EXEMPTION POLICY 2016

Transcription

1 EXEMPTION POLICY 2016 PROFESSIONAL CERTIFICATE IN INSURANCE (PCI) PROFESSIONAL DIPLOMA IN INSURANCE (PDI) This exemption policy is designed to facilitate students gaining a professional qualification. An exemption is awarded when a member is deemed to have covered the syllabus of any Insurance Institute module in the course of completing an external qualification which has been assessed using a technique and an academic standard comparable with those applied to The Insurance Institute module. The information in this policy document is correct at the time of publication, however please note that it may alter without notice. TOPIC PAGE APPLYING FOR EXEMPTIONS Applying for exemptions from Professional Certificate and Diploma in Insurance modules 2 Existing exemptions 2 Applying for new exemptions 2 Documentation required 3 How much do exemptions cost? 3 For how long is an exemption offer valid? 3 You will be awarded an exemption if... 4 INTRODUCTION TO INSURANCE INSTITUTE QUALIFICATIONS AND DESIGNATIONS Professional Certificate in Insurance (APA) 5 Professional Diploma in Insurance (CIP) 6 ESTABLISHED EXEMPTIONS FROM THE PROFESSIONAL CERTIFICATE AND DIPLOMA IN INSURANCE 7 CHARTERED INSURANCE INSTITUTE (CII) EXEMPTIONS 9

2 APPLYING FOR EXEMPTIONS APPLYING FOR EXEMPTIONS FROM PCI OR PDI MODULES Once you register for a module or take an exam, exemptions cannot be granted. Therefore, you must apply for exemptions before you register for or begin studying for your new qualification. EXISTING EXEMPTIONS A number of qualifications and awards from awarding bodies, professional institutes, universities and colleges have already been assessed and approved for Insurance Institute module exemptions. Refer to Table 1 on pages 7-8 to see if you qualify for any of these existing exemptions. If you feel you qualify then simply complete the Exemptions Form ( and return it to Member Services, The Insurance Institute of Ireland, 5 Harbourmaster Place, IFSC, Dublin 1 with your original academic transcript. If you have studied with the Chartered Insurance Institute, you should also submit an upto-date CII learning statement. Original transcripts are returned in due course along with notification of any exemptions that have been granted. Note that established exemptions must still be applied for before they can be officially awarded to any individual. Please allow three weeks for processing of complete applications. APPLYING FOR NEW EXEMPTIONS Qualifications that have not yet been assessed or awarded Insurance Institute exemptions are considered on a case-by-case basis. To qualify for an exemption there must be an 80% match between the qualification syllabus and that of The Insurance Institute module in question. Assessment methods applied in the original qualification may also be considered as part of the exemption process. In the case of professional bodies, exemptions are awarded on a moduleby-module basis whereas academic qualifications are awarded exemptions based on the completion of the qualification. Note that exemption applications relating to modules taken prior to 2006 will not be considered for Professional Certificate or Diploma in Insurance exemptions as all information covered in a previous qualification must be reasonably up-to-date with current law, regulation and practice. Students who hold qualifications awarded prior to 2006 should contact The Insurance Institute and exemption applications towards the CIP designation will be handled on a case-by-case basis. Please note that exemptions for previously un-assessed modules or qualifications can take up to 3 months to process. 2

