The International Financial Services Centers Authority (IFSCA) has signed a Memorandum of Understanding (MoU) with the Insurance Institute of India for capacity building in insurance sector, according to an official statement released on Wednesday.
As per the agreement, the Insurance Institute of India (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 Insurance Institute of India 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, the statement said.
The Insurance Institute of India, which functions under the Ministry of Finance, is involved in devising and continuously upgrading the curriculums and imparting the training programmes for the professionals in the insurance industry in India and abroad.
The certification by the institute is recognised 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.
( With inputs from ANI )
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