The UK’s Chartered Insurance Institute (CII) and the Think Tank for Chinese Insurers (TTCI) have signed a memorandum of understanding to establish a professional body and qualification framework for China, which will incorporate international standards.
The TTCI was formed in 2016 by the joint efforts of the Insurance Society of China, China Insurance Newspaper Co. Ltd, and the Enterprise and Education Research Centre of Peking University.
According to the TTCI, its mission is to serve as an expert panel for decision-making within the Chinese insurance industry – by providing services such as training, education, consultancy, performance assessment, competition, and organising international forums and professional exchanges.
Supported by members of the British Embassy in Shenzhen, the recently signed memorandum will provide for adoption of the CII qualification framework, including study materials, learning, training, and accreditation services for the insurance services sectors of China, a statement by the CII said.
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“With some 3,000,000 insurance brokers in China, this new venture is based on a unique collaboration to develop a China-centric programme which will meet and ultimately drive international professional standards in the future,” said Kenny Siu, regional director for CII-Hong Kong. “Our team in Hong Kong and ambassadors across China will provide the foundations for our partnership with the TTCI to build a mutually aligned strategy for the benefit of China and its integration with international markets.”
“With the support of the UK’s Department of International Trade and local embassy support in Beijing and Shenzhen, we have forged a number of key relationships over the past few months,” said Keith Richards, managing director of CII. “I am delighted that our team in Hong Kong have achieved this historic collaboration with such an important Chinese institution who are as committed to public trust and best outcomes, the growth of the profession and attraction of the next generation of professionals.”