3 DOCUMENTATION REQUIRED Complete the Exemptions Form ( Application-Form.pdf) and return it to Member Services, The Insurance Institute of Ireland, 5 Harbourmaster Place, IFSC, Dublin 1 with the following documentation: Exemption application form; Original or certified student transcript with grades obtained; Detailed syllabus of all relevant module(s) which appear on the transcript; Structure of the qualification including which modules were compulsory and which were optional; Assessment methods including pass mark and contribution to overall result from different methods of assessment, e.g. coursework and written examination (generally, at least 70% of the available marks should be contributed by written examination); Copies of examination papers completed or samples; Up-to-date CII learning statement. Transcripts provided must be in English or accompanied by a translation verified by the awarding body. For all overseas qualifications (excluding the UK), students must send a letter of recognition for their qualifications from the National Qualifications Authority of Ireland (NQAI) with their application. Original transcripts are returned in due course. Your notification of exemptions granted will also outline fees due to secure exemptions and the timeframe within which they must be registered and paid for. HOW MUCH DO EXEMPTIONS COST? Exemption application is free of charge. However, a fee of 75 applies for each exemption awarded. FOR HOW LONG IS AN EXEMPTION OFFER VALID? An exemption award is valid for 6 months from the date of the confirmation letter. If exemptions are not claimed during this 6 month period, you will have to reapply as exemption entitlements may change over time due to amendments to syllabi/qualifications. Exemptions are only added to your record when any fees due are paid. Exemptions offered can change or be withdrawn without notice if payment is not received. 3

4 YOU WILL BE AWARDED AN EXEMPTION IF... Your application is accompanied by the relevant documentation. The relevant Insurance Institute module s syllabus was substantially covered during your original qualification (80% syllabus coverage or course content overlap). Your original qualification was assessed using a technique and an academic standard comparable with those applied by The Insurance Institute. You have not already sat the module (either successfully or unsuccessfully). The offer of an exemption doesn t result in The Insurance Institute designation being awarded by exemption alone. You haven t already been awarded an exemption by The Insurance Institute on the basis of the same module or qualification. Once an exemption is registered, the original exam passed or any other exemptions awarded cannot be used as the basis for future Insurance Institute exemptions. Reference Example A below. A EXAMPLE Based on a module in her degree programme, Susan has been awarded and registered an exemption from the Professional Diploma in Insurance module Practice of Claims and Loss Adjusting (PDI-07). The module from her degree programme also covers similar content to the Management Diploma in Insurance module Advanced Claims Management (MDI-07). However, Susan can only use her original module for one exemption application. Susan decides to accept and pay for an exemption from PDI-07 knowing that she will now not be able to use her original module for a future exemption from MDI-07. 4

5 INTRODUCTION TO OUR QUALIFICATIONS AND DESIGNATIONS PROFESSIONAL CERTIFICATE IN INSURANCE (APA) The Professional Certificate in Insurance (APA) is at Level 7 on the National Framework of Qualifications (NFQ) and is awarded by University College Dublin (UCD). On completion of the programme, UCD awards the academic qualification of the Professional Certificate in Insurance, while The Insurance Institute awards the Accredited Product Adviser (APA) designation. This is an important distinction because UCD and The Insurance Institute apply different academic regulations to the granting of exemptions. Professional Certificate in Insurance: A maximum of 1 exemption will be awarded towards the Professional Certificate in Insurance. Therefore, a minimum of 2 modules must be completed by examination. Applications relating to modules completed prior to 2006 will not be considered for exemptions. Accredited Product Adviser (APA): A maximum of 2 exemptions will be awarded towards the APA designation. Therefore, a minimum of 1 Insurance Institute module must be completed by examination. Exemption applications for modules completed prior to 2006 will be handled on a case-by-case basis. Therefore, if you register more than 1 exemption, you can only be awarded the Accredited Product Adviser (APA) designation and will not be awarded the academic qualification of the Professional Certificate in Insurance. Table 1 on pages 7-8 outlines the exemption entitlements governed by UCD s exemption regulations and relevant for the Professional Certificate in Insurance qualification. The three modules which students must take to complete their Professional Certificate in Insurance (APA) are drawn from the Professional Diploma in Insurance (CIP) qualification. In terms of continuing study, students holding the Professional Certificate in Insurance (APA) will have attained MCC accreditation for 1 of the specific product categories of business approved by the Central Bank and outlined in the MCC, and will also have completed 3 modules from the 6 module Professional Diploma in Insurance (CIP). 5

