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TRANSCRIPT
September 2014
World Class Skills for a World Class Industry
Annual Publication 2014
Page | 2
INDEX
The IISA as a Professional Body Pg 3
Qualification Stream Pg 5
FSB Recognition of Qualifications Pg 12
How to become a Professional Member Pg13
Continuing Professional Development Requirements Pg 18
What you need to know about CPD Pg 19
CPD Definitions Pg 22
Access the IISA System Pg 29
Contact Us Pg 34
Page | 3
The IISA as a Professional Body
Whilst the foundation of the IISA can be
traced to 1891 through Local Institute history
in South Africa, the Insurance Institute of
South African (IISA) was formally established
as a national educational and professional
body in 1966.
In this capacity the IISA have been the
custodian of professional standards in the
insurance industry, and more recently, in
November 2012, have been formally
recognised by the South African Qualifications
Authority (SAQA). This recognition confirms
the IISA as the only Professional Body to
award the professional designations of
Licentiate, Associate and Fellow in the
Insurance Industry.
Licentiate (LIISA)
A Licentiate is a practicing professional who
identifies the client’s needs through a
comprehensive risk analysis process and, with
a holistic view, develops a risk management
plan that will assist the client to mitigate,
avoid or manage the identified insurance
risks. The LIISA will then arrange an insurance
policy for the agreed risks to be insured. The
insurance policy is monitored and reviewed
regularly to ensure that any assets or
additional insurance risks are addressed and
that any external changes that might affect
the insurance risks are considered. Licentiates
can work in either a sales, underwriting,
claims, risk management or intermediary
capacity, or a combination of these.
These are professional members, who carry
an insurance qualification at NQF Level 5
which makes them proficient in General
Insurance Practices and able to:
Identify and analyse risks about the
clients risk exposure in order to
develop a risk management strategy;
Collect details of the clients existing
insurance cover and consider the
implications of changes to insurance
cover;
Recommend insurance solutions for
personal clients and general
commercial entities;
Provide clients with general risk
management advice to mitigate, avoid
or manage risk;
Manage, advise on or negotiate
general insurance claims;
Facilitate an informed discussion on
the workings of an insurance contract
and the roles and responsibilities of
both the insurer and the insured;
Ensure the legislative, regulatory and
compliance requirements of the
financial services industry in providing
a safe financial platform for clients;
Understand the boundaries between
specialist insurances and general
insurance offerings and when to refer
to a specialist for consultation and
recommendations; and
Understand the workings of the
insurance industry at a micro and
macro level, and identify global issues
that will have an impact on the sector
Associate (AIISA)
An Associate is a practicing professional who
identifies the client’s needs through a
comprehensive risk analysis process, with a
specialist insurance environment and,
develops a risk management plan that will
assist the client to mitigate, avoid or manage
the identified specialist insurance risks. The
AIISA will then arrange an insurance policy for
the agreed risks to be insured. The insurance
policy is monitored and reviewed on a regular
basis to ensure that any assets or additional
insurance risks are addressed and that any
Page | 4
external changes that might affect the
insurance risks are considered. Associates can
operate in either an intermediary, sales, policy
administrative, risk management,
underwriting or claims capacity within a
specialist insurance environment such as
engineering, construction, motor fleet,
liability, guarantee, accident or other
specialist insurance.
Associates are professional members, who
have an insurance qualification at NQF Level
6, which has broadened their insurance
knowledge to a Specialist Insurance level and
are therefore able to:
Advise personal and commercial
clients on, and arrange specialist
insurance cover within the fields of
Liability, Commercial properties,
Business Interruption and
Reinsurance Cover options;
Advise on alternative insurance
structures and a range of specialist or
alternative risk solutions;
Identify specialist risks and make risk
management recommendations on
mitigation, avoiding or managing
specific risks;
Choose a specific specialist field
within which to operate successfully;
Manage, provide advice on and
negotiate specialist insurance claims;
Facilitate an informed discussion on
the workings of an insurance contract
and the roles and responsibilities of
both the insurer and the insured;
Understand the boundaries between
specialist insurances and general
insurance offerings and when an how
to deal with these appropriately;
Ensure the legislative, regulatory and
compliance requirements of the
financial services industry in providing
a safe financial platform for clients;
and
Understand the workings of the
insurance industry at a micro and
macro level, and identify and advise
on global issues that will have an
impact on the sector
Fellow (FIISA)
A Fellow is a practicing professional who can
operate in senior management positions or
manage specialist insurance divisions or
specialist insurance operations such as an
intermediary or underwriting management
agency. Fellows can operate in either a sales,
policy administrative, risk management,
underwriting or claims capacity within a
specialist insurance environment such as
engineering, construction, motor fleet,
liability, guarantee, accident or other
specialist insurance.
A Fellow is able to:
Anticipate the impact of external and
internal changes on their own
business and the wider insurance
market, and to review business
policies or processes to ensure
continued ethical business is
conducted
Evaluate trends in company
performance data and identifies the
products and approaches required to
achieve key business objectives
Challenge existing customer processes
and procedures within the business
and industry to improve the customer
experience
Manage departments and specialist
areas of insurance within insurance
companies, broking houses or
underwriting management agencies
As approved by SAQA
Version: 23 June 2014
IISA Membership Levels & Suggested Qualification Stream 2014
Elements of Insurance
12 Credits @ NQF Level 5
COP and ICIBS
84 Credits @ NQF Level
4
INSETA Certificate in
Short Term Insurance
120 Credits @ NQF Level
4
Higher Certificate in Short Term
Insurance
120 Credits @ NQF Level 5
Programme in Risk Management
108 Credits @ NQF Level 6
IISA Introductory Programme in
Advanced Insurance Practice
60 Credits @ NQF Level 6
IISA Programme
in Advanced Insurance Practice
60 Credits @ NQF Level 6
IISA Introductory
Programme in Insurance
60 Credits @ NQF Level 5
IISA Programme
in Insurance
60 Credits @ NQF Level 5
National Certificate in Short
Term Insurance
120 Credits @ NQF Level 5
IISA Membership & Qualification Stream
Page | 6
STEP 1 Option A Certificate of Proficiency plus Intermediate Certificate in Business Studies
Certificate of Proficiency (CoP)
Subjects
One subject, chosen from three possible streams:
Subject Description Credits
Short Term Insurance
An introduction to the insurance environment
12 credits @ level 4
Long Term Insurance 12 credits @ level 4
Retirement Funds 13 credits @ level 4
Accreditation
Historically an industry recognised certificate awarded by the College of Insurance, containing SAQA-recognised credits.
