CHARTERED INSURANCE INSTITUTE OF NIGERIA ACT
Act · Finance
An Act establishes the Chartered Insurance Institute of Nigeria to regulate insurance practitioners and set standards for the industry. It targets insurance brokers, companies, and their staff. This promotes professional education and improves public trust in insurance services.
CHARTERED INSURANCE INSTITUTE OF NIGERIA ACT
What Is This Policy?
An Act establishing the Chartered Insurance Institute of Nigeria (CIIN) as the professional body for insurance practitioners in Nigeria.
Who Does It Target?
Insurance practitioners and brokers Insurance companies and their staff NAICOM as the sector regulator Universities offering insurance programmes
What Does It Aim to Achieve?
Professionalise the insurance industry, set and enforce standards for insurance practice, promote insurance education, and improve public trust in the Nigerian insurance market.
Key Features
Professional Registration: Insurance practitioners must be registered with CIIN and hold a valid practising certificate. Examinations: CIIN administers professional examinations at associate and fellowship levels. Ethics: Maintains a code of professional conduct and investigates violations. Insurance Education: Promotes insurance education through publications, seminars, and university partnerships.
Current Status
Rollout Stage: Active Coverage: Nigerian insurance industry Beneficiaries: Policyholders; insurance market integrity Funding: Member subscriptions; examination fees
How to Access
Pass CIIN professional examinations Meet experience requirements for the relevant membership grade Pay annual subscription and comply with the code of conduct Application method: Apply for CIIN membership at https://www.ciin.org
Important Terms
Senior positions in insurance companies require CIIN membership Renewal of practising certificate is annual Misconduct by members is referred to CIIN's disciplinary committee
Official Resources
Website: https://www.ciin.org Contact: Chartered Insurance Institute of Nigeria (CIIN)
Legal Framework
Enacted under the legislative powers of the National Assembly as the Chartered Insurance Institute of Nigeria (CIIN) Act (Cap C11 LFN 2004). Operates alongside the Insurance Act 2003, the National Insurance Commission (NAICOM) Act, the Companies and Allied Matters Act (CAMA) 2020, and the Nigeria Re-Insurance Corporation Act. Aligns with IAIS (International Association of Insurance Supervisors) standards on insurance professional development.