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What does CIC mean in insurance?
Certified Insurance Counselor (CIC)
| Designation Essentials | |
|---|---|
| Status | Currently offered and recognized by the issuing organization. |
| Issuing Organization | The National Alliance for Insurance Education and Research |
| Qualification and Training Requirements | |
| Prerequisites | None |
What is CIC training?
The Certified Insurance Counselor program is nationally recognized and highly respected insurance professional designation for agency owners, producers, agents, CSR’s, brokers, and insurance company personnel. This designation is recommended for: Licensed agents, brokers, and adjusters.
How long is the CIC good for?
4-5 years
(CBIC ®) every 4-5 years. The most recent practice analysis was conducted in 2020.
How do you become a CIC?
To set up a CIC , you’ll need:
- a ‘community interest statement’, explaining what your business plans to do.
- an ‘asset lock’- a legal promise stating that the company’s assets will only be used for its social objectives, and setting limits to the money it can pay to shareholders.
How do I become a CIC?
Can you make money from a CIC?
A community interest company (CIC) limited by guarantee is a ‘not for profit’ company, this means that it does not operate for private profit. Any profit generated is used to grow and develop its business which is benefiting an identified community, or goes directly to benefit that community.
Is it easy to set up a CIC?
This is a substantial legal document that can appear quite daunting, but all you really need to do is fill in the blanks, so it’s not as difficult as it might first appear. Your articles also include an asset lock. That is, on dissolution, the company’s assets must be given to another CIC or a charity.
Does a CIC pay tax?
CICs are taxed in the same way as normal companies. They are subject to corporation tax and VAT and a CIC that makes donations to charity can deduct this as a charge when calculating its profit for corporation tax purposes.
Does a CIC need 2 directors?
If your CIC is limited by shares, You must have at least one director and shareholder. There is no Limit on the maximum you can have. A CIC that is limited by guarantee should have at least one directors or Subscriber .
How much profit can a CIC make?
Profit Expectations Under this cap, the maximum amount of dividends that a CIC can pay out is 35 percent of its distributable profits. If the CIC doesn’t use up its entire dividend capacity in a given financial year, it’s possible to carry the unused capacity forward for up to five years subsequently.
Can a CIC pay staff?
A major advantage of CICs is that their directors can be paid a salary, which means that the founders of the CIC can retain strategic control of the enterprise by sitting on the board as paid directors.
Can you take a salary from a CIC?
This means charity founders often have to choose between retaining strategic control of their organisation and receiving remuneration for their work. In summary: You can pay yourself while retaining control as the director of a CIC, but you usually can’t get paid to be on a charity board.
Can CICs make a profit?
How long is CIC good for?
Individuals who are currently certified are automatically eligible for recertification every 5 years.
Can CICs pay directors?
CICs have the option to pay their directors remuneration. This too is overseen by regulation. The community interest test and the asset lock apply as much to the remuneration of directors as to any other area of a CIC’s business.
What is the CIC Program?
The CIC program is for agency owners, producers, agents, CSR’s, brokers, and insurance company personnel. There More designation is the nationally recognized and highly respected insurance professional designation.
How do I become a certified insurance professional (CIC)?
Have at least two years of full-time experience in the insurance industry or as a risk management professional Have served for at least two years as a full-time insurance faculty member at an accredited college or university Any one of the five CIC institutes
What is included in the CIC commercial property course?
In the CIC Commercial Property course, you will gain a detailed understanding of Commercial Property coverages and endorsements and learn how to maximize coverage and protect your property accounts. Updated and revised 2-day course.