Presented by
College of Insurance; or Botswana Accountancy College (not SAQA recognised)
Who should do this programme?
The CoP is appropriate for those who are new to the industry, either direct from school with, without Matric or direct from a tertiary qualification with a non-insurance qualification. It also provides a valuable introduction to insurance for those employed in support activities to the industry, such as IT, auditing, accounting and secretarial support.
plus
Intermediate Certificate in Business Studies (ICiBS)
Subjects
Four subjects, including a second specific technical stream subject
Subject Description Credits
Short Term or Long Term Insurance A more detailed overview of products and practices 24 credits @ level 4
Business Calculations Applied Mathematics 16 credits @ level 4
Business Communications Practical English skills 20 credits @ level 4
Business Organisation/Financial Literacy Basics of key business and personal financial skills 12 credits @ level 4
Accreditation
Historically an industry recognised certificate awarded by the College of Insurance, containing SAQA-recognised credits.
Presented by
College of Insurance; or Botswana Accountancy College (not SAQA recognised)
IISA Membership & Qualification Stream
Page | 7
Where Matriculation has been achieved with a pass in English and a good pass in Mathematics, dispensation can be obtained for the Mathematics and Communication subjects, while dispensation for Financial Literacy can be obtained on the basis of a pass in Business Economics, Accountancy or a similar subject.
IISA Membership
Satisfies the academic requirements for election as a Member of the IISA
Who should do this programme?
Ideal for those seeking a more detailed knowledge of the products and processes used in the industry.
STEP 1 Option B IISA Short Course in Elements of Short Term/Life Insurance/Retirement Funds
Subjects
One subject, chosen from three possible streams:
Subject Description Credits
Elements of Short Term Insurance An Introduction to Short Term Insurance 12 credits @ level 5
Elements of Life Insurance An Introduction to Life Insurance 12 credits @ level 5
Elements of Retirement Funds An Introduction to Retirement Funds 12 credits @ level 5
Accreditation
An industry recognised certificate awarded by Unisa CBM, containing SAQA-recognised credits.
Presented by
Unisa Centre for Business Management
IISA Membership
Satisfies the academic requirements for election as a Member of the IISA
Who should do this programme?
Ideal for candidates who had passed matric English and mathematics and who have already spent some time working in the insurance industry or for those with a non insurance degree seeking to fast track into the insurance programmes.
STEP 1 Option C INSETA Certificate in Short Term / Long Term Insurance
Subjects
Six subjects, chosen from two possible streams:
Qualification Description Credits SAQA ID
Cu
rren
t
FET Certificate in Short Term Insurance An introduction to Short Term Insurance and basic business skills
140 credits @ level 4 66610
FET Certificate in Long Term Insurance An introduction to Long Term Insurance and basic business skills
140 credits @ level 4 49649
IISA Membership & Qualification Stream
Page | 8
Pas
t National Certficate in Short Term Insurance 120 credits @ level 4 21796
National Certficate in Risk Management 140 creidts @ level 4 24396
National Certficate in Wealth Management 120 credits @ level 5 57608
FET Certificate in Short Term Insurance 140 credits @ level 4 49929
Accreditation
An industry recognised full qualification awarded by an INSETA Accredited Training Provider, containing SAQA-recognised credits.
Presented by
An INSETA Accredited training provider.
IISA Membership
Satisfies the academic requirements for election as a Member of the IISA
Who should do this programme?
Ideal for those seeking a more detailed knowledge of the products and processes used in the industry.
STEP 1 Option D IISA Programme in Insurance
Subjects
10 semester modules comprising a total of 120 credits @ level 5
Introductory Programme in Insurance 5 modules 60 credits; plus Programme in Insurance 5 modules 60 credits
Selected from a choice within one of three streams (Short Term, Long Term or Retirement Funds)
Description
Practical applied subject matter.
Why progress to this level?
For those who are seeking a deeper understanding of practical, applied subject matter in various fields.
IISA Membership
Satisfies the academic requirements for election as a Member of the IISA
Presented by:
UNISA Centre for Business Management
FSB Recognition
Recognised as qualification number 669 on the FSB’s published list of qualifications as generic to all product categories
Who should do these programmes?
This qualification is appropriate for those who are established in the industry with some lower-level studies, especially the IISA’s preferred track, or who are relatively new to the industry with an appropriate tertiary qualification which is not insurance related.
IISA Membership & Qualification Stream
Page | 9
STEP 2 Option A Higher Certificate in Short Term Insurance
Subjects
Full Qualification comprising of 6 subjects, granting a total of 120 credits @ level 5
Accreditation
SAQA ID 83526 quality assured by the Council on Higher Education
Historical recognition may be granted for IISA Programmes offered by UNISA CBM and qualified up to and including 2014
Description
Practical applied subject matter.
Why progress to this level?
For those who are seeking a deeper understanding of practical, applied subject matter in various fields of short term insurance.
IISA Professional Membership
Satisfies the academic requirements for election as a Licentiate Member of the IISA
Presented by:
Milpark Education (Pty) Ltd
FSB Recognition
Recognised as qualification number 232 on the FSB’s published list of qualifications as specific for both short term commercial and personal lines and generic to all other insurance product categories
Who should do these programmes?
This qualification is appropriate for those who are established in the industry with some lower-level studies, especially the IISA’s preferred track, or who are relatively new to the industry with an appropriate tertiary qualification which is not insurance related.
STEP 2 Option B National Certificate in Short Term Insurance
Subjects
Full Qualification comprising of a total of 120 credits @ level 5
Accreditation
SAQA ID 57918 quality assured by INSETA
Description
Practical applied subject matter.
Why progress to this level?
For those who are seeking a deeper understanding of practical, applied subject matter in various fields of short term insurance.
