EXEMPTION POLICY 2016

16.11.15 EXEMPTION POLICY 2016 ACCREDITED PRODUCT ADVISER (APA) CERTIFIED INSURANCE PRACTITIONER (CIP) An exemption is awarded when a member is deemed to have covered the syllabus of any III 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 III 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 APA or CIP 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 III QUALIFICATIONS AND DESIGNATIONS Professional Certificate in Insurance (APA designation) 5 Professional Diploma in Insurance (CIP designation) 6 ESTABLISHED EXEMPTIONS FROM APA AND CIP DESIGNATIONS 7 FURTHERING YOUR STUDIES 10 CHARTERED INSURANCE INSTITUTE (CII) EXEMPTIONS 12

APPLYING FOR EXEMPTIONS APPLYING FOR EXEMPTIONS FROM APA OR CIP 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 III module exemptions. Refer to Table 1 on pages 7 9 to see if you qualify for any of these existing exemptions. If you feel you qualify then simply complete the Exemptions Form (www.iii.ie/downloads/2015/exemptionapplication.pdf) 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 up-to-date CII learning statement. Original transcripts are returned in due course along with notification of any exemptions that have been granted. Please 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 III 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 III 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. Please note that exemption applications relating to modules taken prior to 2006 will be considered on a case-by-case basis in order to ensure currency of law, regulation and practice covered. 2

DOCUMENTATION REQUIRED Complete the Exemptions Form (www.iii.ie/downloads/2015/ exemptionapplication.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. Please note that exemptions for previously unassessed modules or qualifications can take up to 3 months to process. 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

YOU WILL BE AWARDED AN EXEMPTION IF... 1. Your application is accompanied by the relevant documentation. 2. The relevant III module s syllabus was substantially covered during your original qualification (80% syllabus coverage or course content overlap). 3. Your original qualification was assessed using a technique and academic standard comparable with those applied by the III. 4. You have not already sat the module (either successfully or unsuccessfully) 5. The offer of an exemption doesn t result in the III designation being awarded by exemption alone. 6. You haven t already been awarded an exemption by the III 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 III 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 Certified Insurance Practitioner (CIP) 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 (MDI) 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

INTRODUCTION TO III QUALIFICATIONS AND DESIGNATIONS PROFESSIONAL CERTIFICATE IN INSURANCE ACCREDITED PRODUCT ADVISER (APA) The Professional Certificate in Insurance is placed at Level 7 of 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 Professional Certificate in Insurance, while the III awards the Accredited Product Adviser (APA) designation. This is an important distinction as UCD and the III apply different academic regulations to the granting of exemptions. Professional Certificate in Insurance qualification 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 Designation) A maximum of 2 exemptions will be awarded towards the APA designation. Therefore, a minimum of 1 III 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. Those awarded the Accredited Product Adviser (APA) designation achieve MCC accreditation in one of the product categories approved by the Central Bank of Ireland. 5

PROFESSIONAL DIPLOMA IN INSURANCE CERTIFIED INSURANCE PRACTITIONER (CIP) The Professional Diploma in Insurance is placed at Level 7 of 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 III awards the Certified Insurance Practitioner (CIP) designation. This is an important distinction as UCD and the III apply different academic regulations to the granting of exemptions. Professional Diploma in Insurance Qualification A maximum of 3 modules of the Professional Diploma in Insurance can be completed by exemption. 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) designation A maximum of 5 exemptions will be awarded towards the CIP designation. Therefore, a minimum of 1 III 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. Reference Example B on page 9. To reflect the 2011 revision of the MCC and to facilitate the introduction of the Accredited Product Adviser (APA), the Certified Insurance Practitioner (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 Certified Insurance Practitioner (CIP) modules. Refer to www.iii.ie for information on transitional arrangements available to students hoping to complete the Certified Insurance Practitioner (CIP). 6

