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Bright quits early as CII president

Founder and former chief executive of the floundering Independent Insurance company Michael Bright has stepped down as president of the Chartered Insur-ance Institute.

Bright, who earned £650,000 last year at Independent, was intended to keep the presidency until September but gave it up early after resigning from Independent Insurance.

Independent&#39s main business is insuring professional property and employers&#39 liability Pricewaterhousecoopers has been appointed as liquidator of Independent. The company&#39s liabilities have not yet been assessed.

The FSA has asked the Serious Fraud Office to consider whether there are grounds for an investigation into Independent.

The CII says its management committee is meeting this week to decide if deputy president Lillian Boyle, who was to become president at the AGM on September 21, will take up the position sooner.

Boyle has been a member of the CII since 1981 and is Scottish Provident Internat-ional company secretary and director of corporate services.

Bright joined the CII in 1961 and became vice-president in 1998, deputy president in October 1999 and president last September.

CII spokesman Steve Radford says: “The meeting of the committee will determine what will happen between now and the AGM when Lillian was due to take over.”


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