ADDRESS BY MINISTER NOEL TREACY, T.D., MINISTER FOR SCIENCE, TECHNOLOGY & COMMERCE, AT THE LAUNCH OF THE INSURANCE INSTITUTE OF IRELAND'S FINANCIAL PLANNING CERTIFICATE ON WEDNESDAY 21ST OCTOBER 1998

I am very pleased to be here today at the launch of the Insurance Institute of Irelands' new Financial Planning Certificate.

It is clear to all concerned that the recent growth and development of the Insurance Institute of Ireland and its affiliates is one of the Irish insurance industry's success stories, in this country.

The launch by the Institute of their new academic programme is a clear indication that the Insurance Institute is not content to rest on its laurels. It clearly shows that it is keen to develop and broaden its academic vistas to keep pace with the growth and expansion of the Irish insurance industry and the growing market, which it serves.

It is a matter of some pride for all of us that the Irish economy has developed and prospered in recent years, and this welcome expansion of new businesses and increase in employment has led to an increase in demand on the insurance market. This in turn has placed an onus on the Irish insurance industry to grow and develop apace with our economy, to develop its resources to the optimum, and to improve the quality of its service to all of its client's, nation-wide.

The Irish Insurance Institute took a bold initiative and set themselves the goal of improving and updating the educational infrastructure available to those working in the Irish Insurance industry. Today's official launch represents another step for the Insurance Institute in achieving their goals.

The establishment of the Financial Planning Certificate was prompted by the pressing need for an academic qualification aimed at financial advisers in Ireland. A perusal of the programme of studies covered by the Certificate confirms that the Certificate is tailored to meet the specific needs of financial practitioners throughout Ireland and, more pertinently, it advances the industry standard to meet customer expectations and identify client needs.

I am glad that the Certificates' work programme is comprehensive in its scope, that it confronts the issues of financial planning from an international standpoint, and that it addresses core issues in the marketing and selling of all insurance products.

I must stress that the education programmes and help being offered by the insurance institutes collectively, to all members of the insurance industry, be they short term contract employers or those with a long term career path in insurance, are a vital component in the future well being of the Irish insurance industry and its dealings with the consumer.

The Irish Insurance Institute and its affiliates have in the past-and I am sure will in the future-ensure that those working in the insurance industry are educated, informed, and highly motivated.

This can only be of benefit to all concerned and will doubtless improve the quality of service available to the most important person of all in the whole equation - the customer.

As I have said in the past, transparency and education go hand in hand in this industry. Indeed there are advantages for insurance companies in making their products more understandable to the general public, none less than gaining competitive edge over similar financial institutions. The Life Transparency Regulations currently nearing finalisation by us will be an important element in that process.

The Insurance Institute of Ireland is playing its part in both educating and training those employed in the insurance industry at all levels to keep apace with ongoing legal and regulatory developments which impinge directly on their work.

It is vial that the regulatory system must be backed up by the highest standards of educational and professional competence. The maintenance of continued confidence in the insurance industry by the public at large in the industry demands nothing less.

I would like to finish by thanking Mr. Bill Hannan, President of the Insurance Institute of Ireland, for the opportunity of speaking here this evening, to offer my sincere congratulations and best wishes to the Insurance Institute on this timely launch and to wish it every success in its continuing role as the provider of education and training to the insurance industry in a confident and modern Ireland.