To run College and conduct examinations, oral and written, in insurance theory and practice and related subjects for awarding certificates, diplomas and degrees to those interested in insurance. To give oral and postal tuitions, prepare and supply reading materials and similar other educative methods for encouraging and assisting the study of any subject bearing on any branch of insurance.

To offer scholarships, grants and prizes for research or any other educational work bearing on insurance. To ascertain the law and practice relating to all matters connected with insurance and to disseminate such knowledge among those interested in insurance.

The activities and programmes of the Institute, among others, assist people in the insurance Industry, to acquire the skills and expertise to meet the growing needs of multiplicity of customers- the objective being to enhance professional insurance service to the millions in this country.