Chartered Insurance Institute facts for kids

The Chartered Insurance Institute (CII) is a special group that helps people trust the insurance and financial planning world. Think of it as a guide for professionals in these areas. The CII makes sure that people working in insurance are honest, skilled, and good at their jobs. This helps everyone feel more confident about their insurance and financial plans. The CII is also part of a bigger group called the Chartered Body Alliance.

Alan Vallance is the CEO (Chief Executive Officer) of the Chartered Insurance Institute.

How the CII Started

Early Insurance Groups

The very first group for insurance professionals was set up in Manchester, England, in 1873. It was called the Insurance Institute of Manchester. Its main goal was for people in the insurance business to meet up and share ideas, especially about fire insurance. This was important because Manchester had many textile factories that needed fire protection.

At first, only senior people could join this group. So, in 1883, a "Junior Insurance Institute" was created. This new group helped teach younger people who were just starting in insurance.

Soon, other cities in the UK and Ireland started their own insurance groups. These included Glasgow (1881), Dublin (1885), and Birmingham (1887). Each group had slightly different names, but they all focused on learning about insurance.

Forming a Bigger Group

People soon realized it would be great if all these local insurance groups worked together. So, in 1897, representatives from 10 different institutes met in Manchester. They decided to form a larger organization called The Federation of Insurance Institutes of Great Britain and Ireland.

At this meeting, they had some big ideas:

• They wanted to create an annual magazine with articles about insurance.
• They planned to offer joint exams and certificates for people who passed them.
• They even thought about setting up a home for children of insurance clerks who needed help.

The Birmingham and Glasgow groups helped with the magazine, while the Yorkshire and Manchester groups worked on the education plan. They wanted the Federation to be the main group for exams, with local groups doing the teaching. The home for children, called the Insurance Clerks’ Orphanage, became its own separate charity in 1902.

Becoming "Chartered"

In 1906, the Federation decided to ask the King for a "royal charter." This is a special document that gives an organization official recognition and status. To prepare for this, they changed their name to The Insurance Institute of Great Britain and Ireland in 1908.

Finally, on January 17, 1912, King George V granted the royal charter. This was a huge step! The group officially became the Chartered Insurance Institute. At that time, there were 21 local institutes in the UK and Ireland, plus 4 more in other parts of the British Empire.

What the CII Does

The Royal Charter

A royal charter is like a special rulebook given by the King or Queen. It explains what an organization is allowed to do. The CII's first royal charter was given in 1912. A newer version was granted by Queen Elizabeth II in 1987.

The CII's charter lists six main goals:

• To help people working in insurance become better and more professional. This makes sure the public and employers can trust them.
• To encourage the study of everything related to insurance.
• To gather expert opinions and knowledge about insurance laws and practices.
• To make sure its members follow high professional standards and good conduct.
• To give information and advice about jobs in insurance.
• To help members or their families who are facing financial difficulties.

The Insurance Hall

The Chartered Insurance Institute building in Aldermanbury, London.

The Insurance Hall is a special building in London that was built for the CII. The idea for the building came from Sir Frederick William Pascoe Rutter in 1919. He thought the CII needed its own place in London for members to meet and to have a library for studying.

Money for the building came from donations and investments from insurance companies between 1919 and 1932. King George V officially opened the Insurance Hall on June 28, 1934.

The Insurance Hall is a beautiful building with an old-fashioned style. It has stained glass windows with the names and symbols of insurance companies that helped fund it. Inside, it has wood paneling. When it first opened, it had a large conference hall, a library, a museum, classrooms, and offices for the CII staff and other insurance groups.

During World War II, in 1940, London was bombed heavily. The Insurance Hall was one of the few buildings in its area that survived. This was partly thanks to the building's manager, Gordon Edward Stewart, who stayed to put out fires during the bombing.

In 2018, the CII sold the Insurance Hall and moved to a new location. They later moved again to 20 Fenchurch Street, a famous building in London known as the "Walkie-Talkie." They now share an office floor with another professional group, the Chartered Institute of Securities and Investments.

Coat of Arms

The coat of arms of the Chartered Insurance Institute.

The Chartered Insurance Institute has its own special coat of arms, which was given to them in 1933. A coat of arms is a unique design that represents an organization.

