Contents APPLICATION DEADLINES EXAM DATES. 1. Introduction Get Started Qualifications Key contacts and references 19

Transcription

1 Life Prospectus 2015

2 APPLICATION DEADLINES LA1 (May) QFA Life (May) QFA Pensions (May) DEADLINE 13 March 06 March 06 March Contents 561 (May) 13 March MDI-01 (May) LA1 (September) QFA Life (September) 16 January 03 July QFA Pensions (September) 03 July 561 (September) 1. Introduction 4 MDI-01 (November) P62 (April/October) see 2. Get Started 5 EXAM DATES Life & Pensions Administration Certificate (LPAC) MODULE EXAM TIME MAY 2015 SEP 2015 LA pm 23 May 19 Sep 3. Qualifications Life & Pensions Administration Certificate (LPAC) Diploma in Life Administration (DLA) Diploma in Life & Disability Underwriting () Diploma in Life & Disability Claims () Life and Financial Services Accredited Product Adviser (APA) Professional Diploma in Financial Advice (QFA) Key contacts and references 19 QFA Life pm 09 May 05 Sep QFA Pensions 3 5pm 16 May 12 Sep Diploma in Life Administration (DLA) MODULE EXAM TIME MAY 2015 SEP 2015 LA pm 23 May 19 Sep QFA Life pm 09 May 05 Sep QFA Pensions 3 5pm 16 May 12 Sep MDI pm 16 May 31 Oct am 1pm 23 May 19 Sep Diploma in Life & Disability Underwriting / Claims (/C) MODULE EXAM TIME MAY 2015 SEP am 1pm 23 May 19 Sep MDI pm 16 May 31 Oct Please see for information on P61 and P62 modules All closing dates and timetables are correct at the time of going to print but are subject to change. In order to ensure the most up to date information, please check and before enrolling.

3 1. INTRODUCTION 2. Get Started The Insurance Institute of Ireland (III), in partnership with the LIA, the Chartered Insurance Institute (CII) and the Assurance Medical & Underwriting Society (AMUS) has developed a number of qualifications for those fulfilling administrative, underwriting or claims roles in the Life Assurance industry. When choosing which qualification you would like to register for you should aim to strike a balance between the competencies and technical requirements of your current role and your career ambition. These certificate and diploma level qualifications serve to give those working in non-customer facing positions a defined pathway leading from a solid grounding in the principles of life and pensions administration through to more indepth technical knowledge of areas such as underwriting and claims. For those who have yet to decide whether their future lies in sales, administration, underwriting or claims, all of our qualifications provide a foundation to build on. Modules that feature in the Life & Pensions Administration Certificate (LPAC) and the Diploma in Life Administration (DLA) also form part of the Professional Diploma in Insurance (QFA) and can also lead to the Diploma in Life & Disability Underwriting/Claims (/C) qualifications. The prospect of returning to study or setting out to achieve a qualification for the first time is both exciting and challenging. The qualifications offered by the III offer a modular framework enabling you to achieve your goals in a structured step by step manner helping you to secure your future whatever area of the industry you decide to specialise in. 2.1 Look at your current role and whether any particular qualification is required. Talk to your HR, training or compliance contact to help inform your choice and ensure you meet the requirements of the MCC.. Think about your career and which qualification might help you to advance. Assess your readiness to return to study. Perhaps you d like to jump straight into the Diploma in Life Administration (DLA), or maybe you d rather begin with the Life & Pensions Administration Certificate (LPAC) and work your way up. Use this booklet to read up on just what s involved in each qualification in terms of modules, supports, exams etc. Comprehensive information on all qualifications is also available online through the III and LIA websites: and Membership Membership If you d like to register for exams and begin your studies with the III, you must first become a member. Some key III member benefits include: Being part of an institute that is dedicated to your professional development. Accessing extensive professional and academic resources. Enjoying a host of networking opportunities designed to help you forge new professional relationships. Connecting with your insurance community through our network of local institutes (Cork, Dublin, Galway, Limerick and Sligo) who organise social and charity events as well as encouraging participation on local council. You can become an III member online, by post or by . Once your application has been processed you will receive an with your Member ID and a link to set up your password. Your personal iiicard will follow by post. For more information visit or memberservices@iii.ie To learn more about membership of the LIA visit