ESTABLISHED EXEMPTIONS FROM APA AND CIP DESIGNATIONS Table 1 outlines exemptions that have already been awarded towards the APA and CIP programmes. 1 AWARDING BODY COMPLETED III EXEMPTION APA CIP QUALIFICATIONS/MODULES 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) 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) or Australian & New Zealand Institute of Insurance and Finance (ANZIIF) Certificate IV in General Insurance or Cavan Institute of Technology FETAC Modules General Insurance Banking & Insurance Chartered Insurance Institute (CII) IF1 and IF2 Chartered Insurance Institute (CII) Diploma in Insurance PDI-06 PDI-07 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 Table continues on next page... 7

1 AWARDING BODY COMPLETED III EXEMPTION APA CIP QUALIFICATIONS/MODULES Insurance Institute of Canada Chartered Insurance Professional (CIP) Insurance Institute of Canada Chartered Insurance Professional (CIP) or PDI-06 The Insurance Institute of Ireland (III) GEN1A IBA1 PMI1A GEN1B IBA2 PMI1B or 821 (MDI-07)* PDI-07 * 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 then use the 821 (MDI-07) module towards completion of the MDI programme and would instead be required to select an alternative elective. The Institute of Banking (IOB) Professional Certificate in General Insurance for QFAs Life Insurance Association (LIA) and The Institute of Banking (IOB) Professional Certificate in Financial Advice (APA) PDI-02 Life Insurance Association (LIA) and The Institute of Banking (IOB) Professional Diploma in Financial Advice (QFA) PDI-02 Life Insurance Association (LIA ) Professional Certificate in General Insurance for QFAs Life Insurance Association (LIA ) Professional Certificate in Credit Union 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) Senior College Dun Laoghaire Higher National Diploma in Health and Safety Senior College Dun Laoghaire Higher National Diploma in Health and Safety or 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) Table continues on next page... 8

1 AWARDING BODY COMPLETED III EXEMPTION APA CIP QUALIFICATIONS/MODULES University College Dublin (UCD) Bachelor of Business and Legal Studies (Nature and Role of Insurance and Reinsurance) University College Dublin (UCD) Bachelor of Commerce (Nature and Role of Insurance and Reinsurance) University College Dublin (UCD) Bachelor of Business & Law (Nature and Role of Insurance and Reinsurance) University College Dublin (UCD) Bachelor of Commerce (Business and Chinese Studies) (Nature and Role of Insurance and Reinsurance) University College Dublin (UCD) Bachelor of Commerce (International) (Nature and Role of Insurance and Reinsurance) University of Limerick (UL) BA International Insurance & European Studies Bachelor of Business Studies Major in Risk Management or University of Limerick (UL) Certificate in Applied Business, Risk Management and Finance University of Limerick (UL) BA International Insurance & European Studies Bachelor of Business Studies Major in Risk Management PDI-06 PDI-07 University of Limerick (UL) Certificate in Applied Business, Risk Management and Finance PDI-06 University of Ulster Advanced Certificate in Credit Union Practice (ACCUP) B EXAMPLE Tara has a BA International Insurance & European Studies from the University of Limerick. She is entitled to 5 exemptions from the 6 module CIP programme. If she successfully passes PDI-02, Tara will be awarded the CIP designation by the III. However, under UCD regulations, a maximum of 50% of the Professional Diploma in Insurance qualification can be completed by exemption (3 modules) and therefore, Tara cannot be awarded the Professional Diploma in Insurance academic qualification from UCD. Tara accepts and pays for the 5 CIP exemptions, passes the PDI- 02 examination and is awarded the CIP designation, thus meeting the Central Bank s Minimum Competency Code requirements, but does not receive the UCD academic qualification of Professional Diploma in Insurance. 9