IISA Professional Membership
Satisfies the academic requirements for election as a Licentiate Member of the IISA
IISA Membership & Qualification Stream
Page | 10
Presented by:
Insurance Learning Academy
FSB Recognition
Recognised as qualification number 212 on the FSB’s published list of qualifications as generic to all product categories
Who should do these programmes?
This qualification is appropriate for those who are established in the industry with some lower-level studies, especially the IISA’s preferred track, or who are relatively new to the industry with an appropriate tertiary qualification which is not insurance related.
STEP 3 IISA Introductory Programme + Programme in Advanced Insurance Practice
Subjects
10 semester modules subjects comprising a total of 120 credits @ level 6
Introductory Programme in Advanced Insurance Practice 5 modules 60 credits; plus Programme in Advanced Insurance Practice 5 modules 60 credits
Selected from a choice within one of two streams (Short Term Insurance or Long Term Insurance)
Description
More specialist subject matter of insurance technical practice.
Why progress to this level?
Either to deepen knowledge in one or more fields or to broaden the understanding of the insurance sector and gain the ability to apply the acquired knowledge in practical management situations.
IISA Professional Membership
Satisfies the academic requirements for election as an Associate Member of the IISA.
Presented by:
UNISA Centre for Business Management
FSB Recognition
Recognised as qualification number 13 on the FSB’s published list of qualifications as generic to all product categories
STEP 4 Programme in Risk Management
Applicants must have held Associate status for at least one year and have completed The Programme in Risk Management offered by UNISA. This is the only programme which has been approved by the IISA’s Professional Standards Committee, but others may be considered.
IISA Professional Membership
Satisfies the academic requirements for election as a Fellow of the IISA.
There are additional criteria for membership purposes, other than the qualification, which can be obtained from the Membership Officer.
FSB Recognition
Recognised as qualification number 369 on the FSB’s published list of qualifications as generic to all product categories
IISA Membership & Qualification Stream
Page | 11
Why progress to this level?
To demonstrate a high level of understanding and application of knowledge within the broader field and to achieve the well-recognised Fellowship standing with the IISA
Useful Contact Details
Insurance Institute of South Africa Tel : 0861 00 4472 / 011 341 9480 E-mail : [email protected] Web Site : www.iisa.co.za
UNISA Centre for Business Management IISA Programmes in Insurance Tel: (012) 352 4228 Tel: (012) 352 4377 E-mail: [email protected] E-mail: [email protected] Web Site : www.unisa.ac.za/iisa
Milpark Education (Pty) Ltd Tel : (011) 718 4000 Email : [email protected] Web Site : www.milpark.ac.za
Botswana Accountancy College Oscar Chomba, Insurance Course Manager Tel : (267) 395 3062 E-mail : [email protected] Web Site : www.bac.ac.bw
Insurance Learning Academy Tel : 0861 045 272 E-mail : [email protected] Web Site : www.learninsurance.co.za
Page | 12
FSB Qualification List – Board Notice 268 of 2013
The IISA commends the FSB on the release of the revised qualification list issued in Board Notice 268 of
2013.
For ease of reference we hereby confirm the Short Term Insurance qualifications listed and their
recognition are as follows:
I I S A
D E S I G N A T I O N
Q U A L
N O
Q U A L I F I C A T I O N
T I T L E I D N O L E V E L C R E D I T S
S H O R T
T E R M
P E R S
L I N E S
S H O R T
T E R M
C O M M
L I N E S
Fellow (FIISA)
356
FELLOWSHIP OF THE
CHARTERED INSURANCE
INSTITUTE (FCII) FOREIGN
QUALIFICATION
FSB006 FOREIGN QUALIFICATION
124
ADVANCED DIPLOMA IN
INSURANCE MANAGEMENT
College of
Insurance
FSB0202
7 120
93 PROGRAMME IN RISK
MANAGEMENT
UNISA
75949 6 108
Associate (AIISA)
278
DIPLOMA: INSURANCE
(SPECIALISATION IN SHORT-
TERM INSURANCE)
College of
Insurance
20412
6 120 S S
808
ASSOCIATESHIP CHARTERED
INSURANCE INSTITUTE
(ACII) FOREIGN
QUALIFICATION
CII / College
of Insurance
FSB0133
FOREIGN QUALIFICATION S S
304
IISA PROGRAMME IN
ADVANCE INSURANCE
PRACTICE
UNISA
FSB044 6 120
Licentiate (LIISA)
232
HIGHER CERTIFICATE:
SHORT-TERM INSURANCE
College of
Insurance
20411
5 120 S S
232
HIGHER CERTIFICATE:
SHORT-TERM INSURANCE
Milpark
Business
School
83526
5 120 SP SP
669 IISA PROGRAMME IN SHORT
TERM INSURANCE
UNISA
76546 5 120 S S
212 NATIONAL CERTIFICATE
SHORT TERM INSURANCE 57918 5 120 S S
IISA Member Level 3
218
FURTHER EDUCATION AND
TRAINING CERTIFICATE:
SHORT-TERM INSURANCE
INSETA
49929/66610 4 150 S S
219
FURTHER EDUCATION AND
TRAINING CERTIFICATE:
SHORT-TERM RISK
MANAGEMENT
INSETA
57613 4 160 S S
213 NATIONAL CERTIFICATE:
RISK MANAGEMENT
INSETA
24396 4 140 S S
212 NATIONAL CERTIFICATE:
SHORT-TERM INSURANCE
INSETA
21796 4 120 S S
Page | 13
Professional Membership Criteria and Application Process
The IISA have two different types of membership categories, which are General Members and
Professional Members.
Professional Membership is awarded to those who have achieved an Academic Status as well as
being recognised for their achievement in the industry. For this purpose the detail of this document
sets out the criteria required for each Professional Membership Designation awarded by the IISA.
It is important to note that although each Professional Designation is awarded in recognition of a
qualification achieved, that this is not the only criteria for the Designation Status.