4 2.2 EXEMPTIONS 2.3 REGISTRATIon Exemptions/Recognition of Prior Learning You may have completed courses and qualifications in the past which you feel contained content relevant to some of our Life Assurance qualifications. If this is the case you may be entitled to an exemption or accreditation of this prior learning. You should consult the III s exemption policy online at for detailed information on all exemptions available and the application process. Applications for exemptions must be made prior to your first entry into the qualification you are registering for. This is to ensure that you are fully aware of the modules you are required to study to complete the programme from the outset of your studies. This is particularly relevant if you have completed QFA Life and/or QFA Registration for exams Once you have chosen your preferred qualification and become a member of the III, you then need to register for the relevant modules. You can do this by logging into the Member Area via If you have any queries please call Member Services on or memberservices@iii.ie All applications are moderated by our Member Services team. By submitting an application you agree to abide by the III Exam Regulations. If all details are in order, you will receive an confirming your registration. You will then be issued with textbook(s) and access to additional study supports. Pensions. Evidence of successful completion should be forwarded to III to ensure your records are up to date prior to starting the LPAC and/or DLA. The offer of an exemption will be open for a specified period of time. Exemptions incur a fee and so any credits offered upon successful application for exemption will only be added to your record when payment has been received in full. Closing dates and exam schedules are detailed on the inside cover of this booklet. Information for the Professional Diploma in Insurance (QFA) and Life and Financial Services Accredited Product Adviser (APA) can be found on Please note that applications cannot be accepted after the closing date has passed and deferrals are not possible. 2.4 EXAMS 2.5 EXAMS 2.6 DATA Studying for exams The prospect of studying for exams can prove daunting for people. III supports (available Online and Face to Face) are designed to help you plan your time, maximise your study and achieve your potential on exam day. Sitting the Exam Approximately two-three weeks prior to your III exams, Exam Admission Permits are available to download. These permits detail the exam date, time and venue. A permit is required for each exam you are registered for. Do not write on your permit until instructed to do so in the examination hall. Exam Admission Permits will not be posted. On the day of your exam you are required to have available: your Exam Admission Permit Data Protection Notice The III respects the right to privacy of members, practitioners, students and visitors. Its activities are compliant with the Data Protection Acts 1988 and You can check the ways in which personal and sensitive data is collected, accessed, used and disclosed by viewing the III Data Protection policy on All members and employees are entitled to request a copy of any of their personal data held by the III. You can ask to have this data rectified or erased if it is inaccurate. However, this Supports include face to face lectures study plans for each module countdown clock to chart progress mock exam papers for MCQ Exams online A number past papers of these and are examiner s available advice for written exams online photographic identification in the form of a valid passport or driving license If you are unable to present one or both of these items you will not be permitted to sit the exam. Candidates may change their exam centre up to fourteen days before the date of the exam. No changes can be accommodated after this date. Exam centres are offered subject to demand. Where there is insufficient demand for a candidate s chosen centre, they will be re-allocated to the nearest available one. does not apply to inaccuracies in any personal data provided by you, as you can directly access and amend such data in the secure Member Area. To ask for a copy of data, or to have it rectified or erased, please send your written request to: The Company Secretary The Insurance Institute of Ireland 5 Harbourmaster Place IFSC Dublin 1 through the III s online learning management system, iiiconnect. You can learn more about our study supports at LIA Supports You can learn more about the supports available for QFA modules on and can access them by logging into the Your LIA section of the website. Examination Formats All III exams are graded on a pass/fail basis. Full details on exam formats are available in the learning plan for each module and can also be found online at Exam Regulations III Examination Regulations are available at in the downloads section and should be read prior to registration. Please consult the Exam Regulations for additional information on adapted needs, disciplinary action, cancellations etc