6 PROFESSIONAL DIPLOMA IN INSURANCE (CIP) The Professional Diploma in Insurance is placed at Level 7 on the National Framework of Qualifications (NFQ) and is awarded by University College Dublin (UCD). On completion of the programme, UCD awards the academic qualification, Professional Diploma in Insurance, while The Insurance Institute awards the Certified Insurance Practitioner (CIP) designation. This is an important distinction as UCD and The Insurance Institute apply different academic regulations to the granting of exemptions. Professional Diploma in Insurance: A maximum of 3 exemptions will be awarded towards the Professional Diploma in Insurance. Therefore, a minimum of 3 modules must be completed by examination. Applications relating to modules completed prior to 2006 will not be considered for exemptions. Certified Insurance Practitioner (CIP): A maximum of 5 exemptions will be awarded towards the CIP designation. Therefore, a minimum of 1 Insurance Institute module must be completed by examination. Exemption applications for modules completed prior to 2006 will be handled on a case-by-case basis. Therefore, if you register more than 3 exemptions, you can only be awarded the Certified Insurance Practitioner (CIP) designation and will not be awarded the academic qualification of the Professional Diploma in Insurance. Table 1 on pages 7-8 outlines the exemption entitlements governed by UCD s exemption regulations and relevant for the Professional Diploma in Insurance qualification. To reflect the 2011 revision of the MCC and to facilitate the introduction of the Professional Certificate in Insurance (APA), the Professional Diploma in Insurance (CIP) programme was restructured. Throughout 2012, new modules were introduced and former modules (coded GEN) were retired. External modules will only be accredited against the current Professional Diploma in Insurance (CIP) modules. Modules or qualifications which are at a level which is lower than the Professional Diploma in Insurance (CIP) (i.e. Level 7 on the NFQ) can only be awarded an exemption from 1 Professional Diploma in Insurance module. Such modules and qualifications are marked with an asterisk (*) in Table 1. 6

7 ESTABLISHED EXEMPTIONS FROM THE PROFESSIONAL CERTIFICATE AND DIPLOMA IN INSURANCE Table 1 outlines the exemptions that have been awarded in respect of various educational programmes from the Professional Certificate and Diploma in Insurance qualifications. 1 AWARDING BODY COMPLETED QUALIFICATIONS/MODULES EXEMPTION ENTITLEMENT CERT DIP Association of Compliance Officers in Ireland (ACOI) Professional Diploma in Compliance PDI-02 Athlone Institute of Technology Higher Certificate in Business* Higher Certificate in Business in Office Management* Bachelor of Business (Honours) Ab Initio (these exemptions are only awarded if you have taken Insurance and Banking 1 and Insurance and Banking 2 as part of your AIT programme) Australian & New Zealand Institute of Insurance and Finance (ANZIIF) Certificate IV in General Insurance Cavan Institute of Technology FETAC Modules* General Insurance Banking & Insurance Chartered Insurance Institute (CII) IF1 and IF2* Chartered Institute of Loss Assessors (CILA) Cert CILA Chartered Institute of Loss Assessors (CILA) ACILA / MCILA (module C1) Chartered Institute of Loss Assessors (CILA) ACILA / MCILA (modules C2 & C3) PDI-07 Cork College of Commerce FETAC Modules* General Insurance Banking & Insurance Dublin Institute of Technology (DIT) BBS Insurance or Dublin Institute of Technology (DIT) BBS Insurance PDI-07 Insurance Institute of Canada Chartered Insurance Professional (CIP) Insurance Institute of Canada Chartered Insurance Professional (CIP) PDI-06 Table continues on next page... 7