The three Professional Designations are:
Licentiate;
Associate; and
Fellow
Annual membership fees are applicable which are published on the IISA website www.iisa.co.za
The requirements for each Professional Designation are as follows:
Page | 14
SOUTH AFRICAN CITIZENS AND/OR PEOPLE WORKING IN THE SOUTH AFRICAN MARKET
1. Higher Certificate in Short Term Insurance, SAQA ID 83526 with Milpark Education (Pty) Ltd, NQF Level 5
OR Achievement of the National Certificate in Short Term Insurance, SAQA ID 57918 with Insurance Learning Academy, currently at NQF Level 5
AND
2. Employed in the Insurance or related industry of South Africa or SADC Region
AND
3. 15 hours CPD each year from 1 July to 30 June
1. Achievement of the Licentiate Status
AND
2. IISA Programme in Advanced Insurance Management with UNISA – this includes both the Introductory Programme and Programme, currently at NQF Level 6;
OR Historical ACII from the CII of London achieved before 1992
OR Historical Diploma in Insurance with College of Insurance achieved before 2006
AND
3. 3 years overall industry experience employed in the Insurance or related industry of South Africa or SADC Region
AND
4. 15 hours CPD each year from 1 July to 30 June
1. Practicing as an Associate for 1 year
AND
2. Achievement of the Programme in Risk Management with UNISA currently at NQF Level 6;
OR Historical FCII from the CII of London achieved before 1992
OR Historical Advanced Diploma in Insurance Management from College of Insurance before 2006
AND
3. 5 years overall industry experience employed in the Insurance or related industry
AND
4. 15 hours CPD each year from 1 July to 30 June
Page | 15
SADC CITIZENS AND/OR PEOPLE WORKING IN THE SADC MARKET
1. Achievement of one of the following qualifications;
• Higher Certificate in Short Term Insurance, SAQA ID 83526 with Milpark Education (Pty) Ltd, currently at NQF Level 5
• National Certificate in Short Term Insurance, SAQA ID 57918 with Etana Academy or Insurance Learning Academy, currently at NQF Level 5
• Diploma in Insurance certified by the Chartered Insurance Institute (CII)
AND
2. Employed in the Insurance or related industry in the SADC Region
AND
3. 15 hours CPD each year from 1 July to 30 June
1. Achievement of the Licentiate Status
AND
2. Achieved one of the following qualifications or further study:
• IISA Programme in Advanced Insurance Management with UNISA – this includes both the Introductory Programme and Programme, currently at NQF Level 6;
• ACII from the CII of London; • Historical Diploma in Insurance with
College of Insurance achieved before 2006;
• Diploma in Insurance from IIZ, only if co-signed by CII London
AND
3. 3 years overall industry experience employed in the Insurance or related industry of South Africa or SADC Region
AND
4. 15 hours CPD each year from 1 July to 30 June
1. Practicing as an Associate for 1 year
AND
2. Achieved of one of the following qualifications:
• Programme in Risk Management with UNISA currently at NQF Level 6;
• FCII from the CII of London; • Historical Advanced Diploma in
Insurance Management from College of Insurance before 2006
AND
3. 5 years overall industry experience employed in the Insurance or related industry of South Africa or SADC Region
AND
4. 15 hours CPD each year from 1 July to 30 June
Page | 16
EXPATS EMPLOYED IN OTHER COUNTRIES
1. Achievement of one of the following qualifications;
• Higher Certificate in Short Term Insurance, SAQA ID 83526 with Milpark Education (Pty) Ltd, currently at NQF Level 5
• National Certificate in Short Term Insurance, SAQA ID 57918 with Insurance Learning Academy, currently at NQF Level 5
• Diploma in Insurance certified by the Chartered Insurance Institute (CII)
AND
2. Employed in the Insurance or related industry outside of South Africa or SADC region
AND
3. 15 hours CPD each year from 1 July to 30 June OR submit CPD for other body where applicable ie Australia and CII in the UK
1. Achievement of the Licentiate Status
AND
2. Achievement one of the following qualifications or further study:
• IISA Programme in Advanced Insurance Management with UNISA – this includes both the Introductory Programme and Programme, currently at NQF Level 6;
• ACII from the CII of London • Historical Diploma in Insurance with
College of Insurance achieved before 2006
AND
3. 3 years overall industry experience employed in the Insurance or related industry
AND
4. 15 hours CPD each year from 1 July to 30 June OR submit CPD for other body where applicable ie Australia and CII in the UK
1. Practicing as an Associate for 1 year
AND
2. Achievement of one of the following qualifications:
• Programme in Risk Management with UNISA currently at NQF Level 6;
• FCII from the CII of London; • Historical Advanced Diploma in
Insurance Management from College of Insurance before 2006
AND
3. 5 years overall industry experience employed in the Insurance or related industry
AND
4. 15 hours CPD each year from 1 July to 30 June OR submit CPD for other body where applicable ie Australia and CII in the UK
FOREIGN PROFESSIONAL MEMBERSHIP APPLICATIONS
Page | 17
Any person applying for Professional Membership
recognition outside of South Africa, must submit a
detailed academic record of achievement with
their application form. Please note that these
applications are restricted to persons working and
operating in the SADC Regions only.
Persons converting from the Institutions with
qualifications in Insurance and Risk Management
are granted exemptions as shown in the table
below.
APPLICATION PROCESS
1. Applicants applying for membership need to complete a membership application form and provide all supporting documentation.
2. A checklist is completed by the membership officer verifying all the information received confirming relevant: a. industry employment and experience b. qualifications against level of
membership for which the applicant has applied
c. copy of the code of conduct is signed and received
d. progression requirements if the applicant is already a member and applying for approval at the next level of membership
3. Applications are then sent to two members of the Membership Committee for approval, as two signatures are required to sign off acceptance of the application
4. Once the applications are approved the applicant is notified of the approval, and the applicants details are captured on the Membership System, and documents are filed in hard copy
FOREIGN INSTITUTION UNISA QUALIFICATION EXEMTPED MODULES MODULES TO COMPLETE
National University of Science and
Technology - Zimbabwe
IISA Programme in Short Term Insurance
– NQF Level 5
AND
IISA Programme in Advanced Insurance
Practice – NQF Level 6
Legal Framework of Insurance and
Introduction to Risk Management
Risk and Insurance and
Principles of Life OR Principles of Short Term
Insurance
Legal Framework of Short Term and
3 Elective subjects
3 Elective Technical subjects
Institute of Zimbabwe – Diploma in
Insurance
IISA Programme in Short Term Insurance
– NQF Level 5
Commercial Insurance Practice Legal Framework of Insurance and
3 Elective Technical subjects
Institute of Zimbabwe – ACII IISA Programme in Advanced Insurance
Practice – NQF Level 6
Risk & Insurance and
Insurance Broking
Principles of Life OR Principles of Short Term
Insurance and
2 Elective subject (depending on the modules
completed)
Page | 18
Continuing Professional Development
With the event of SAQA approving the IISA as a
recognised professional body in November 2012
the IISA CPD requirement came into effect. One
of the key elements to this approval is that the
professional body must have a CPD programme
and the maintenance of a professional
designation must include an element of CPD
requirements.