5 3. QUALIFICAtions 3.1 LPAC Life & Pensions Administration Certificate (LPAC) The Life & Pensions Administration Certificate (LPAC) concentrates on information and topics relevant to the life assurance professional. The certificate addresses the fundamentals of life assurance with Course Structure The table below outlines the structure of the qualification: specific emphasis on life and pensions administration. This programme is an ideal starting point for life assurance professionals working in an administrative role wishing to advance their career within this sector. LIFE & PENSIONS ADMINISTRATION CERTIFICATE Complete one compulsary exam LA1 Introduction to Life & Pensions Administration Complete one QFA exam QFA Life Assurance QFA Pensions Exam Supports The Life & Pensions Administration Certificate is offered in partnership with the LIA. All students who sit module LA1 will have access to exam supports through the member area of and will attend face to face lectures and sit exams in III centres. All students sitting modules QFA Life or QFA Pensions will be provided with a login to the Your LIA section of the LIA website after registration and will attend lectures and sit exams in LIA centres. Insurance professionals who have completed the LPAC may wish to consider the following options to further enhance their professional credentials: DLA Qualification: Life & Pensions Administration Certificate Number of Modules: 2 Fees: 295 per module How to apply: Click Member Area Login located in the top right corner of the III homepage EXAM INFORMATION APPLICATION DEADLINES 2015 DEADLINE LA1 (May) 13 March QFA (May) 06 March LA1 (September) QFA (September) 03 July EXAM TIME TABLE MODULE EXAM TIME MAY 2015 SEP 2015 LA pm 23 May 19 Sep QFA Life pm 09 May 05 Sep QFA Pensions 3 5pm 16 May 12 Sep EXAM STRUCTURE MODULE FORMAT DURATION PASS MARK LA1 80 Multiple Choice Questions 1.5h 50% QFA Life Assurance 100 Multiple Choice Questions 2h 40% QFA Pensions 100 Multiple Choice Questions 2h 40% RESULTS SCHEDULE 2015 MCQ RESULTS* RATIFIED RESULTS May June 26 June September October 30 October *These are subject to final ratification on the dates listed above. Please note you can apply for your next exam once the MCQ results have been released

6 Exam Supports EXAM INFORMATION 3.2 DLA Diploma in Life Administration (DLA) The Diploma in Life Administration (DLA) provides the insurance professional with a high standard of technical knowledge in a chosen specialist area which can be benchmarked across the insurance industry. This programme follows naturally from the LPAC and is an ideal foundation for the and. Both the and are recognised by the Central Bank as meeting the Minimum Competency Code (MCC) for insurance professionals involved in claims arising from life assurance contracts. The Diploma in Life Administration is offered in partnership with the LIA. All students who sit module LA1 will have access to exam supports through the member area of and will attend face to face lectures and sit exams in III centres. All students sitting modules QFA Life or QFA Pensions will be provided with a login to the Your LIA section of the LIA website after registration and will attend lectures and sit exams in LIA centres. CPD APPLICATION DEADLINES 2015 LA1/561 (May) MDI-01 (May) QFA (May) LA1/561 (September) MDI-01 (November) DEADLINE 13 March 16 January 06 March Course Structure The table below outlines the structure of the qualification: DIPLOMA IN LIFE ADMINISTRATION Complete one compulsary exam LA1 Introduction to Life & Pensions Administration Complete any two of the following QFA Life Assurance QFA Pensions MDI-01: Insurance & Business Law Complete one compulsary exam 561 Life Assurance Practice & Pensions Administration In 2014, The Insurance Institute of Ireland (III) introduced a formal CPD scheme for the Diploma in Life Administration (DLA). To maintain the DLA designation, the CPD requirements as set out in the Central Bank s Minimum Competency Code 2011 (MCC) apply. These includes completing 15 hours of CPD per calendar year to include 1 hour of ethics and 1 hour per function fulfilled. You must also maintain your III membership. Insurance professionals who have completed the DLA may wish to consider the following options to further enhance their professional credentials: Qualification: Diploma in Life Administration DLA Designation: DLA Number of Modules: 4 Fees: 295 per module (except MDI-01 which is 545) How to apply: Click Member Area Login located in the top right corner of the III homepage QFA (September) EXAM TIME TABLE RESULTS SCHEDULE July MODULE EXAM TIME MAY 2015 SEP 2015 LA pm 23 May 19 Sep QFA Life pm 09 May 05 Sep QFA Pensions 3 5pm 16 May 12 Sep MDI pm 16 May 31 Oct am 1pm 23 May 19 Sep EXAM STRUCTURE MODULE FORMAT DURATION PASS MARK LA1 80 Multiple Choice Questions 1.5h 50% QFA Life Assurance 100 Multiple Choice Questions 2h 40% QFA Pensions 100 Multiple Choice Questions 2h 40% MDI-01/561 Combination of essay, case study 3h 55% MCQ RESULTS* RATIFIED RESULTS May June 26 June September October 30 October *These are subject to final ratification on the dates listed above. Please note you can apply for your next exam once the MCQ results have been released

