What is Insurance Institute of India (III)?

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What is Insurance Institute of India (III)?

Insurance underwriters are professionals who evaluate the risk of insuring individuals and assets. They determine whether an insurance application must be approved or not. For insurance underwriters in India, the only professional institute dedicated to insurance education and training is the Insurance Institute of India (III). In this blog, we will discuss what is III, its members, mission and the courses offered by it.

Overview of Insurance Institute of India

The Insurance Institute of India (III), formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial), was established in the year 1955. It was founded with the objective of promoting insurance education and training in India. It is the top insurance institute in India and is a chartered member of the Institute of Global Insurance Education - an association of independent, international insurance institutes. 

The Insurance Regulatory and Development Authority of India (IRDAI), the highest regulatory body for the insurance sector, recognizes III as the examining body for conducting pre-recruitment examinations for insurance agents and for conducting pre-licensing tests for insurance surveyors. 

The headquarters (HQ) of III is situated at Plot no. C-46, G-Block, Near Videsh Bhavan, Bandra Kurla Complex (Mumbai - 400051). 

Members of Insurance Institute of India 

In total, there are 91 associated institutes across India that are members of the Insurance Institute of India. Members belonging to these institutes automatically become members of the III.

III has affiliated institutes abroad as well. They are the Sri Lanka Insurance Institute, the Sri Lanka Insurance Academy and the R.I.C.B. Insurance Institute located in Bhutan. The members of these institutes also automatically become members of the III.

The corporate members of Insurance Institute of India are the Life Insurance Corporation of India, the New India Assurance Company Ltd., the General Insurance Corporation of India, the National Insurance Company Ltd., the United India Insurance Company Ltd. and the Oriental Insurance Company Ltd.

Courses Offered by III

The Insurance Institute of India offers degree, diploma and certificate courses in life and non-life insurance fields. Some of these courses are listed below:

• Licentiate Examination Course

• Associateship Examination Course

• Fellowship Examination Course

• Diploma & Advanced Diploma in Life Insurance Underwriting

• Certificate Course on Compliance, Governance and Risk Management in Insurance

• Online certificate course Certified Insurance Anti-Fraud Professional (CIAFP) Examination

• Specialized Diploma on Marine Insurance

• Specialized Diploma on Fire Insurance

• Certificate Course in Foundations of Casualty Actuarial Science

• Specialized Diploma in Casualty Actuarial Science

• Certificate Programme in Advanced Insurance Marketing (CPAIM)

• Specialized Diploma on Health Insurance

Insurance Institute of India’s Mission & Objectives

The missions and objectives of the III institute can be summarized as follows:

• To carry out professional certification programs that meet global standards in the field of insurance, risk management and related fields by providing top-notch content and administering tests.

• To spread knowledge via journals, webinars, conferences, seminars, and newsletters.

• To cooperate with corporations, legislators, educational institutions, and others in order to promote insurance knowledge and awareness. 

• To provide professional training for the entire insurance ecosystem through various pedagogies. 

• To provide grants, rewards and scholarships for research or any other educational work in the insurance field.

• To run college and conduct written/oral exams for insurance theory and practice and related subjects for issuing degrees, diplomas and certificates to those who are interested in the insurance field.

• To give oral and postal tuitions, prepare and supply study materials and other methods for education to encourage and assist the study of insurance branch-related subjects.

• To pass on insurance information to individuals, corporations, policymakers, etc. as well as to conduct advanced research in critical areas of insurance.

• To determine the laws and practices related to every aspect of insurance and to share such knowledge with others who are interested in insurance.

The programs and activities of Insurance Institute of India help those working in the insurance sector get the knowledge and abilities necessary to satisfy the expanding demands of a wide range of clients. The institute’s ultimate goal is to improve professional insurance services for people in India. 

Final Words

The Insurance Institute of India is the best insurance institute in India. It provides courses to individuals interested in the insurance sector. It also offers grants, scholarships and rewards to deserving students. The institute conducts pre-recruitment tests which must be passed by the candidates who want to obtain an IRDA license.

Frequently Asked Questions (FAQs)

Q1. What is III full form?

A. The III full form is Insurance Institute of India.

Q2. Which authority regulates Insurance Institute of India? 

A. The Insurance Regulatory and Development Authority of India regulates the Insurance Institute of India.

Q3. Who heads the Insurance Institute of India?

A. Secretary-General heads the Insurance Institute of India. The Director, Secretaries, Deputy Secretaries, Assistant Secretaries, Officers and Staff of the III assist him.

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