In pre-empting this requirement, the IISA set up a
process, system and programme for CPD, which
was launched at the 2012 Insurance Conference.
This launch was progressive in terms of activities
being designed on the recording system, which
we can now confirm is complete.
One of the key challenges with CPD is marketing,
in the sense of to whom CPD applies, and
ensuring enough events are registered on the
programme. The IISA is not looking to redesign
or reinvent the good work being produced by the
industry in this regard, and would therefore
rather encourage Local Institutes, Employers and
other industry partners to register these events
with the IISA for recognition, for which a small
administration fee is charged.
Further to this the IISA are in process of
developing an online system, through which
members and non-members will be able to logon
via the IISA membership system and complete
various types of CPD activities, thereby making
CPD accessible to all whom it affects.
The other key challenge with CPD is
communication. Whilst the IISA is keeping and
retaining a database of contact details for people
in the industry, we still struggle to communicate
with all affected.
It is within these two key challenges that the IISA
seek to work with our CPD Partners in ensuring a
best practice process to the benefit of the
industry.
Registration Process
1. Submit the registration form, agenda and proof of payment to [email protected];
2. The IISA then rate the event and create it on the system;
3. On the day of the event, request attendees to sign an attendance register which contains name, surname, ID number and email address of each person (verification of ID or drivers license is required);
4. After the event submit the attendance register to the IISA for upload.
The administration fee is annually per topic, so
once the above rating is granted the event can
run more than once in the year without further
payment required. The payment covers the IISA’s
administration costs as well as contacting the
attendees who are not in the IISA system, and
requesting their information in order to record
their CPD, should they so wish. The event is
published to the IISA CPD calendar, which is
communicated to the broader community.
Local Institutes, employers and other industry
partners that host many educational workshops
and topics in a year, pay a reduced administration
fee, if they advise the IISA of the number of
topics they plan to address. This then also
reserves the space for these sessions on the IISA
CPD Calendar.
Page | 19
What you need to know about CPD
What is CPD?
CPD is a means of staying up to date and current with market activity, changes in legislation and practice,
changes in areas of specialization or simply further study in qualifications related to your market.
For Professionals with professional designations it is a means of jealously guarding their profession and
committing to maintain a standard of knowledge and currency in their profession.
CPD can happen in many different ways through self study and reading or attendance at external
programmes or sessions. Therefore CPD is something that should be carefully planned, budgeted for and
thought through for each person’s relevance and purpose.
CPD Requirements
There are two different sets of requirements in the financial services industry. Those for professional
members of professional bodies and those for regulatory FAIS requirements. As a professional body the
IISA have concentrated on ensuring that by meeting your professional requirement you have also met your
regulatory requirement.
The IISA requirement for professional members is 15 hours for the membership cycle starting 1 July 2014 to
30 June 2015.
The FSB have not yet announced the start of these requirements, so only the Professional Body CPD
requirements are applicable as at the date of this publication.
What type of activities am I required to do?
The IISA have a CPD calendar of events on the website www.iisa.co.za for planning purposes for members
to consult.
These events include conferences, seminars, courses and workshops, and qualification study and must be
verifiable. As more events are planned, the calendar will be updated.
Should you:
1. author any articles for publications relating to the industry which are published, you can submit
the article with the relevant supporting documentation;
2. update or author any learning material relating to the industry, you can submit the title of the
material with the relevant supporting documentation;
3. provide any lectures or presentations on industry related topics, you can submit the agenda;
4. participation on industry committees; you can submit the front page of the minutes indicating
your attendance at the meeting
with a summary of your time spent, we can evaluate the relevant CPD recognition.
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How much will CPD cost?
There are discounts offered to IISA members for the cost of certain events, so being a member of the IISA
entitles you those discounts.
The critical issue when considering the costs is to ensure that you choose the activities most relevant to
you, as not all CPD activities require a registration fee. Some Companies have also registered their internal
training programmes which will also not require a registration fee, so consider what your company
communicates internally as well.
How is my CPD activity and/or attendance recorded?
All of the companies organizing and providing CPD activities are required to register your attendance, using
your signature and ID number which is also verified at the time of your attendance at the event for
verification purposes. After the event it is the organizers responsibility to provide the IISA with a copy of
the attendance register, with each person’s ID number, signature and email address.
The IISA then records the CPD for each person on the IISA System. Should the person not reflect on the
system, the IISA sends an email requesting the person to complete a personal information form, which then
allows us to record the CPD allocation for that individual. Once the FSB FAIS CPD requirements are
implemented and systems are online the IISA will do regular uploads to the FSB system of all recorded CPD
activities.
For compliance purposes, professional members have free access to their CPD record via the IISA website,
whereas non-members may be asked for a nominal fee to access their CPD record. Company reporting is
also available from the IISA on request.
Individual CPD records and company reports are also available for given periods, so when requesting a
report, a date selection is necessary to state the timeframe the report should reflect.
Recording of qualification study
Please note that due to confidentiality laws educational institutions may not provide the IISA with
individual records, therefore it is necessary that individuals submit their statement of results for
successfully completed subjects to be recorded for CPD purposes.
What if I operate in Long Term and Short Term?
The IISA and FPI work together collaboratively, and therefore would recommend that long term activities
be attended and recorded by the FPI and short term with the IISA, unless otherwise arranged. However it
is necessary to note that the FPI and IISA do not share records or systems.
