Only a minority of brokers are expected to qualify for the title of Chartered Insurance Broker, according to BIBA chairman Simon Bolam.
The CII is negotiating with the GISC and BIBA over the criteria for membership of the qualification, which is likely to be available from 2001.
Any agreement would have to be approved by the CII and Privy Council.
Action is needed as brokers are set to lose the right to the title "insurance broker" if the Insurance Brokers Registration Act is repealed by Parliament.
However, Bolam expects only a few to satisfy the entry requirements.
Around 30% of brokers are already members of the CII, but a large number, mainly more experienced brokers, have yet to qualify, or have never taken the exams.
Under the CII's current proposals they may be expected to sit the institute's exams to obtain chartered broker status. For older practitioners, who may have been expecting "grandfather rights," the news will be a blow.
Bolam explained the introduction of chartered status: "We are attempting to gain recognition for those brokers who have made a considerable contribution to the insurance world or who possess university degrees."
He continued: "Brokers who have never taken an exam in their lives will have trouble getting in."
Chartered broker status would apply to a whole firm if the qualification is held by a majority of directors.
Proposals for chartered broker status will be discussed at the CII's conference in Harrogate on October 7.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
