Advisory on CBTT Regulations & Continuous Professional Development (CPD)

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Advisory on CBTT Regulations & Continuous Professional Development (CPD)

Insurance Act, 2018 – Continuing Professional Development

Under Section 119 (1) of the Act, a certificate of registration shall not be renewed if the sales representative, agent, broker or adjuster to whom it is issued has not complied with the Continuing Professional Development (CPD) requirements.

What are the CPD Requirements?

A sales representative, agent, broker or adjuster must complete any of the following activities:
A sales representative, agent, broker or adjuster must attain the minimum CPD Hours each CPD Year in the following categories:

What are CPD Hours?

Under According to IRR 2 (1) a CPD Hour is the time spent attending or completing a CPD activity. It reflects the amount of time spent on a learning activity. It should be noted that one hour spent on CPD activity may not necessarily equate one CPD hour.

What is a CPD Year?

A CPD Year is each twelve-month period beginning on the date of registration, or renewal of registration of a sales representative, agent, broker or adjuster, after the commencement of the Act (IRR 2 (1)).
NOTE:
Holders of both Life & General Licenses must earn a total of 16 Hours.
Holders of only a Life License must earn a total of 12 Hours within their CPD reporting Period.
Holders of only a General License must earn a total of 12 Hours within their CPD reporting Period.
A sales representative, agent, broker or adjuster should acquire CPD hours within the twelve-month period beginning on the date of registration, or renewal of registration.

Insurance Act, 2018 – Regulations: Click Here to Read More

Amendment to the Registration Process for Provisional Certificates – Insurance Sales Representatives

Amendment to the Financial Statements of Intermediaries

Amendment to Administrative Fines – Insurance Companies & Intermediaries

Kindly see below Circular Letter from the Inspector of Financial Institutions Ref: CB-OIFI-2621/2020 re Amendment to the Registration Process for Provisional Certificates – Insurance Sales Representatives.

Kindly see below Circular Letter from the Inspector of Financial Institutions Ref: CB-OIFI-2627/2020 re Sections 136-139 (1) of the Insurance Act 2018 (As amended) – Financial Statements of Intermediaries

Kindly see below Circular Letter from the Inspector of Financial Institutions Ref: Section 260 of the insurance act, 2018.

FREQUENTLY ASKED QUESTIONS (FAQ) – The Insurance Act, 2018

Click the Image below to view FAQ file: