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. Its main goal, set out in its 1912 royal charter, is to make sure people have confidence in its members and the whole insurance industry. The CII does this by setting high standards for honesty, skills, and business practices. It is also part of the Chartered Body Alliance, which includes other important groups like the Chartered Institute for Securities & Investment (CISI) and the Chartered Banker Institute.

Matthew Hill is the current CEO of the Chartered Insurance Institute. In October 2023, news reports mentioned that the CII had announced its previous CEO, Alan Vallance, would leave in the second quarter of 2024.

How the CII Started

The very first Insurance Institute began in Manchester on March 14, 1873. It was a place for people to share ideas and knowledge about insurance, especially fire insurance. This was important because Manchester had many textile factories. The Manchester institute only allowed senior people to join. Because of this, a Junior Insurance Institute was created in 1883. This new group helped teach people who were just starting in insurance.

Other local insurance groups soon formed across the UK and Ireland. The Insurance and Actuarial Society of Glasgow started in 1881, focusing mainly on education. More institutes followed in places like Dublin (1885), Norwich (1886), and Birmingham (1887).

Forming a National Group

People soon realized it would be good to have one main institute to connect all the local groups. So, in March 1897, representatives from 10 institutes met in Manchester. They decided to form an association called The Federation of Insurance Institutes of Great Britain and Ireland. At this meeting, they also planned to:

• Publish an annual journal with insurance papers.
• Offer joint exams and certificates.
• Create an orphanage for children of insurance clerks.

The Birmingham and Glasgow institutes helped with the journal. The Yorkshire institute and Manchester association worked on the education program. They wanted the Federation to be the main examining body, while local institutes would do the teaching. The Insurance Clerks’ Orphanage became its own organization in 1902.

Becoming a Chartered Body

In 1906, the Federation decided to ask for a royal charter. This is a special document from the King or Queen that gives a group official recognition and powers. The London Institute became the main headquarters. In 1908, the institutes agreed on a constitution and changed their name to The Insurance Institute of Great Britain and Ireland.

The royal charter was officially granted on January 17, 1912, by King George V. This is when the group became the Chartered Insurance Institute. At that time, there were 21 local institutes in Great Britain and Ireland, plus 4 linked institutes from other parts of the British Empire.

What the CII's Charter Says

A royal charter is a unique document. It sets out the rules and goals for the organization it creates. A new, updated charter was given by Queen Elizabeth II on January 27, 1987.

The CII's current charter lists six main goals:

• To make insurance practices better and more professional. This helps the public and employers trust the insurance industry.
• To encourage the study of all topics related to insurance.
• To gather expert opinions on insurance laws and practices.
• To watch over the professional standards and behavior of its members. It also aims to improve the status and well-being of members.
• To give information and advice about jobs in insurance.
• To help members or their families who are facing financial difficulties.

The Insurance Hall Building

The Chartered Insurance Institute at Aldermanbury, London.

The idea for the Insurance Hall building in London came from Sir Frederick William Pascoe Rutter in 1919. He thought the CII should have its own building for meetings and a library for studying. Money for the building was raised through 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 special building with a Grade-II listing, meaning it's historically important. It has a Tudorbethan style, which looks like Tudor-era buildings. Inside, it has wood paneling and stained-glass windows. These windows show the names and symbols of insurance companies that supported the CII.

The building first had a large conference hall, a council room, a library, a museum, and offices. It was one of the few buildings in the area that survived the heavy bombing during World War II in December 1940. This was partly thanks to the house steward, Gordon Edward Stewart, who stayed to put out fires.

In 1964, a five-story extension was added to the Insurance Hall. Later, in 1986, the building was updated, and the conference hall became a banqueting suite. The Lord Mayor of London reopened it.

In 2018, the CII sold the Aldermanbury building and moved to 21 Lombard Street. The CII later moved again to 20 Fenchurch Street, also known as the ‘walkie talkie’ building. They now share a floor with the Chartered Institute of Securities and Investments. This arrangement started in early 2021 and serves as the main headquarters for both groups.

Coat of Arms

The coat of arms of the Chartered Insurance Institute

The Chartered Insurance Institute received its coat of arms on September 25, 1933. It has a blue shield with symbols representing the four main types of insurance from the past:

• Salamander: This mythical creature represents fire insurance.
• Three anchors: These stand for marine insurance, which covers ships and goods at sea.
• Two parallel chains: These symbolize accident insurance.
• A wheat-sheaf: This represents life insurance.

The coat of arms was placed on the front of the Insurance Hall when it opened in 1934.