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How do I access my records?
From the IISA website, click on ‘my Records Login’ under ‘Belong’ and log into the system using your ID
number and surname. If you are a paid up member your Academic and CPD records will reflect as PDF
documents under the Membership and CPD tabs respectively. In selecting the CPD record you will be asked
for a date range for which you would like the record to display. Once the date range is selected, the PDF
record will download.
Please note that we need to have your updated ID number for this system to function. If we have an old ID
number, please update your records with us.
What if I am a member of the CII in London and the IISA and am doing CPD for CII?
You are welcome to submit your activity to the ISIA for evaluation, and we will communicate with you on
an individual basis.
What happens if I do not fulfill my CPD requirement in the given time?
For professional members, the designations may be revoked, which has an unintended regulatory impact
on the license in terms of honesty and integrity.
For non-members of professional bodies, but who are registered with the FSB, there will most likely be
debarment consequences for not fulfilling the CPD requirement, when the FSB processes for CPD are
implemented.
For more information please visit the IISA website or contact Charmaine Koch on [email protected] or
Lizzel Badenhorst on [email protected]
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CPD Definitions PURPOSE:
The IISA provides an implementation and
administrative service for the Short Term
Insurance Industry, for the purpose of defining
and classifying CPD activities, recording these
activities and providing the FSB with monthly
reporting in respect thereof.
This document serves to provide definitions
relating to such CPD activities for the guidance of
providers and the industry.
The IISA has remained open to the industry and
to INSETA in respect of these activities and has
representation from SAIA, FIA, SAUMA and
INSETA on the CPD Committee. The function of
the committee is to provide guidelines with
which the IISA can rate and approve activities for
CPD purposes as well as commenting on the
administrative processes that the IISA adopts for
this purpose.
It is also a focus of the committee to ensure that
there are activities relating to job functions
within the industry, making CPD accessible and
relevant to all who require it.
1. CPD FOR COMPANIES
As the IISA understands that there are many
Companies who offer in-house training
programmes for their staff, and the practicality
of, and limitations for all staff being able to
complete their CPD requirement, IISA would like
to offer the opportunity to Companies to have
their in-house training programmes recognised
for CPD purposes.
In view of the above, Event Organisers, Training
Providers and Employers, are invited to apply for
recognition for their activities with the IISA for
CPD purposes, by completing the Application
Form and submitting it to the IISA. Application
forms can be found on the IISA website
www.iisa.co.za The IISA will then conduct a
quality check on these activities in order to
ensure that a standard is maintained and advise
on the rating of such activities for CPD purposes.
2. CPD FOR INDIVIDUALS
In order to enable individuals to participate in
IISA Activities it is necessary for them to plan
their industry activity for the year. For this
purpose a CPD Planning Template has been
provided as Addendum B.
The IISA regularly publish a CPD Activities
Calendar of events that have been registered for
CPD purposes. This calendar is also available on
the IISA Website, and updated regularly. This
calendar is by no means prescriptive, but
provides individuals with activities to choose
from. Should members participate in other
activities that would be regarded for CPD
purposes, they can submit these using the CPD
application form for consideration.
There are examples of CPD Plans provided to
enable individuals to make informed decisions on
their CPD Plans.
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3. TYPES OF CPD ACTIVITIES
4.1 COURSES / WORKSHOPS
Definition: These are programmes which, do not
lead to a qualification and could be license
product category specific, interactive, case study
or debate sessions, or non license product
category specific (ie computer training, soft skills
training) which can be evaluated pre and post
attendance
Local Institutes and other providers (Training
Companies or Product Suppliers) of workshops
are welcome to apply to the IISA to have their
workshops approved for CPD purposes.
i. Specialist Courses
Marine
Construction and Engineering
Reinsurance
Liabilities
Interruption Insurance
ii. Local Institute Courses
iii. Corporate Courses
iv. Other Association Courses
CRITERIA FOR CONSIDERATION (for application
and approval) 1. Presented by accredited training providers OR in house
training departments. Not intended for casual on the job training
2. Specific known course content needs to be available
3. Whether there is a formal assessment of the course
RATING
Hour equivalent rating:
with assessment – 100% of classroom hours plus an
allocation of 25% hours should be allowed for a pass.
no assessment – 100% of classroom hours
4.2 CONFERENCES
Definition: Conferences are considered to be
once off annual events, presented by industry
bodies or product suppliers. Conferences that
will be considered for CPD must be of
Professional Development value in which the
sessions particularly address multiple subjects of
technical value to the attendees.
i. Institute of Loss Adjusters Conference
ii. Financial Planning Institute Conference
CRITERIA FOR CONSIDERATION (for application
and approval) 1. Open for attendance by any interested party i.e. not an
“in house” conference – eg an annual budget conference
2. The structure should encourage wide based attendance.
3. Three types of conferences have been identified:
3.1. Networking Conference: no specific learning component - general interest presentations only
3.2. International Insurance Conference: specific conference presented at international level in which delegates share and learn from experiences in activities in other countries
3.3. Professional Development: specific learning focus by way of dedicated workshops
RATING 1. Networking Conference: hour equivalent rating of 10%
of conference sessions
2. International Insurance Conference: hour equivalent rating 100% of time spent in conference sessions
3. Professional Development: hour for hour of sessions attended rating
4.3 SEMINARS
Definition: Specific content presentations with
Frequently Asked Questions
i. The Insurance Forum Seminars
ii. Insurance Bootcamps
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CRITERIA FOR CONSIDERATION (for application
and approval) 1. Ease of access
2. Ability to be packaged and delivered countrywide. Video presentation or podcast of the original
3. Low or no cost
4. Short duration 1 to 2 hours
5. High frequency - monthly or quarterly
6. Pre question facility i.e. areas of concern can be submitted pre event to ensure as many answers as possible can be addressed so the learning is maximized.