7 3.3 Diploma in Life & Disability Underwriting () The Diploma in Life & Disability Underwriting () equips the insurance professional with the prerequisite skills and learning to operate as an insurance expert in the complex and distinctive area of Life & Disability Underwriting. The student will be equipped with learning and technical knowledge on aspects of life insurance company operations, insurance law, life assurance products, life administration practices and the general principles of life and disability underwriting. Course Structure The table below outlines the structure of the qualification: CII Exam (P61) Module P61 replaces CII module 555. Students must apply for this exam directly through the CII, either through their website at or by contacting their customer service team at Please note that CII module P61 will be examined in April and October All exam centres in Ireland in April and October will be administered directly by the CII. A full list of fees as well as application forms are available on the CII website The is a joint venture of The Insurance Institute of Ireland, the Chartered Insurance Institute and the Assurance Medical & Underwriting Society (AMUS) and meets the Minimum Competency Code (MCC) set out by the Central Bank for those involved in claims arising under contracts of life assurance. DIPLOMA IN LIFE DISABILITY UNDERWRITING Complete three compulsory examinations MDI-01: Insurance & Business Law Life Assurance Practice & Pensions Administration P61- Life, critical illness and disability underwriting Experience Requirement There are experience requirements set by the AMUS that must be met: Provide evidence of reasonable experience in various aspects of life and disability underwriting. Provide evidence to the AMUS that a satisfactory degree of expertise in this subject has been achieved. Evidence must be signed off by the Company Chief Medical Officer. EXAM INFORMATION APPLICATION DEADLINES 2015 For further information on these How to apply: Click Member experience requirements, please log Area Login located in the top on to the AMUS website right corner of the III homepage org.uk or contact AMUS directly on Visit to apply for P Important An election fee is payable to the AMUS upon successful completion of the required modules. Applying for the designation On confirmation of election from the AMUS, you must complete an online process to accept the award of the designation from The Insurance Institute of Ireland. Your upgrade to III graduate membership will follow automatically. You will also be notified of your new CPD requirements at this time and have access to III CPD content both online and face to face. CPD In 2014, The Insurance Institute of Ireland (III) introduced a formal CPD scheme for the Diploma in Life & Disability Underwriting () qualification. To maintain the designation the CPD requirements as set out in the Central Bank s Minimum Competency Code 2011 (MCC) apply. These includes completing 15 hours of CPD per calendar year to include 1 hour of ethics and 1 hour per function fulfilled. You must also maintain your III membership. Insurance professionals who have completed the may wish to consider the following options to further enhance their professional credentials: Qualification: Diploma in Life & Disability Underwriting Designation: Number of Modules: 3 Fees: 295 for 561 modules and 545 for MDI-01 modules DEADLINE 561 (May) 13 March MDI-01 (May) 16 January 561 (September) MDI-01 (November) P61 (April/October) EXAM TIME TABLE RESULTS SCHEDULE 2015 May 2015 September 2015 November 2015 April / October 2015 See RATIFIED RESULTS 26 June 30 October 11 December See MODULE EXAM TIME MAY 2015 SEP/NOV 2015 MDI pm 16 May 31 Oct am 1pm 23 May 19 Sep P61 See April / October 2015 EXAM STRUCTURE MODULE FORMAT DURATION PASS MARK MDI-01 Combination of essay, case study 3h 55% 561 Combination of essay, case study 3h 55% P61 Combination of essay, case study 3h 55%

