CIB Status

The pinnacle of individual achievement is the award of Chartered Insurance Broker (CIB).

Today's unstable economic climate and the challenges insurance brokers face in the industry encourage the raising of standards of knowledge, capability and ethical practice. The emphasis is on professionals becoming more professional.

CIB distinguishes your business from the crowd. It reinforces the importance of professionalism in a fast-moving and competitive market. This corporate Chartered status places broking firms on a par with other professional practices, such as accountants and solicitors.

Chartered Status is well established as a trust symbol of professionalism, distinguishing broking firms from their competitors and peers.

It will help businesses attract and retain the best staff. Talented professionals want to work for ambitious, principled organizations. The Chartered Insurance Broker status is a clear indicator of the professional standing of a potential employer. CIB is a new class of class exemplifying excellence and integrity.

Criteria for CIB Status

1. Membership

• Individual membership of IBANZ Inc.

2. Qualifications/Experience

• A Level 5 New Zealand Certificate in Financial Services, or equivalent and/or meet the minimum standards of knowledge, skills and competency as laid out by the Code Committee for Financial Services.
• Held QIB Status for 2 Years
• be engaged as an insurance broker for 6 years

This may include the submission of a portfolio to evidence the claim.

The portfolio may need to be independently assessed to determine whether it meets the standards as set out below:

• Minimum of five years as an Insurance Broker in New Zealand
• Evidence of professionalism and expertise
• Active contribution to the insurance and insurance-broking profession through leadership activities
• Writing articles or presentations
• Teaching, or workplace mentoring
• Technical committee work
• Individual or group research

3. Evidence of continuing professional development

• 15 CPD hours of Continuing Professional Development in the preceding 12 months

For further details on application criteria, contact us or email info@ibanz.co.nz and we will assist you.

Retention of CIB Status

To retain CIB, Members must be able to declare at least 15 CPD hours' of Continuing Professional Development each year (1st January to 31st December).

If a Member does not achieve the 15 CPD points required in a year they may apply for an extension of target reduction to achieve the requirements to retain their status as CIB. If the grace period expires and the requirements have not been met the CIB status will revert to the appropriate status based on the achieve points.