RATING
Hour equivalent rating – 50% of seminar duration –
excluding any aspects such as breakfast
4.4 STUDIES LEADING TO FORMAL ASSESSMENT
Definition: Studies in addition to Fit and Proper
Qualifications. An individual choosing to do a
qualification as a means of CPD, must declare at
the beginning of the CPD cycle that this is his/her
intention and submit a copy of their registration
and study plan with the relevant Institute. Such a
declaration will exempt the person from having
to do any other CPD activity to qualify for their
rating.
i. Milpark Business School
ii. UNISA
iii. other
Upon completion candidates are required to
submit their exam results in respect of the study
plan submitted in order to qualify for the
exemption provided.
CRITERIA FOR CONSIDERATION (for application
and approval) 1. Standards will be set by the educational authorities
other than the IISA. The IISA will use the relevant qualification criteria and study plan by which to measure the CPD rating.
RATING
Hour equivalent rating – a rating of 30 minutes per credit
will be allocated (ie a 30 credit skills programme will
accumulate 15 CPD hours)
4.5 STRUCTURED SELF STUDY (WEB, COMPUTER OR PAPER BASED)
Definition: This activity would be of particular
interest to people operating in niche markets,
outlying areas of the country or who have a very
high level of qualification already. This activity
may also be done as a research and development
activity for a Company. Candidates must produce
a CPD (self/personal development) plan showing
what the person wishes to achieve, and must
secure a mentor for this activity who will support
and guide the person through the activity. This
must be submitted at the start of the CPD period
to the IISA for approval. A six monthly report is
to be submitted by the mentor to confirm the
progress the person is making towards achieving
their goal, as stated in the CPD plan. Activities
must be verifiable, and at the end of the period
the candidate submits details of activities
completed which will be measured against the
plan.
Details to be approved on a case by case basis,
unless a particular area of self study is proven to
be predominant in a certain area of the sector, on
which basis details can be drafted
CRITERIA FOR CONSIDERATION (for application
and approval) 1. A CPD plan must be submitted
2. A mentor must be appointed and registered as such with the IISA (either an employer or an independent mentor) preferably the line manager or if a senior person or a sole practitioner, by a peer or their FAIS compliance officer confirming that a process was followed.
3. Six monthly progress reports must be submitted to the IISA by the mentor
4. In the event of an employee / employer activity, a performance appraisal or company research and development plan is to be submitted as compulsory documents for verification purposes
5. The final submission by the candidate must include a document in essay format of no less than 3000 words with a bibliography of resource references.
RATING
Rating criteria – 100% of CPD hours
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4.6 INDUSTRY COMMITTEE PARTICIPATION
Definition: These Committees must be formally
constituted and present a regularly recurring
programme that extends for a year, with a
minimum of 4-6 meetings. Committees which
will receive recommendation need to apply for
recognition with a list of participants. CPD rating
will only be approved for people who are shown
to have been present in the committee meetings
held.
CRITERIA FOR CONSIDERATION (for application
and approval) 1. A copy of the terms of reference for the committee
must be presented
2. An attendance list of committee members present in meetings (ie the front page of the minutes), showing the date, time and duration of the meeting, and the committee members who are present in the meeting.
RATING
Rating criteria – 25% of Committee meeting hours to be
allocated
4.7 LECTURING IN INSURANCE OR PRESENTING AT AN INDUSTRY FORUM
Definition: Lectures or presentations, delivered
at meetings as a lead speaker, discussion leader
or instructor, which are directed on topics
presented to professionals and related to topics
listed in Addendum A of this document, will be
accepted. CPD allocation will only be allowed in
respect of the first presentation per reporting
period. CPD allocation will be capped at 50% of
the overall CPD rating in the reporting period.
CRITERIA FOR CONSIDERATION (for application
and approval) 1. An accredited/recognised institution for lectures
2. A presentation on a topic from list in Addendum A
3. Agenda from the Organiser of the Event at which a Presentation is delivered, OR a Lesson Plan or outline of the Programme for a Lecture given
4. List of references used to source information
RATING
1. Lecture rating criteria – 25% of delivery time of lecture
2. Presentation rating criteria – 75% of presentation time for first presentation, with 25% of presentation time for subsequent presentations
4.8 MATERIAL DEVELOPMENT AND UPDATING
Definition: Authorship, co-authorship and the
editing of books, instruction and training manuals
are accepted, if the material published relates to
the list of topics in Addendum A of this
document.
CRITERIA FOR CONSIDERATION (for application
and approval) 1. Evidence must include date of publication and show the
member as the author, or co-author, or editor of the material
2. List of references used to source information
3. Logbook or Journal of research hours spent
4. Number of pages
RATING
Rating would need to be assessed on the complexity and size
of the project, and related to the number of pages
30% of research time for authorship
20% of time for updating existing material, and
10% of time for editing existing material
4.9 MENTORSHIP
Definition: Providing instruction, guidance and
support to trainees or examination students.
(Differentiation between Mentorship and
Coaching) – As per Mentorship Guide
Page | 26
CRITERIA FOR CONSIDERATION (for application
and approval) 1. Sign off of CPD Training Plan
2. Six monthly Progress Reports submitted to the IISA
3. Logbook or Journal of mentorship hours spent
RATING
20% of mentorship time
4.10 WRITING ARTICLES THAT ARE PUBLISHED
Definition: Technical authorship – writing reports
and articles which are published for use by others
and if the content published relates to list of
topics in Addendum A of this document.
CRITERIA FOR CONSIDERATION (for application
and approval) 1. Evidence must include date of publication and show the
member as the author, or co-author, or editor.
2. List of references used to source information
3. Logbook or Journal of writing hours spent
4. Number of words
RATING
Rating would need to be assessed on the complexity of the
topic, and relate to number or words of the article
Hour for hour spent writing the article
4.11 PROFESSIONAL READING
Definition: Members who wish to receive a CPD
rating for Professional Reading will be required to
apply for approval by means of a CPD Training
Plan, and maintain a reading journal (Addendum
C), which is to be submitted to the IISA quarterly
and provide the following for auditing purposes:
1. List of the author’s name, title of book, journal or newspaper, name, place and year of publication, and page numbers;
2. Describe how the content of reading has contributed to the individual’s ability to operate more effectively in a professional manner for current and future clients, or the enhanced business practice of the individual; and
3. Record the number of hours spent reading in a journal.
CRITERIA FOR CONSIDERATION (for application
and approval) 1. Is reading topical and current / related to the persons
area of interest. / related to topics from Addendum A
2. List of references used to source information
3. Logbook or Journal of reading hours spent
RATING
Rating would need to be assessed on the complexity of the
topic.
