This model seeks to share the available funds – £1.5m as signed off at the CII’s 2021 AGM – equitably, as a payment based on the annual assessment completed by each Local Institute’s members over the summer months.
The CII’s network of 56 Local Institutes is run by dedicated groups of insurance and personal finance professionals, providing members with a programme of services including technical, market and regulatory CPD events, soft skills and business-related training, student career guidance, mentoring, social and networking activities.
Sian Fisher, CEO of the CII, said: “We are delighted to confirm Local Institute funding for 2022 is being restored to the historic funding model.
“Earlier this year, when it was clear that institute operating costs would be lower as a result of the ongoing pandemic, the CII asked all Local Institutes to consider a revised funding proposal for 2021, one that would allow for rapid financial recovery while also ensuring that the CII could continue to invest in and develop its membership proposition for the future.
“As part of this, we also asked the Local Institutes that had significant financial reserves to voluntarily utilise those reserves, where possible, before taking additional grant payments. This led to an overall reduction in the grants paid by the CII in 2021.
“The important network of Local Institute ‘hubs’ across the UK, the Channel Islands and the Isle of Man play a critical role in the experience of our members throughout their careers, and we are very grateful for the support shown by the Local Institutes during such a challenging and unprecedented time for the profession.
“As the findings from the CII’s Shaping the future together consultation emerge, we look forward to continuing our work together to support our valued membership.”
Accordingly, and in line with the approach taken in previous years, payment of 50% of each Local Institute’s ordinary grant will be made in January 2022. Further, as set out in the reserve policy, where an institute’s reserves exceed 12 month’s operating costs, the second tranche of the ordinary grant will be adjusted to ensure reserves are kept at the appropriate level.
The payment of this second tranche will be made in July following the receipt of each institute’s annual financial returns.
Authored by the CII