8 3.4 Diploma in Life & Disability Claims () The Diploma in Life & Disability Claims () equips the insurance professional with the prerequisite skills and learning to operate as an insurance expert in the complex and distinctive area of Life & Disability Claims. The student will be equipped with learning and technical knowledge on aspects of life insurance company operations, insurance law, life assurance products, life administration practices and the general principles of life and disability underwriting. Course Structure The table below outlines the structure of the qualification: DIPLOMA IN LIFE & DISABILITY CLAIMS The is a joint venture of The Insurance Institute of Ireland, the Chartered Insurance Institute and the Assurance Medical & Underwriting Society (AMUS) and meets the Minimum Competency Code (MCC) set out by the Central Bank for those involved in claims arising under contracts of life assurance. Important An election fee is payable to the AMUS upon successful completion of the required modules. Applying for the designation On confirmation of election from the AMUS, you must complete an online process to accept the award of the designation from The Insurance Institute of Ireland. Your upgrade to III graduate membership will follow automatically. You will also be notified of your new CPD requirements at this time and have access to III CPD content both online and face to face. CPD In 2014, The Insurance Institute of Ireland (III) introduces a formal CPD scheme for the Diploma in Life & Disability Claims () qualification. To maintain the designation the CPD requirements as set out in the Central Bank s Minimum Competency Code 2011 (MCC) apply. These includes completing 15 hours of CPD per calendar year to include 1 hour of ethics and 1 hour per function fulfilled. You must also maintain your III membership. EXAM INFORMATION APPLICATION DEADLINES 2015 DEADLINE 561 (May) 13 March MDI-01 (May) 16 January 561 (September) MDI-01 (November) P62 (April/October) See EXAM TIME TABLE MODULE EXAM TIME MAY 2014 SEP/NOV 2015 MDI pm 16 May 31 Oct am 1pm 23 May 19 Sep P62 See April / October 2015 EXAM STRUCTURE MODULE FORMAT DURATION PASS MARK Complete three compulsory examinations MDI-01: Insurance & Business Law Life Assurance Practice & Pensions Administration P62- Life, critical illness and disability claims CII Exam (P62) Module P62 replaces CII module 556. Students must apply for this exam directly through the CII, either through their website at or by contacting their customer service team at Please note that CII module P62 will be examined in April and October All exam centres in Ireland in April and October will be administered directly by the CII. A full list of fees as well as application forms are available on the CII website Experience Requirement There are experience requirements set by the AMUS that must be met: Provide evidence of reasonable experience in various aspects of life and disability claims. Provide evidence to the AMUS that a satisfactory degree of expertise in this subject has been achieved. Evidence must be signed off by the Company Chief Medical Officer. Qualification: Diploma in Life & Disability Claims Designation: Number of Modules: 3 Fees: 295 for 561 modules and 545 for MDI-01 modules. See for P62 fees MDI-01 Combination of essay, case study 3h 55% 561 Combination of essay, case study 3h 55% P62 Combination of essay, case study 3h 55% RESULTS SCHEDULE 2015 RATIFIED RESULTS For further information on these experience requirements, please log How to apply: Click Member on to the AMUS website Area Login located in the top org.uk or contact AMUS directly on right corner of the III homepage Visit to 14 apply for P61 15 Insurance professionals who have completed the may wish to consider the following options to further enhance their professional credentials: May 2015 September 2015 November 2015 April / October June 30 October 11 December See

