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Continuing Professional Development (CPD) Programme for Macau Insurance Intermediaries

FAQs

PREVIOUS NOTE – The drafting of these frequently asked questions aimed at providing with a quick and easy understanding of the Continuous Professional Development (CPD) Programme for the insurance intermediaries. However, reading the answers to the questions asked does not exempt the careful consultation of the documents referred in the preceding items.

 

 

GENERAL

  1. Who is the assessment authority of the CPD Programme for the insurance intermediaries?
  2. The assessment authority of the CPD Programme for the insurance intermediaries is the Macau Institute of Financial Services (IFS) that has been appointed by the Monetary Authority of Macau (AMCM) and it is located at
    Avenida Sidónio Pais,
    1-B Tung Hei Kok, Ground Floor,
    Macau
    Tel.: (+853) 8297 2623 / 8297 2613
    Fax: (+853) 2856 9666
    Email: cpd@ifs.org.mo

     

  3. How to apply for the assessment of a CPD activity?
  4. To apply for any assessment of a CPD activity the applicant have to submit, duly filled, the Application Form (with 6 parts, A to F) prescribed on IFS' internet website. If you want to read/download those forms please click on 'Application Form for Assessment'.

    The applicant should also submitted to the IFS, together with the above mentioned forms, any course materials, seminar handouts, or seminar/workshop papers, and the lesson plans with an hourly breakdown. These documents are also subject to IFS assessment. The applicant should also pay to IFS the respective fees in advance.

  5. What are the assessment criteria?
  6. The assessment criteria were established by the IFS, jointly with the AMCM, and they are also available in the IFS' website, under at 'Assessment Criteria for the CPD' or at 'Presentation on the Assessment Criteria for the CPD [PowerPoint]'. If you want to read/download those assessment criteria please click here.

    The scope of the assessment exercise will comprise six components (Content; Mode of Delivery; Activity Assessment; Instructors/Presenters; Quality Assurance; and Other Requirements) related to any proposed CPD activity.

  7. What subjects are qualified for the CPD activities?
  8. A total of 42 subjects (termed as 'areas of coverage') are eligible, being 25 insurance related (Category A) and the remaining 17 non-insurance related (Category B), but which, in one way or another, are related to the activity of the insurance intermediaries.

    As insurance related subjects are, for example, Actuarial Science, Claims Management, Credit Insurance, Motor Insurance and Risk Management; and, as non-insurance related are, for example, Accounting, Company and Contract Law, Law and Legal Studies, Marketing and Statistics.

    If you want more detailed information on this matter, please click on 'Presentation on the Assessment Criteria for the CPD' (Slide 6).

  9. Product-specific knowledge, general language and generic IT skills are considered qualified for approval?
  10. No, all of those types of specific knowledge are not qualified for approval. Qualified CPD activities should relate to local insurance practice in Macau, or other disciplines which are directly related to the work of insurance intermediaries.

  11. How long the IFS will notify the results of the CPD assessment?
  12. Provided that all relevant information is submitted, the IFS will send a formal notification of the assessment (or re-assessment) results four weeks after the date of the application.

  13. Upon approval from IFS, what will be the next step for the CPD provider?
  14. Upon approval, a copy of the schedule/timetable (including the details of venue) of the CPD activity should be emailed, in the form of an attached Microsoft Word or Excel file, to the IFS (cpd@ifs.org.mo), at least seven working days before delivery of the activity.

    Written notice of any subsequent changes in time schedules, course venues or cancellation of courses should be given to the IFS as soon as possible, as there may be unannounced class visits to the activity venue.

  15. From the IFS' website is it possible to get some information about the list of the approved CPD activities?
  16. Yes, every month the IFS will publish the list of the approved CPD activities and their respective CPD hours, as well as with some other useful information. If you want to read/download that list please click here.

  17. Are there any obligations of the CPD activity providers to the prospective participants in CPD activities?
  18. Yes, upon approval from the IFS, the CPD activity provider should indicate, where appropriate, some information to the prospective participants.

    Such information should include general information and description of the CPD activity; details concerning the admission; fees (if any); and additional information for award-bearing CPD courses.

  19. After the CPD activity the CPD providers should issue any document evidencing the attendance?
  20. Yes, those CPD providers provide an attendance certificate to each of the participants in the relevant activity. In case this does not occur, the participant can lodge a complaint against the CPD provider.

  21. What will be the CPD hours to be granted for attendance in any approved CPD activity?
  22. For the attendance in any of the approved CPD activities, the respective CPD hours to be earned depend on the duration of the relevant approved activity. The duration for each CPD activity is disclosed in the 'List of Currently Approved CPD Activities'. If you want to read/download that list please click here.

  23. What happens if someone has late attendance (meaning a delay of 15 minutes or more) in a CPD activity?
  24. In this situation one CPD hour will be deducted. For example, if the CPD activity lasts for 4 hours and the participant is late 20 minutes he/she can only earn 3 CPD hours.

  25. Does a CPD Activity which has been approved in Hong Kong still need to submit for CPD Assessment in Macau?
  26. Yes. According to AMCM’s Official Notice No. 10/2017, other than the AMCM and IFS, the CPD Activity Organizers are required to submit their CPD Activities to the Assessment Authority for assessment and be approved prior to their activities being considered as qualified activities.

  27. Are CPD Activities allowed to be conducted prior to the approval of IFS?
  28. No. According to the Assessment Criteria, the CPD Activities Organizers who wish to offer should submit their applications to the IFS for assessment, and the related assessment fees, at least, one month before the commencement of the activities.

