The Chartered Insurance Institute has updated the process for achieving corporate Chartered status.
The changes will mean companies with a wider range of business models can achieve the status.
In particular, the CII will consider applications from specialist divisions of limited liability entities which are able to demonstrate a distinction or specialism which is separate from the wider entity.
It is understood this could apply to the financial planning divisions of accountancy or law firms.
Following a consultation it has also changed the eligibility criteria so that from July, companies must have in place "core values, business practices and a diversity and inclusion policy that align with the CII Code of Ethics".
In addition the CII confirmed that its previously announced requirement that all companies applying for or renewing their Chartered status have at least 50 per cent of their advisers holding the Chartered financial planner title will go ahead from January 2020 as planned.
The CII had considered whether to delay the implementation of this requirement as part of its review of corporate Chartered status.
Meanwhile the application and renewal process will change from July, reducing the number of documents, and the process will move from paper to email.
Sian Fisher, the CII's chief executive, said: "We are living and working in a constantly changing world and the role of the insurance and financial planning profession is increasingly important to help safeguard the lives and livelihoods of our society.
"It is my ambition that Chartered status achieves parity of esteem with other chartered professions and this refreshed proposition will help us get there."
The CII has also said it will promote Chartered status through an advertising campaign, and provide advice companies with a toolkit to help them promote the status to their own clients and staff.
It has also decided to change the oversight arrangements to reduce "unnecessary bureaucracy", primarily through an annual review.