The Chartered Insurance Institute (CII) is reinstating its historic funding model for local institutes next year.
The historic model will see the CII equitably share its available funds – about £1.5 million, as confirmed by the organisation during its last annual general meeting – as payment for the local institutes. The payment distribution will be based on the annual assessment completed by each local institute’s members over the summer.
Payment of 50% of each local institute’s ordinary grant will be made in January 2022, a CII release said. If an institute’s reserves exceed 12 months’ worth of operating costs, the second tranche of the ordinary grant will be adjusted; the second tranche will be paid in July.
“We are delighted to confirm local institute funding for 2022 is being restored to the historic funding model,” said CII CEO Sian Fisher.
Fisher explained that when it was certain that institute operating costs this 2021 would be lower due to the ongoing pandemic, the CII asked all local institutes earlier this year to consider a “revised” funding proposal.
“As part of this, we also asked the local institutes that had significant financial reserves to voluntarily utilise those reserves, where possible, before taking additional grant payments. This led to an overall reduction in the grants paid by the CII in 2021,” the CEO noted.
The local institutes “play a critical role” in the experience of the CII’s members throughout their careers, and the organisation is thankful for the support they have shown during a challenging period, Fisher added.
“As the findings from the CII’s Shaping the Future Together consultation emerge, we look forward to continuing our work together to support our valued membership,” she said.
The CII has a network of 56 local institutes, each run by dedicated groups of insurance and personal finance professionals. They provide members with services such as technical, market and regulatory CPD events, soft skills and business-related training, student career guidance, mentoring, social and networking activities.
