The U.K.’s Chartered Insurance Institute (CII) announced the launch of a new certificate “to help individuals and organizations meet the FSA’s [Financial Services Authority] contract certainty challenge.”
The CII said the Certificate in Contract Wording is “designed to boost knowledge of the practical application of wordings and the issues associated with them,” and to develop the “understanding of the key subjects underpinning contract certainty.”
Mike Pulfer, manager of the CII’s London Market Faculty commented: “We are nearly at the halfway point in the FSA’s two year challenge to the market to end the ‘deal now, detail later’ approach. It is clear that while progress has been made there is still some way to go and this new Certificate is set to play a major part in helping the market achieve its objective.”
The bulletin noted: “There are two components to the Certificate which has been developed by the CII’s London Market Faculty and the International Underwriting Association, with input from Lloyd’s and the trade bodies. The first is the CII’s existing Diploma level Insurance Law (PO5) unit or equivalent, while the second is the new Commercial insurance contract wording unit (P21). Completing both units will result in the award of the Certificate.
Pulfer warned that, although the FSA’s deadline may seem to be long way off, “leaving it to the last minute is not an option. Underwriters and brokers need to be up to speed as soon as possible if the market as a whole is to achieve the required level of certainty.”
The CII will introduce a new one-day face-to-face training course later this month “to help experienced practitioners who wish to take the new P21 unit at its first examination sitting in October. The course aims to refresh knowledge and give insights into current thinking and is also available for those who are not taking the exam.
A coursebook and update service for the P21 unit will be available from January 2006 for those wishing to take the examination next year. Further details can be obtained at: www.cii.co.uk/cicw.
Was this article valuable?
Here are more articles you may enjoy.