The Insurance Institute of South Africa is a professional membership institute for the South African insurance industry. The Institute’s vision is to help create “World Class Skills for a World Class Industry” by promoting skills development and professional conduct among members engaged in the insurance industry. The Institute maintains a central body of knowledge and develops and sustains relationships with local insurance institutes and industry bodies, plus other similar institutes, worldwide.
The Insurance Institute of South Africa has been modelled on the Chartered Insurance Institute of London and is affiliated to that body.
Our members include corporate subscribers and individual professional members. The lISA serves the insurance industry as a whole, with the strongest support originating from the short term market.The offices of the Institute are centrally located in Hyde Park, Johannesburg.
Our purpose is:
- To offer a central organization for the promotion of efficiency, progress, welfare, knowledge and general development among persons in the insurance industry.
- To promote and assist the study of insurance.
- To exercise control and supervision over the professional standards of the members to whom it has granted membership appropriate to their respective levels of qualification.
- To seek to improve the professional status of qualified practitioners and to promote the interests, welfare and advancement of the members in general.
The IISA collaborates with the BAC in providing knowledge material for students, prepares the examination material and arranges for the marking of examination papers and furnishes the BAC with the results.
Botswana Accountancy College’S (BAC) Role with the IISA
BAC is a registration centre for courses for everyone in Botswana. Prospective students who are self-tutoring and wish to take examinations can register with BAC at any time of the year. However, no students can be registered three weeks or less before examinations.
Self-tutoring students must pick up registration forms at the college and return them with P1,500.00. The amount is inclusive of registration, examination registration and course material per subject.
Prospective students who want to be tutored for examinations by BAC must complete college enrolment forms at a time when the college opens for enrolment. These students will subsequently be registered with BAC. They must pay a nominal fee when collecting an enrolment form.
- To enrol for CoP courses at BAC, an applicant must have BGCSE (or its equivalent) passes in English and Maths.
- To enrol for ICiBS at BAC, an applicant must have a CoP certificate or its equivalent, as determined by BAC.
- Registration of new students with BAC and purchase of study material is arranged by BAC after student admission.
- To study further, a candidate is required to apply and register with UNISA’s Centre for Business Management. BAC will conduct classes for those registered with UNISA and wish to be tutored.
The respective insurance companies are responsible for all logistics concerning the rate book examination issues. Candidates are advised to liaise with their employers / potential employers on all matters that affect the rate book examinations. It is important to note that BAC is sometimes used as a rate book examination venue, but the responsibility remains with the concerned company.
The courses runs for 16 weeks, one evening per week per subject.
The examination syllabus is structured around two levels:
- Certificate of Proficiency (CoP)
- Intermediate Certificate in Business Studies (ICiBS)
At CoP level, a candidate selects from among the following subjects:
- Basics of Long Term Insurance
- Basics of Short Term Insurance
- Basics of Retirement Funds
A CoP qualification is a statutory minimum requirement for all agents and others engaged in insurance in Botswana.