…announces new professionalism capacity-enhancement measures
The Chartered Insurance Institute Ghana has announced several key measures it is taking to enhance both the professional capacities and personal conduct of its members, who comprise insurance professionals in the country. The CIIG is a self-regulatory body which among other things is mandated to ensure that its members have both adequate technical skills and the professional and personal ethics requisite for Ghana’ s insurance industry to deliver top quality risk management products and services based on utmost good will.
The new measures – which include compulsory continuous further education of members to update their skills and knowledge, as well as the gazetting of members in good standing – were revealed by the Institute’s president, Solomon Lartey, over the weekend at the induction of its latest batch of Fellows and Associates.
Altogether, 17 members after satisfying the established requirements of the CIIG were admitted as fellows; thus entitling them to use the designation FCIIG. Another 115 members were inducted as Associates – who can now use the title ACIIG, bringing the total number of inductees to 132. With the latest additions, CIIG now has 1,292 members of which 103 are Fellows and 607 are Associates. The Institute also has 236 Diploma members, 101 Affiliates and 235 Student members. It also has 23 corporate members comprising four reinsurers, 39 insurers and 30 insurance brokers.
The CIIG is mandated under the Professional Bodies Registration Act 1973, Act 143, to provide insurance education and training for the purpose of enabling persons to qualify to become insurance professionals; and to this end collaborates with the National Insurance Commission and Ghana Insurance College.
To fulfil its mandate, the Institute is now engaging in several new initiatives.
One impending launch, scheduled for October this year, is the new compulsory Continuous Professional Development (CPD) Programme.
Solomon Lartey at the induction ceremony when addressing members present enthused: “Our well researched CPD programmes are designed to ensure that members continue to be proficient and competent in the profession, while also furnishing you with essential skills that can help you progress in your career”.
A related initiative involves the CIIG partnering relevant organisations like the Chartered Insurance Institute of the United Kingdom to bring international relevance to its CPD programmes. It has Management Development Programmes (MDPs) that are designed to bridge the gap between current executive management and middle-level management to ensure proper succession planning for its member-companies.
CIIG is also preparing to publish the list of members in good standing and file its list of members – together with their qualifications and addresses – with the Registrar-General’s Department annually, which will be gazetted under Act 143. “This will add an additional layer of recognition for our members, and ensure that organisations – both local and international – find it easy to access information about our members, both corporate and individual, from the government of Ghana through the RGD.”
Importantly, Act 143 empowers the CIIG with authority equivalent to that of a High Court with regard to enforcing the attendance of witnesses and examination of witnesses, and compelling the production of documents – a power it uses through its Professional Standards, Discipline and Ethics Committee. The Committee comprises the Commissioner of Insurance (or a delegated representative of the NIC), President of the Ghana Insurers Association, President of the Insurance Brokers Association of Ghana, President of the Private Health Insurers Association, President of the Chamber of Corporate Trustees and three leading members of the insurance industry. The Committee is chaired by the universally acclaimed Gustav Siale.
“Going forward, the Committee has the power of a High Court to determine your fate – whether you can hold yourself as an insurance professional and practice insurance in Ghana,” Solomon Lartey warned the Institute’s members.
To enhance its role as a regulatory body the CIIG has completed its Practice Manual, which will be published to guide the practice of insurance by the Institute’s members. CIIG is also working on Insurance Conduct of Business rules to guide corporate members on the ethical and professional practice of insurance in Ghana.
Other major events the CIIG has scheduled for the rest of 2023 include: the Insurance Excellence Awards (to be held in August); launch of both the CPD and the MDP in October; and the Institute’s annual general meeting to be held in November.