9 3.5 APA Life & Financial Services Accredited Product Adviser (APA) In response to the publication of the Central Bank Minimum Competency Code (MCC), the LIA and Institute of Banking (IOB) have introduced a range of Accredited Product Adviser (APA) programmes for the life and broader financial services sector. The table on page 17 outlines these APA s and other life insurance qualifications available. New programmes, which enable individuals to become accredited in one or more of the 8 product categories (see list below), have been introduced with a new attaching professional designation - Accredited Product Adviser (APA). The new qualifications consist of one, two or three modules and will be available to those registering for examinations from September The APA designation is a stepping stone to the Qualified Financial Adviser (QFA) designation. Retail Product Categories i. Life Assurance ii. Pensions iii. Savings and Investments iv. Personal General Insurances v. Commercial General Insurances vi. Private Medical Insurance and Associated Insurances vii. House Loans, Home Reversion Agreements and Associated Insurances viii. Consumer Credit and Associated Insurances CIP holders who wish to gain the APA (Life Assurance) should register for their exam through the III online application is available at For all other life and financial services APA s, applications can be made online via the LIA ( or Institute of Bankers ( The life and financial services APA s are listed in the table opposite. Insurance Professionals who have been awarded the APA may wish to consider the following options to further enhance their professional credentials: LPAC APA s AND OTHER AVAILABLE LIFE INSURANCE QUALIFICATIONS (COURSE STRUCTURE) MODULES DLA PROGRAMME Regulation + QFA Pensions = APA (Pensions) + QFA Loans = APA (Loans)* + QFA Investment = APA (Savings & Investments) + QFA Advice = APA (Life Assurance) Consumer Credit Exam Information Exam information on APA programmes for life and financial services are available at Information includes: Exam Dates Exam Results Study Supports Enrolling on a Course Closing Dates Exemptions Fees = APA (Consumer Credit) Professional Cert in Stock broking + Stock Exchange = APA (Savings & Investments) / Registered Stockbroker Securities & Markets Life Assurance/Loans/Investment/ + QFA Financial Planning = Qualified Financial Adviser (QFA) Pensions/Regulation Life Assurance/Loans/Investment/ + General Insurance = QFA and APA (Personal General Pensions/Regulation/Financial Planning for QFA s Insurance)** * Holders of the APA (Loans) designation are entitled to advise on the Housing Loans and Consumer Credit product categories. ** Holders of the QFA and the APA (Personal General Insurance) designations are accredited to advise on the Personal General Insurance and Private Medical Insurance product categories Qualification: Accredited Product Adviser Designation: APA Number of Modules: Consult table Fees: See How to apply: See or Help: Contact the LIA on or at queries@lia.ie

10 3.6 QFA Professional Diploma in Financial Advice (QFA) The Professional Diploma in Financial Advice is the recognised benchmark qualification for all those who work in the financial services industry, and is a Level 7 qualification on the National Framework of Qualifications. Successful students will receive the Professional Diploma in Financial Advice from UCD and in addition are eligible to apply to LIA, for the designation QFA (Qualified Financial Adviser). The QFA designation is overseen by the QFA Board which is a joint initiative of the III, LIA and IoB and is recognised by the Central Bank as meeting the Minimum Competency Code (MCC) for those placed to advise on financial planning. If you are a financial adviser, or if you aspire to becoming a financial adviser in the future, then the Professional Diploma in Financial Advice is the ideal qualification for you. The Professional Diploma in Financial Advice will enhance the breadth and depth of your knowledge to help you provide consumers with sound professional advice. 4. key ContACTS AND references Course Structure The table below outlines the structure of the qualification: PROFESSIONAL DIPLOMA IN FINANCIAL ADVICE (QFA) Complete six compulsory examinations QFA Life Assurance QFA Pensions QFA Investment QFA Loans QFA Regulation QFA Financial Planning Exam Structure, Marking Format, Fees and application process See website at Qualification: Professional Diploma in Financial Advice Designation: QFA Number of Modules: 6 Fees: See website at How to apply: See website at or contact the LIA on or at queries@lia.ie Insurance Professionals who have been awarded the Professional Diploma in Financial Advice (QFA) may wish to consider the following options to further enhance their professional credentials: LPAC DLA III memberservices@iii.ie LIA queries@lia.ie AMUS amus@btconnect.com CII (0) customer.serv@cii.co.uk 18

11 5 Harbourmaster Place IFSC Dublin info@iii.ie