The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) is disbanding its Academic Council and a number of key committees as it continues to restructure from state-based committees to industry-based membership faculties.

The Academic Council’s role of overseeing ANZIIF’s educational offerings will be transferred to a board sub-committee, the institute says in its annual report.

The new faculty advisory boards will also take some responsibility for content expertise.

ANZIIF has also closed its Generation i committees, Liability Discussion Group, Brisbane Insurance Forum Committee, Newcastle Regional Committee and Sydney Motor Underwriters Group. A spokesman told insuranceNEWS.com.au ANZIIF will still hold Generation i programs, but not the committee in the current structure.

No replacements have yet been named for Kerrie Challenor and Jonathan Seth, who recently stepped down from the board.

Last year the institute’s membership grew past 16,000 across 50 countries.

The annual report says ANZIIF made a $584,176 profit last year, down from $1.8 million in 2010.