IFSCA Inks Deal With III For Capacity Building
The International Financial Services Centres 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).
As per the agreement, the III would undertake a study to make changes to the academic curriculum in meeting the current needs of the insurance industry participants in IFSCA with the view to introduce certificate courses and professional examinations. The III would be working on fulfilling the medium-and-long term capacity building requirements of insurance professionals resulting into deepening of insurance business activities in the IFSCA.
Broad points under the MOU :
(i) III would conduct research into changing the academic curriculum to match the present demands of IFSCA members in the insurance sector, with the goal of introducing certificate courses and professional assessments.
(ii) III will work on fulfilling the medium and long-term capacity building requirements of insurance professionals, which will result in a deepening of insurance business activities in the IFSCA.
(iii) To pool knowledge of the professional workforce for the insurance industry at the infrastructure and facilities available with III for academic activities, III will conduct seminars/ workshops/ conferences in collaboration with IFSCA.
(iv) Under its agreement with the University of Mumbai, III will promote research topics/subjects related to IFSCA's operations to students enrolling for PhD study.
(v) III will nominate its faculties for training and research on global insurance reinsurance laws and regulations of major financial hubs, at the request of IFSCA.
The Insurance Institute of India (III) is the sole national apex body for insurance underwriters in India established in 1955 in Mumbai. It is under the ownership of Ministry of Finance, Government of India. The Insurance Institute of India (III) is 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.
There is ample scope to develop insurance education in India and also to train faculty members from colleges in the nuances of insurance. There is huge potential in India for insurance courses and these can be brought in as a new programme in the curriculum of various universities across India. With major changes expected in the educational sector in India in 2023, it is the right time for insurance courses to get a push across universities and colleges in India.