History

The Institute of Financial Studies (IFS) was created through the merger between the Insurance Management Institute and the Insurance Institute and has officially started its activity on August 13rd, 2015.

The new entity dedicated to professional training – especially for the non-banking financial services sector –has, as founder, the Financial Supervisory Authority and is supported by the most representative associations in the domain, as members: The National Union of Insurance Brokerage and Consultancy Societies from Romania(UNSICAR), the National Association of Insurance and Reinsurance Companies from Romania (UNSAR), the Law association of Insurers from Romania (ADAR) and the Romanian Actuarial Association (ARA),  being an ongoing registration process for other professional associations from the non-banking financial market.

Among the main guidelines of action of the institute are to ensure the qualification, training and professional specialization for the people working in the non-banking financial domain, providing professional certifications, developing occupational standards and assessment systems based on skills, conducting studies and research in the non-banking financial services domain, editing specialized publications, drafting proposals for technical and professional principles of rules applicable to non-banking financial sector, as well as organizing information and education activities in the financial domain, nationally and internationally.

The offer of professional training programs of the Institute encloses about 70 programs through which the IFS has trained about 18.153 persons that are working in the field.

Regarding the professional training certification of intermediaries who work or wish to work in the insurance market, the Institute of Financial Studies ensured at national level, through 8 regional centers, the organization of the sessions for professional training certification. Within those sessions 63,412 intermediaries were certified, out of which 28,954 have obtained the relevant professional qualification and certification and 34,458 intermediaries achieved certifications related to continuing professional education.

Between the years 2005 and 2013 the Institute was involved in the implementation of three national projects of which one with international co-financing from the Federal Ministry of Development and Cooperation of Germany and two with European co-financing through the HRD program: ECTRANZ - Facilitating the transition from school to work for students in economy and National training program for specialists and intermediaries in insurance.

At international level, the Institute of Financial Studies is a regional examination center for South-East Europe for Chartered Insurance Institute (UK) and for American Institute for CPCU (US).

Starting with 2008 IFS is a member of the World Forum of Catastrophe Programs (WFCP) alongside the World Bank, OCDE, UNESCO, Global Earthquake Model and national research institutions/organizations, respectively of protection against disasters from over 30 countries from all continents. WFCP develops national programs for protection against catastrophic risks.

Furthermore, the Institute is member of the Finance, Banking, Insurance Sectorial Committee and a member of EFICERT (European Financial Certification Organization), organization within which it actively works for standardizing the European certifications based on national qualifications, in accordance with well-defined standards.

In the long term, IFS aims to align its activity with European requirements, to shift from the accumulation of knowledge to the accumulation and assessment of skills, to provide professional training programs for the non-banking financial domain adjusted to the new organizational processes, determined by the legislative requirements, the market and European framework changes, contributing to the maturation of the non-banking financial market in Romania and creating the  ability of the market  to face the competition triggered by globalization and economic crises.

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