The CISI launches to the Spanish market its new Certificate in Private Insurance and Reinsurance Distribution, which allows professionals to comply with the requirements of the IDD
The Chartered Institute for Securities & Investment (CISI) has launched the new Private Insurance and Reinsurance Distribution Certificate on the Spanish market. The new qualification allows professionals to comply with the regulatory requirements of the new European Insurance Distribution Directive (IDD) both in terms of information and advice. The Institute has already submitted to the General Direction of Insurance and Pension Funds (DGSFP) the request for authorization of the new professional certification for level 1 and the corresponding communication regarding levels 2 and 3.
About the CISI
The CISI is the international non-profit professional body for those working in capital markets, wealth management and financial planning, with 45,000 members in more than 100 countries. With three decades of history, it is part of the Chartered Body Alliance together with the Chartered Insurance Institute (CII) and the Chartered Banker Institute (CBI); the alliance brings together more than 200,000 finance professionals from around the world. The Institute is recognized today by 73 regulators globally, with a presence in 111 countries, which makes it the leading international certifier in its sector.
The new Certificate in Distribution of Private Insurance and Reinsurance of the CISI for the Spanish market offers a syllabus divided into five modules: General, Insurance other than life insurance, Life insurance (not IBIPs), IBIPS [insurance-based investment products] and Company.
The contents are structured in three levels. Level 1 is aimed at those responsible for distribution, banking-insurance management bodies and brokers; it requires about 300 hours of study. Level 2 is designed for consultants and involves about 200 hours of study. Level 3, finally, meets the needs of professionals who provide information and banking-insurance personnel, and takes about 150 hours of study.
Self-study or tutored training
The certificate can be obtained by self-study through the manuals of each level or through tutored training at one of the training centers accredited by the CISI for this purpose (ATP).
During the study time, the professional will enjoy the benefits of the CISI student membership for free. If the certificate is successfully completed, its holder will be eligible for full membership of the Institute and will be entitled to use the appropriate designation letters and the extensive continuing education opportunities available on your specific platform. It guarantees professionals in the insurance sector the opportunity to maintain their knowledge and skills, as well as comply with the requirements of companies and annual regulations, to which they can present the activities carried out through the corresponding achievement diplomas.
The Regulator requires annual continuous training at all three levels: 25 hours for level 1 and for level 2, and 15 hours for level 3. The CISI can also help professionals in the sector to comply with this regulatory requirement through membership in the Institute.
Each level requires an evaluation under examination conditions, which consists of questionnaires of 100, 75 and 50 questions according to the studied and prepared level. The evaluation is carried out via remote online surveillance with computer lock and permanent human supervision. Alternatively, it can be done, also by computer, in an exam center, in Barcelona or Madrid.
The director of the CISI in Spain, Rosa Mateus, has stated: “Launching this new certificate aimed at the insurance industry in general, including complementary insurance intermediaries, but also the financial industry (banking-insurance), is a great joy for the Institute and for its office in Spain. Those who work in the sector will find in it the opportunity to comply with what the IDD requires of them, a directive designed to guarantee competition between channels and protect the rights of consumers. The contents of the certification are the result of work with experts, which, added to the international prestige of the CISI brand, guarantees its extreme quality. I am convinced that our effort to offer the Spanish insurance sector an unbeatable program will result in a complete and rigorous training of professionals and, after all, in an impeccable service to its customers”.
For the Spanish version of this press release read here 050721SpanishPR