee for ratification.
According to him, “Ordinarily our syllabus is suppose to be reviewed every five years, the present syllabus started in 2007, and it has been due for review since 2012. We have been on the process since then and I am happy to announce that it is now at the final stage of completion.
“We have done the management review, it has been passed to special committee and they have also submitted their report which has been passed to the examination committee for final ratification.
Said he, “The matter also came up at the last council meeting which was held last week, the chairman of the examination committee, Venerable Olusola Ladipo-Ajayi, submitted a report and he promised council that another team will vet it and that they want the syllabus to align with that of Chartered Insurance Institute (CII) of United Kingdom, so that we can continue to enjoy the parity exemption we get from them.”
He said the UK institute has started review of its syllabus this year, and that it will take a period of two years, stressing that CIIN will conclude the syllabus immediately it gets contents from the UK.
Meanwhile, the CIIN boss has advised leaders in the underwriting business to return to time tested consult the lead before undertaking a new risk , so as to help stem the continuous slide in premium income.
He lamented that the absence of market leaders in the insurance industry is responsible for the falling premium, adding that insurance business thrived in the past because risks were properly priced and no business was undertaken without consulting operators who have adequate knowledge on such business.
He frown at the attitude of operators who stab their colleagues at the back, just because they want to highjack their businesses, adding that it is time for operators to go back to the era of consulting leaders before risks are undertaken.
Said he, “In the past, there is what we used to call consult the lead, no underwriter will take up any business, without knowing the history of that business, and to know the history, you need to consult the underwriter that had been handling that business, to know the issues, claims records and premium payment.
“If we can go back to that old era, whereby we will have industry leaders, the issue of the industry losing so much would be a thing of the past. For instance, where a policy that has been fetching the industry N20 billion as premium suddenly clashed to N10 billion, is a loss to the industry,” he said.
He maintained that the institution of market leaders, would help restore the sliding of insurance premium as risks will be properly priced for the wellbeing of the industry.
“In the past, we used to have market leaders in all the business classes. When you talk of marine, oil and gas and others, you know who to talk to. And if any of these companies do not quote, no other company will touch that business.
“I think we should go back to that old era, where we had distinguished market leaders and the market respect these leaders, not now when a company that just started not more than five years will want to lead a policy and expects a company that had existed for more than 20 years to follow. That is not done in civilized climes,” he added.
He said the industry can only make great progress if the operators shun unethical practices such as rate cutting, demarketing and other vices, and embrace change.
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