History
The Trinidad & Tobago Insurance Institute (TTII) is a voluntary, non-profit organization established in 1952 and formally incorporated by an Act of Parliament in 1972. It was initially established in 1952 as an arm of the Chartered Insurance Institute (CII) of England with the primary objective being the “professionalization of the local insurance industry”.
In 1969 the TTII implemented a Tuition Service which helped students prepare for the CII examinations. This developed into the Academy of Insurance and in 1977 the Academy was established as a foundation of the TTII.
In 1999 due to changing industry circumstances and needs, the Academy was dissolved and the TTII assumed its functions.
Options
The objects of the Institute as set out in section 4 of the Act are:-
- to advance knowledge of insurance in the territory;
- to encourage the acquisition of knowledge by study for recognised professional insurance examinations;
- to facilitate members by holding examinations of other recognised bodies
- to set standards for its members with respect to ethics, discipline and professional conduct;
- to promote and protect the welfare and interest of the Institute and the insurance profession in Trinidad and Tobago;
- to develop the social relations of the insurance profession;
to co-operate with any organisation for the achievement of any of these objects.
To this end, the TTII conducts Examination and Non-Examination Courses, Technical Seminars and Workshops.
Functions of the Institue
In furtherance of the objects and powers set out in sections 4 and 5 of the Act, the Institute shall undertake the following functions:
- make recommendations with respect to, and provision for the licensing of sellers of insurance and related financial products, loss adjusters and other professionals or practitioners in Trinidad and Tobago
- establish, recommend and revise, from time to time, standards for the insurance and related financial services, and for practitioners therein; and
- operate and manage for the industry, the Certifying Authority with respect to the recognition of local, regional and international qualifications; and
- provide and promote education and training for the industry; and
- do all such other things that are incidental or conducive to the promotion of the interests of the insurance and related financial services industry in Trinidad and Tobago