Full Achievement of Arms

A more complete display of the coat of arms, called an achievement, was granted in 1957. This marked the CII's Diamond Jubilee (60 years). It includes extra parts:

• Crown: A Saxon crown and a medieval helmet show the connection of the Aldermanbury area to its history.
• Helmet: The steel helmet with a closed visor represents the rank of the CII's members.
• Crest: This shows a hand holding a sword by its blade, not the handle. This symbolizes how insurance helps reduce risks. It also represents the sword of St Paul, which is on the coat of arms of the City of London, a major insurance center.
• Supporters: On the right is the royal lion of England. On the left is a bearded unicorn, a symbol of Scotland. Both have silver fishtails, golden fins, and claws to show the institute's work around the world. They both hold books, symbolizing the CII's role in educating and supporting the insurance profession.
• Motto: The Latin motto ‘consilium scientia’ is below the coat of arms. It means ‘counsel and knowledge’. This motto highlights that people in insurance need good knowledge and wise advice. It also applies to the institute helping its members and members helping their clients.

Membership

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

In 1966, an equal membership fee was introduced for everyone. Before that, women paid a smaller fee to join a "Lady Members Committee."

Today, anyone connected with insurance or financial services can become a member of the CII. This includes students who plan to join the profession. As of 2021, the CII has over 123,879 members.

Membership Levels

There are eight levels of membership:

• Ordinary: For individual members who do not have a CII qualification.
• Discover: For secondary school and college teachers and students in the UK, and full-time university students.
• Society of Mortgage Professionals (SMP) Ordinary: For members of the SMP with a specific mortgage qualification.
• Certificate: For those who hold the CII Certificate in Insurance. They can use "Cert CII" after their name.
• Diploma: For those who hold the CII Diploma in Insurance. They can use "Dip CII" after their name.
• Advanced Diploma: For those who hold the CII Advanced Diploma in Insurance. They can use "ACII" after their name.
• Fellowship: This is the highest CII qualification. They can use "FCII" after their name.
• Chartered: This is a professional title given to members who have the Advanced Diploma or Fellowship and at least five years of experience in the industry.

Special Titles and Qualifications

As a chartered body, the CII can grant special "chartered" titles. To get one, members must pass tough exams and earn enough credits. After that, they ask for the title at a meeting and then send a request to the Privy Council (a group of advisors to the King). If approved, the CII can then grant the new title.

The CII offers five chartered titles for individuals in the profession, depending on their area of expertise:

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

There are also three chartered titles for organizations in the insurance and financial advice world:

• Chartered Insurance Brokers
• Chartered Insurers
• Chartered Financial Planners

The exams include different types of tests, like multiple-choice questions, mixed assessments, coursework, and dissertations.

Local and Global Institutes

Every CII member in the UK, Channel Islands, and Isle of Man automatically belongs to one of 58 local institutes. There are also seven linked institutes in Gibraltar and the Republic of Ireland. Members outside the UK can choose to join one of 70 affiliated global insurance institutes.

The CII Library

Even before the CII received its charter in 1912, there was a strong wish to create a central insurance library in London. One of the goals of the early institute was "to encourage the study of all subjects bearing on every branch of insurance, and to form a Library for the use of members." This goal was written into the 1912 Charter.

However, the Chartered Insurance Institute Library was not officially set up until the Insurance Hall opened in 1934. Before that, different local insurance institutes across the UK and Ireland had their own libraries.

The CII Library first worked with the Insurance Institute of London library. The idea was for the London library to lend books to its members, while the CII library would be a reference library for all members. Eventually, both libraries joined together. Now, it is one central library and knowledge service for all members.

Today, being a CII member gives you full access to CII Knowledge Services. This includes the library, borrowing books (in the EU/EEA), getting copies of articles or chapters, and special online content only for members.

The CII Museum

The Museum at Aldermanbury existed since the Insurance Hall opened in 1934. It used to display a 19th-century fire brigade engine, which is now in a museum in Bath. In 1934, an artist named C. Walter Hodges painted a special picture around the museum walls. It showed symbols for marine, fire, accident, and life insurance. These paintings are part of why the Insurance Hall is a Grade II listed building.

When the CII moved from Aldermanbury to a smaller, more modern office, they created an ‘Our History’ website. This website shares the history of the organization and how insurance has changed over time. The website has a virtual tour of the Insurance Hall. It also shows the unique stained-glass windows and the CII's collection of over 1500 Fire Marks. These marks were once displayed in the Aldermanbury building. You can also find digital versions of hundreds of old insurance documents, some from as far back as 1669. Rare, out-of-print books that offer insights into past insurance processes are also available. The original 1912 Charter of the Chartered Insurance Institute can also be found on the site.