  29. If I didn’t complete the whole CPD course, can the CPD hours that I have attended be considered to be qualified?
  30. It depends. According to the CPD Assessment Criteria, for the CPD Structured Activities, the participant should be granted an attendance certificate with attendance at least 70.0%, and the CPD hours can just be counted what he/she has attended.

  31. Are the subjects within the coverage of qualified CPD Activities specified for each type of insurance intermediary licence?
  32. No. According to the Notice No. 10/2017 of AMCM, the qualified CPD activities must be related to the areas of coverage (w/42 subjects), it applies to each type of insurance intermediary licence for the individual insurance intermediaries.

  33. If I want to join a qualified CPD Activity, do I need to make any reservation for enrollment?
  34. No need. You can just enquire directly to the organizer of the qualified CPD Activity that you are interested for the details and enrollment.

  35. How can I obtain the information relating to the qualified CPD Activities?
  36. Through the IFS website. The IFS will publish regularly the “List of Currently Approved CPD Activities” to the website and update it in a monthly basis.


    MODE OF DELIVERY

  37. What kind of CPD activities I can attend?
  38. CPD activities can be in the form of courses, seminars or workshops, subject that those training activities had obtained prior approval from the IFS.

     

  39. Are online studies allowed for the CPD?
  40. No. To be a qualified CPD activity it should be a structured face-to-face activity. 'Structured face-to-face activity' means an activity which requires involvement with other people, such as training courses, seminars or workshops.

    ASSESSMENT FEES

  41. How much are the assessment fees?
  42. Essentially, the cost of the assessment exercise depends on the number of contact hours of the relevant CPD activity and it involves the rigorous analysis of the six component parts of each proposed CPD activity (content; mode of delivery; activity assessment; instructors/presenters, quality assurance; and other requirements).

    For a CPD activity with no more than 8 contact hours a minimum charge of MOP 6,000 is charged, and for each additional 8 contact hours a levy of MOP 3,000 is charged. For details, please click on 'Schedule of Assessment Fees for CPD Activities'.

     

  43. Are the Assessment Fees for the CPD Activities charged subject to the numbers of participants?
  44. No. The Assessment Fees per each CPD activity charged just depend on the number of CPD contact hours, as referred in the previous answer.

  45. The assessment fees are reimbursable if the proposed CPD activity is rejected?
  46. As such fees relate to the work spent in the assessment exercise they are not reimbursable and should paid in advance to the IFS, at the time of application for assessment.

    ASSESSMENT OUTCOME

  47. What are the possible assessment outcomes of CPD activities?
  48. The possible assessment outcomes can be one of the following: unconditionally approved as presented; or approved but subject to conditions (which fulfillment are mandatory); or rejected.

     

    QUALITY ASSURANCE

  49. What CPD activity providers should do concerning the Quality Assurance?
  50. Those entities should have in place a comprehensive mechanism for assuring and monitoring the quality of the CPD activity.

    That mechanism should involve internal course approval procedures; proper attendance monitoring procedures; class observation; review meeting; and follow-up action relating to the participants' feedback.

     

    CHANGE AND RE-ASSESSMENT

  51. During the approval period is it necessary to get the approval from the IFS in advance if some changes will be introduced to an approved CPD activity?
  52. Not always. Only when the intention of the CPD activity provider is to introduce any significant changes in the CPD activity.

    Those 'significant changes' are, for example, changes to activity title; contact hours; content; instructors; assessment requirements; training venue(s); and nature of the activity. The applications forms for the changes can be read/downloaded clicking here.

  53. Then, what happens?
  54. When any significant changes will be introduced during the approval period, the IFS reserves the right to re-assess the relevant CPD activity, and, upon re-assessment and where necessary, the IFS may suspend or revoke the approval status of that activity, or specify conditions to be met.

    Additionally, if the change request is considered substantial the IFS may impose a surcharge equivalent to 50% of the original re-assessment fee.

  55. What is the criteria to consider a change as substantial?
  56. This depends on each case. For example, if the change involves over 30% of additional course content or CPD hours.

  57. Is there a need for an approval for an approved CPD activity to be renewed?
  58. Yes, all approved CPD activities will be subject to re-assessment on an annual basis, and the application for the re-assessment should be submitted to IFS within six months of expiry. Otherwise they will be treated as expiry cases. The application forms for the re-assessment can be read/downloaded clicking here.

  59. What happens if the CPD activities were not applied for the re-assessment?
  60. In this situation the approval status of those CPD activities will automatically cease at the end of the approval period.

    And, if the applications for re-assessment were submitted thereafter they will be treated as new cases for assessment and the fees will be charged according to the assessment fee schedule.

  61. How is the cost of the re-assessment?
  62. For a CPD activity with no more than 8 contact hours the minimum charge is MOP 2,000 and MOP 1,000 will be charged to each additional 8 contact hours. For more details please click on 'Schedule of Assessment Fees for CPD Activities'.


    OTHERS

  63. The CPD activities are subject to inspections by the assessment authority?
  64. Yes, the IFS can carry on unannounced inspections onsite where the CPD activities are taking place. Its objective is, among other matters, to assure, that the CPD activity is dully taught and the attendance monitoring is effectively done.


FINAL NOTE – The IFS expects that the reader was properly informed. Otherwise, or if you wish to submit any new questions, or if you want further clarification, please don’t hesitate contact us by the email address cpd@ifs.org.mo or by the telephones (+853) 8297 2623 or (+853) 8297 2613.