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Date : 20 Jan 2022
IFSCA joins hands with Insurance Institute of India (III)
Tags :Why in News?
- The International Financial Services Centers Authority (IFSCA), with an objective of capacity building of professionals in the insurance sector in International Financial Services Centres (IFSCs), has entered into a Memorandum of Understanding (MOU) with the Insurance Institute of India (III).
- The Insurance Institute of India (III) in involved in devising and continuously upgrading the curriculums and imparting the training programs for the professionals in the insurance industry in India and abroad, to meet the needs of the ever-dynamic insurance sector.
- The certification by the institute is recognized by the insurance industry, regulators, and other internationally reputed insurance education providers.
- The Institute is also the member of the Institute of Global Insurance Education (IGIE).
- IFSCA’s regulatory framework for insurance requires periodic professional examinations and training. III would design and conduct such examinations and training for professional in IFSC which would aid in having skilled talent in IFSC eco-system.
- As the dynamic nature of business in the IFSCs requires a high degree of inter-regulatory coordination within the financial sector, the IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC and provide world class regulatory environment.
- The main objective of the IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
- The Insurance Institute of India formerly known as Federation of Insurance Institutes was established in the year 1955, for the purpose of promoting Insurance Education & Training in the country.
- Institute qualifications are held in esteem both by the regulator and the industry.
- In its role as a leading education and training provider I.I.I. is closely associated with all the segments of the insurance industry which includes Insurance regulatory authority of India, public and private sector insurance companies.
