NEWS 27
CII launches new London Market exam
The Chartered Insurance Institute (CII) has launched a new award in London Market insurance (ALMI), developed specifi cally for individuals working in all areas of the London Market as well as within the core disciplines of broking, underwriting and claims.
The new award comprises of two units – LM1 and LM2 - and is recognised by both the FSSC (Financial Services Skills Council) and OfQual
LM1 provides an essential grounding in the operation of the London insurance market and is ideal for anyone starting out in the market. It is a standalone learning programme for those employed in support functions such as HR or fi nance, or as the fi rst stage of a more in-depth learning pathway for those employed in a more technical role.
LM2 builds on the learning provided by LM1, covering additional subject areas and providing candidates with a broader understanding of insurance processes and practices across the London market.
Jamie Heath, chief operating offi cer at the CII, said, “This has allowed us to consult widely with a range of market practitioners and to take a collaborative approach to the development of the new award. By involving existing practitioners in the creation of our qualifi cations candidates can be assured that it is relevant to their career development and acknowledges the challenge of balancing study and work.”
Candidates completing both units will attract 25 credits, meaning they will only need to complete one further certifi cate unit in order to attain the Certifi cate in Insurance and allow them to use the designation ‘Cert CII (London Market)’ after their name.
The cost of entering both units is £269 and more information can be found at:
www.cii.
co.uk/ALMI
BIBA warns on rising insurance costs
The British Insurance Brokers’ Association (BIBA) has said it is disappointed that the Government has announced increases to Insurance Premium Tax (IPT) in the budget.
BIBA said it believed that the increases to the lower rate of IPT from 5 per cent to 6 per cent and the increase to the higher rate of IPT from 17.5 per cent to 20 per cent will serve only to add further fi nancial pressure during the recession and discourage individuals and small businesses from taking out adequate and appropriate insurance protection.
Eric Galbraith, BIBA’s chief executive, said: “This is a tax on protection. Our research last year demonstrated that businesses and consumers were
reducing insurance cover as a result of the recession and we are concerned that increases to insurance premiums as a result of IPT could lead to even further underinsurance or even a lack of insurance protection. The last thing people need in a fi nancial crisis is a higher insurance bill.”
Consumers and businesses will see their motor, property and travel insurance premiums increase as a result and BIBA is warning customers that cutting out or reducing essential cover could be a false economy. BIBA is urging customers to seek advice from an insurance broker who can help families and businesses to manage their insurance protection in the most cost effective way.
Bob Pybus joins IIB board
The Institute of Insurance Brokers (IIB) has expanded its board with the appointment of Bob Pybus as a director.
Mr Pybus is founding partner and director of NPA Insurance Group - one of the UK’s top 100 independent brokers.
IIB’s chief executive Barbara Bradshaw said: “We’re delighted that Bob has agreed to join us. With almost 30 years in the insurance industry, Bob’s experience in the UK broking market and his entrepreneurial and dynamic approach bring an added dimension to our board, particularly in the areas of acquisitions and business growth.”
Mr Pybus added: “The IIB has a strong voice in the broking fraternity and it’s an honour to be asked to join the board. It’s good to be working with people I like and respect. I’ll try and use some of my experience to help guide the IIB along the path I believe it should take to act in its members’ best interests. As a fellow broker running an expanding regional business, I have ‘hands on’ experience in dealing with the ups and downs of the market and all things that affect it.”
His appointment will be ratifi ed at the IIB’s Annual General Meeting later this year.
July/August 2010 Insurance Brokers’ Monthly
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