4. REPORTING PROCESS All records submitted to the IISA for either
Corporate or Individual events must reflect the
attendees ID number for recording purposes. If
there is no ID reflected the IISA will not be able to
upload the record for that person.
With the confirmation of registering an event, the
event organiser is supplied with the following:
Rating confirmation for the event
Requirements for communication with attendees in line with protection of personal information legislation
Requirements for attendance register for audit purposes and
Template for the import file to upload CPD
In terms of Protection of Personal Information
legislation it is imperative that the Event
Organiser communicate the CPD registration of
the event with the attendees. Attendees need to
provide consent to the event organiser for the
IISA to record their CPD rating for the event.
CPD reports for compliance and company
purposes are available from the IISA on request.
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5. RATING SUMMARY OF CPD ACTIVITIES
The table below is a summary of the rating for the CPD Activities listed above for ease of reference.
CPD ACTIVITY RATING
Courses and Workshops 100% of classroom time
125% if assessed
Conferences Networking Conference 10% of sessions attended
International Industry
Conference
25% of sessions attended
Professional Development Conf 100% of sessions attended
Seminars 50% of duration of seminar
Studies Leading to formal Assessment 30 mins per credit rating of
programme
Self Structure Study Programme 100% of hours
Industry Committee Participation 25% of committee
participation
Insurance Lectures 25% of lecture time
Insurance Presentations 75% of presentation time
for 1st presentation
25% of presentation time
for subsequent
presentations
Material Development / Update Authorship of new material 30% of research time
Updating existing material 20% of time
Editor 10% of time
Mentorship 20% of time spent
mentoring
Writing Articles for Publications 100% of time spent
Professional Reading 10% of time spent
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6. LIST OF RELEVANT TOPICS (SHORT TERM INSURANCE) Underwriting
Marine Motor
Business Interruption Liabilities
Professional Indemnity Reinsurance
Construction Engineering
Directors & Officers Entertainment (eg insuring events or film projects
etc)
Guarantees Warranties
Travel Financial Aspects of Underwriting
Claims
Third Party Recovery of losses and Mitigation
Claims Assessing Claims Monitoring / Management
Salvage Loss Assessors (processes and reports)
Legal Process related to claims Claims relating to a specific underwriting category
Insurance Concepts
Loss Ratios Retention Limits
Underwriting Criteria Reinsurance
Basic principles (eg Insurable Interest, Average, etc) Financial Reporting (eg star returns, reserving)
Risk Management SASRIA
Legislative/Governance Requirements
FAIS FICA
KING III Short Term Insurance Act
Health and Safety Legislation (including COID) Companies Act
Financial Legislation HR Legislation impact on insurance
Black Economic Empowerment impact on insurance Consumer Protection Act
Protection of Personal Information Act Road Accident Fund
Risk Management
Legislative compliance Risk Management tools / solutions
Disaster Recovery Quality Control
Impact of IT on Risk Management Impact of people aspects on Risk Management
General Business Skill (should have application to insurance)
Report writing Computer Literacy
Business Communication Basic Financial Statements
Distribution Channels (eg Call Centres) Sales Management
Non Financial Product Related Events / Skill (should have application to insurance)
Health and Safety Aviation Conference
Maritime Conference Fire Prevention Expo
Motorshow Engineering Expo
Page | 29
Member and Student access to IISA System
1. From IISA website, www.iisa.co.za select the ‘MEMBER’ menu item
2. From the ‘INDIVIDUALS’ option select ‘my RECORDS Login’
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3. Now click on access link to IISA System
4. Insert your ID and surname and enter
Page | 31
5. If the person is a paid up member the system will directly display the information for the individual,
unless we do not have the latest ID recorded in the system. Should an error occur, please follow
the instructions in the note box (as indicated below), to update your details with us, or to apply for
membership if you so wish.
Please note that in order for us to update an old ID number, or to change a surname, we need a
copy of your ID document.
Non SA Citizen must please search on the Alternative ID Number that was supplied to iiSA.
SA Citizens that did not provide a valid SA ID Number must please search using the Alternative ID Number as per the information supplied to iiSA.
If you are unable to search for your records, please contact Elma Mackrill at [email protected]
If your information has changed, please download and complete this form (Update Member Details) and email it to Elma Mackrill at [email protected]
6. If the person is not a member, an error box (shown below) might display. Click on OK and the
system will then allow read only access of the information for the person.
Page | 32
7. Should any of the details reflected not be up to date, please complete the update member detail
form as shown in point 5 above and send it to us to update the system.
8. One can now view the various details in the system by navigating the Personal Details, Contact
Details, Employment Details, Academic Record, CPD and Membership tabs.
9. Please note that the difference between a non-member and a paid up member is reflected under
membership details as a non-member will have the option to download the membership
application form, where as a paid up member will have the option to download the academic
record, and the status of membership with the applicable effective date will be displayed.
10. CPD Records
Only a paid up member will be able to download their CPD record, which will display as shown
below, whereas a non-member will be required to pay a nominal fee to have the CPD record sent
to them upon request.
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By clicking on the CPD Report, a date selection box will open, in which a person may choose the
date from which and to which the CPD report should reflect.
Once the search has completed the system will produce a CPD record for the member, which can
be submitted for company or compliance purposes.
11. Enquiries
Please contact us on
Tel: +27(0)861 00 IISA (4472)
E-mail: [email protected]
Web Site: www.iisa.co.za
All relevant prices and application forms are published on the IISA website www.iisa.co.za
The Insurance Institute of South Africa NPC
Association incorporated under Section 21
Reg No: 1993/002172/08
Physical Address: 1st floor Victoria Gate South, Hyde Park Lane
Cnr Jan Smuts Ave & Hyde Lane, Hyde Park, 2196
Postal Address: PO Box 413264 Craighall 2024
Tel: +27(0)861 00 IISA (4472) Fax: +27(0)861 01 IISA (4472)
E-mail: [email protected] Web Site: www.iisa.co.za