FURTHERING YOUR STUDIES Those awarded the CIP designation meet the entry requirements for the III s advanced qualifcation; the Management Diploma in Insurance (MDI). Course content and registration details are available at www.iii.ie/mdi. Professionals hoping to transfer between III programmes, or achieve additional designations, should refer to Table 2 below for transfer arrangements. This information relates only to the award of APA and CIP designations and not to the academic qualifications of Professional Certificate or Diploma in Insurance. TRANSFERRING BETWEEN III QUALIFICATIONS 2 III PROGRAMME COMPLETED (BY EXAMINATION) AIMING TO COMPLETE REQUIREMENT 4 Module CIP (pre-2007) Reviewed on a case-by-case basis (dependent on module combination) 6 Module CIP (post-2006) PDI-05 APA PL (III) APA CL APA PL (III) PDI-05 APA CL (III) APA PL APA CL (III) PDI-05 (III) APA PL (III) APA CL QFA and Professional Certificate in General Insurance for QFAs APA PL No requirement under terms of MCC 1 QFA and Professional Certificate in General Insurance for QFAs No requirement under terms of MCC 2 QFA and Professional Certificate in General Insurance for QFAs APA CL QFA and Professional Certificate in General Insurance for QFAs CIP,, PDI-06 and PDI-07 QFA or Professional Diploma in Financial Advice APA PL QFA or Professional Diploma in Financial Advice APA CL QFA or Professional Diploma in Financial Advice PDI-05 PMI Certificate PDI-02 and PDI-05 Life and Pensions Administration Certificate APA Life Assurance QFA Regulation (for LPAC students who chose QFA Life Assurance) Life and Pensions Administration Certificate APA Pensions QFA Regulation (for LPAC students who chose QFA Pensions) 1. MCC deems that QFA and Professional Certificate in General Insurance for QFA holders to be awarded the APA PL designation 2. MCC deems that QFA and Professional Certificate in General Insurance for QFA holders to be awarded the designation Table continues on next page... 10

2 III PROGRAMME COMPLETED (BY EXAMINATION) AIMING TO COMPLETE REQUIREMENT Diploma in Life Administration APA Life Assurance QFA Regulation (for DIP LA students who chose QFA Life Assurance) Diploma in Life Administration APA Pensions QFA Regulation (for DIP LA students who chose QFA Pensions) Diploma in Life Administration APA Life Assurance & APA Pensions QFA Regulation (for DIP LA students who chose QFA Life Assurance and QFA Pensions) Diploma PMI APA PL Diploma PMI APA CL Diploma PMI 3 CIP PDI-06 and PDI-07 Diploma in Loss Adjusting CIP or and PDI-06 Professional Diploma in Insurance (CIP) APA Life Assurance APA Pensions APA Savings & Investment APA Loans Relevant APA product module QFA (or grandfathered individual) and PMI Certificate No requirement Life grandfathered individual, PDI-02 and PDI-05 3. Students partway through the Diploma in Private Medical Insurance are dealt with on a case by case basis. 11

CHARTERED INSURANCE INSTITUTE (CII) EXEMPTIONS CII EXEMPTIONS Should you wish to progress to CII qualifications, such as the Advanced Diploma in Insurance (ACII), there follows 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 by contacting CII Customer Service online www.cii.co.uk/prior-learning or by phone 0044 208 9898 464. 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 III. 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 www.cii.co.uk/qualifications/ qualification-information/insurance-developments/. It is vital to note that the III has 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 III 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. UL degree or III 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. III 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 (www.cii.co.uk/prior-learning). CII credits are awarded based on the credit value attached to the III 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 III exam results. In accordance with the CII s standard policy, CII student members applying to the CII for credits based on an III 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 www.cii.co.uk/prior-learning for any changes. 12

WHAT CII CREDITS CAN I EXPECT TO GET FOR MY APA AND CIP MODULES? Table 3 below outlines the CII credits awarded to APA and CIP modules as of October 2015. This table is provided as an indication only and is not a guarantee of actual CII credit awards. The CII reserves the right to change or withdraw credit awards at any time. CII CREDIT AWARDS FOR APA AND CIP MODULES 3 III Examination CII Award CII recognition of prior learning award The Nature of Insurance & PDI-02 Compliance and Advice Personal General Insurance Commercial General Insurance PDI-05 Private Medical Insurance 15 Certificate-level credits (both modules must be passed by exam) 15 Certificate-level credits (no award for exams passed with effect from January 2016) 15 Certificate-level credits (no award for exams passed with effect from January 2016) 15 Certificate-level credits (exam must be completed with effect from May 2012) W01 IF8 IF2 IF7 PDI-06 Practice of Risk Control and Underwriting 15 Certificate-level credits IF3 PDI-07 Practice of Claims and Loss Adjusting 15 Certificate-level credits IF4 13