8 1 AWARDING BODY COMPLETED QUALIFICATIONS/MODULES EXEMPTION ENTITLEMENT CERT DIP Insurance Institute of Ireland (III) GEN1A IBA1 PMI1A GEN1B IBA2 PMI1B 821 (MDI-07) PDI-07 Note, with reference to the 821 exemption outlined directly above; if a student elects to use 821 (MDI-07) to gain an exemption for PDI-07, towards completion of the CIP designation, the student cannot also use the 821 (MDI-07) module towards completion of the MDI programme. The student would have to pick an alternative elective to MDI-07 (821). The Institute of Banking (IOB) Professional Certificate in General Insurance for QFAs PDI-03 Life Insurance Association (LIA) and The Institute of Banking (IOB) Professional Certificate in Financial Advice PDI-02 Chartered Life Insurance Insurance Association Institute (LIA) (CII) and The Institute of Banking (IOB) IF1 Professional and IF2* Diploma in Financial Advice (QFA) PDI-02 Life Insurance Association (LIA) Professional Certificate in General Insurance for QFAs PDI-03 Life Insurance Association (LIA) Professional Certificate in Credit Union Risk and Compliance PDI-02 National College of Ireland (NCI) BA Financial Services (General Insurance Studies Module) National College of Ireland (NCI) BA Financial Services (General Insurance Studies Module) PDI-03 Sligo Institute of Technology Insurance and Risk Management module (contained in Bachelor of Business Hons) Sligo Institute of Technology Insurance and Risk Management module (contained in Bachelor of Business Hons) PDI-03 University College Dublin (UCD) Bachelor of Business and Legal Studies / Bachelor of Commerce / Bachelor of Business & Law / Bachelor of Commerce (Business and Chinese Studies) / Bachelor of Commerce (International) (Nature and Role of Insurance and Reinsurance modules) 8

9 CHARTERED INSURANCE INSTITUTE (CII) EXEMPTIONS CII EXEMPTIONS If you wish to progress to the CII s qualifications, such as the Advanced Diploma in Insurance (ACII), you can apply to the CII for exemptions. This section is an overview of the CII s exemption policy. If you require further information or wish to apply for recognition of prior learning from CII units, apply either by contacting CII Customer Service online or by phone To be awarded the ACII you must accumulate a minimum of 290 CII credits. A minimum of 205 CII credits must be achieved at Advanced Diploma or Diploma level with at least 90 at Advanced Diploma level. 210 credits is the maximum which the CII will award via prior learning from a single awarding body such as The Insurance Institute. The CII are introducing new ACII completion requirements from January 2017 which include a third compulsory module and an increase in the number of Advanced Diploma credits required to complete the ACII. Details of these changes can be found by visiting It is vital to note that we have no input into CII exemption decisions and the information below is only provided as an initial guide to you. Points to note when applying for CII credits The CII assesses modules or qualifications completed by examination only. This means that exemptions granted towards an Insurance Institute qualification will not result in additional credits being awarded towards a CII qualification. You may be eligible for a CII award based on the original exam or qualification (e.g. degree or Insurance Institute modules taken by examination). To be awarded a CII qualification you must meet the qualification completion requirements. You must obtain by CII examination, dissertation or coursework assessment, a pass in at least 1 module from the qualification you hope to complete. These rules apply irrespective of how many credits your existing qualifications might provide through recognition of prior learning. To claim CII credits you must provide the CII with evidence of your completed modules e.g. academic transcript. Insurance Institute credits are not automatically added to your CII record. Refer to the CII website and Recognition of Prior Learning (RPL) application form for full details ( 9

10 CII credits are awarded based on the credit value attached to The Insurance Institute exam in question and in accordance with the current CII Recognition of Prior Learning scheme rules. In some cases, changes in syllabi and assessment methods mean that students who have completed identical qualifications may receive different awards (or no award at all). Usually this depends on when exams were taken or when credits were applied for. The CII encourages all students to apply promptly once they receive their Insurance Institute exam results. In accordance with the CII s standard policy, CII student members applying to the CII for credits based on an Insurance Institute examination or qualification must pay 3 per credit. Non-CII members pay 5 per credit. For example, if you (as a CII student member) were awarded an exemption from a 30 credit module, the fee payable would be 90. Fees apply regardless of the date of completion of the exam or qualification. Please refer to for any changes. 10