The Chartered Insurance Institute has reinstated its funding for local institutes for 2022.  

Local branches of the body - which has 120,000 members - will get a share of £1.5m signed off at the CII’s 2021 AGM.

The CII says lower operating costs during the pandemic have enabled the payments to be made.

Payments will be 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 insurance and personal finance professionals. Institutes (branches) provide members with technical, market and regulatory CPD events, soft skills and business-related training plus student career guidance, mentoring, social and networking activities. Regular meetings take place.

Payment of 50% of each local institute’s ordinary grant will be made in January. 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 CII said. Payment of the second tranche will be made in July following the receipt of each institute’s annual financial returns. 

Sian Fisher, the outgoing 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. 

“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.” 

The institutes or branches are based across the UK, the Channel Islands and the Isle of Man.