The main part of the CII's coat of arms is a blue shield with symbols for the four main types of insurance from a long time ago:

• A salamander (a mythical lizard that can live in fire) represents fire insurance.
• Three anchors represent marine (sea) insurance.
• Two parallel chains represent accident insurance.
• A wheat-sheaf represents life insurance.

More parts were added to the coat of arms in 1957 to celebrate the CII's 60th anniversary. These extra parts are called an "achievement":

• Crown and Helmet: These represent the history of the area where the Insurance Hall was built.
• Crest: This shows a hand holding a sword by its blade. This symbolizes how insurance helps reduce risks. It also represents the City of London, a major center for insurance.
• Supporters: On one side is a royal lion (from England), and on the other is a bearded unicorn (from Scotland). Both have fish tails to show the CII's work around the world. They are holding books, which represent the CII's role in education.
• Motto: Below the coat of arms is a Latin motto: "consilium scientia." This means "counsel and knowledge." It reminds everyone that good advice and strong knowledge are key in the insurance world.

Membership

Who Can Join?

When the CII first received its royal charter in 1912, only men working in insurance could be full members. After World War I, in 1919, women were finally allowed to take the exams. The next year, 25 women joined the institute. In 1921, the first woman achieved the highest qualification, called "Fellowship."

Today, the CII welcomes anyone connected to insurance or financial services. This includes students who plan to work in these fields. In 2021, the CII had over 123,879 members!

Membership Levels

There are different levels of membership, depending on your experience and qualifications:

• Ordinary: For individual members who don't have a CII qualification yet.
• Discover: For high school and college teachers and students in the UK, and university students.
• Certificate: For those who hold the CII Certificate in Insurance (they can use "Cert CII" after their name).
• Diploma: For those with the CII Diploma in Insurance (they can use "Dip CII").
• Advanced Diploma: For those with the CII Advanced Diploma in Insurance (they can use "ACII").
• Fellowship: This is the highest CII qualification (they can use "FCII").
• Chartered: This is a special professional title for members with the Advanced Diploma or Fellowship, and at least five years of experience.

Special Titles and Qualifications

Because the CII is a "chartered body," it can give out special professional titles. To earn one, members must pass tough exams and meet certain requirements.

The CII offers five special "chartered" titles for individuals:

• Chartered Insurance Broker
• Chartered Insurer
• Chartered Insurance Practitioner
• Chartered Insurance Risk Manager
• Chartered Financial Planner

There are also three chartered titles for organizations (like companies):

• Chartered Insurance Brokers
• Chartered Insurers
• Chartered Financial Planners

Exams for these qualifications include multiple-choice questions, mixed assessments, coursework, and even dissertations (long research papers) depending on the area of study.

Local and Global Institutes

If you're a CII member in the UK, you automatically join one of 58 local groups. There are also 7 other groups in Gibraltar and the Republic of Ireland. For members outside the UK, there are 70 affiliated insurance institutes around the world!

The CII Library

The CII has a very important library. Even before the CII became "chartered" in 1912, people wanted a central library in London for insurance resources. The CII's charter from 1912 made it an official duty to keep a library for its members.

The CII Library was officially set up when the Insurance Hall opened in 1934. Before that, many local insurance groups had their own libraries. Today, the CII Library is a central place where all members can borrow books and get information about insurance and personal finance. They can also access online resources and articles.

The CII Museum

The Insurance Hall also had a museum when it opened in 1934. It used to display an old 19th-century fire engine! The museum area has special paintings on its walls that show different types of insurance, like marine, fire, accident, and life insurance. These paintings are part of why the building is considered historically important.

When the CII moved to a smaller, more modern office, they created an "Our History" website. This website lets people explore the history of the CII and the insurance world. You can take a virtual tour of the old Insurance Hall, see the unique stained-glass windows, and view over 1500 "Fire Marks" (old signs used by fire insurance companies). The website also has digital versions of hundreds of old insurance documents, some from as far back as 1669, and rare old books. You can even see the original 1912 Royal Charter there!

Images for kids

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  The "Walkie-Talkie" building (20 Fenchurch Street) where the CII now has offices.