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Transitional Arrangements
The new structure has been developed and implemented in such a way as not to disadvantage current qualifications candidates. The key effects on existing candidates are as follows:
Insurance Foundation
Certificate (IFC) Candidates
Students who are in the process of completing the IFC can continue on as normal. The completed qualification filters into the Certified Insurance Practitioner qualification where the IFC qualification is recognised as two foundation subjects of the CIP.
Diploma of Insurance
Practice Candidates
There are many options open to DIP students, depending on their future educational plans and the stage at which they are in the DIP. Transitional arrangements vary, depending on whether a student is in the early or latter stages of the DIP or has completed the DIP. These are outlined below. Please also note that the new education qualifications include a new suite of textbooks. A full listing of the new, updated and phased out textbooks are included under the Textbook Status Section on page 30.
The following credits are available to students who have already taken subjects in the Diploma of Insurance Practice Education Programme:
Students Who Are in the Early Stages of
the Diploma of Insurance Practice
Students who are in the process of completing the core subjects of the Diploma will automatically be transferred into the new Education Programme. The following credits in the new Education Programme will apply:
Students Who Have Completed
the Core Subjects of the Diploma
of Insurance Practice
Students who have just completed the core subjects of the Diploma have two options:
Option 1
Students can continue by taking the Certified Insurance Practitioner Qualification, using the subjects they have already completed as credits into the new Qualification. The core subjects of the Diploma will be awarded the following credits in the new Education Programme:
IP01: Two Foundation Subjects of CIP IP02: Two Foundation Subjects of CIP IP03: IP03 (Core Subject)
IP04: Marketing & Customer Service (Business Subject)
IP01: Two Foundation Subjects of CIP IP02: Two Foundation Subjects of CIP IP03: IP03 (Core Subject)
IP04: Marketing & Customer Service (Business Subject)
IP01: Two Foundation Subjects of CIP IP02: Two Foundation Subjects of CIP IP03: IP03 (Core Subject)
IP04: Marketing and Customer Service (Business Subject)
IP10, IP11, IP12
or P13, IP15: One Specialist Subject All Specialist Subjects: One Specialist Subject
Option 2
Complete the Diploma of Insurance Practice by taking the Branch and Specialist subjects but do so under strict timeframes, that is within the April and October 2004 exam sittings. The April 2005 exam sitting will only be available as a repeat sitting.
Timeframe
Students who have not completed the Diploma by April 2005 will have their credits automatically transferred into the new Education Programmes.
Selection of branch subjects will be based on the following subjects: IP10, IP11, IP12, P13 or IP15. IP12 will only be available for the April 2004 exam sitting, with repeat only facility in October 2004.
Selection of specialist subjects will be based on the following subjects: 561 (newly updated), 632, 633, 745, 750, 755, 760, 766, 785, 820, 735, 740, 770, 775, 780, 791 & 821.
Please note subjects IP01, IP02, IP04, IP12, 551 and 566 are no longer available with immediate effect. April 2004 will be the final sitting of these exams.
Students who are in the Latter Stages of
the Diploma of Insurance Practice
Students who are in the latter stages of the Diploma of Insurance Practice have two options:
Option 1
Students who only need to take the Specialist subject to complete the DIP must do so within the April and October 2004 exam sittings.
Selection of specialist subjects will be based on the following subjects: 561 (newly updated), 632, 633, 745, 750, 755, 760, 766, 785, 820, 735, 740, 770, 775, 780, 791 & 821.
Please note subjects IP01, IP02, IP04, IP12, 551 and 566 are no longer available with immediate effect. April 2004 will be the final sitting of these exams.
Option 2
Alternatively, these students may be eligible to attain the CIP qualification now, subject to meeting the subject
requirements set out under the CIP qualification. If students choose this option they must contact The Insurance Institute of Ireland and advise the Education Department.
Timeframe
If students have not completed the Diploma after the April 2005 exam sitting, they will have their credits automatically transferred into the new Education Programme.
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Students who have completed
the Diploma of Insurance Practice
have two options
Option 1
If you wish to continue with your professional insurance education through the Institute, you may enrol for the Chartered Insurance Institute’s Advanced Diploma in Insurance. The CII has designed a system of credits for their educational programmes, which allocates each module / subject of each programme a certain number of credits. Candidates will each receive a personalised ‘Learning Statement’ from the CII detailing the credits that they have already accumulated with the CII and this information can be used to plan the best path for further study. The table on page 31 outlines the credits which each IFC, LAC, CIP, DIP or FSD subject attract.
Option 2
If you wish to enrol for the Bachelor of Financial Services Degree programme, which is being jointly offered by The Insurance Institute of Ireland, the Institute of Bankers in Ireland, the Life Insurance Association and University College Dublin, you will be required to complete two business subjects. By completing two further subjects students attain the Joint Financial Services Diploma (Dip. F.S. Ins.) which represents Level 1 of the BFS. The two subjects are Financial Reporting and Economics.
Completing the Diploma of Insurance
Practice Qualification
Diploma of Insurance Practice
On completion, you will receive a certificate listing all your achievements and you will also be sent details of how to apply to use the designation ‘Dip III’. The designation MSTI which was the original designation, no longer applies.
Associateship candidates
Students who are in the process of undertaking the ACII (and who have not completed at the October 2003 examination session) are to be automatically transferred to the Chartered Insurance Institute’s Advanced Diploma in Insurance. Existing candidates will each receive a
personalised ‘Learning Statement’ from the CII detailing the credits that they have already accumulated with the CII and this information can be used to plan the best path for further study. Full details of the new qualification (Advanced Diploma in Insurance) are available from the CII. The CII can be contacted on [email protected] or www.cii.co.uk.
Queries
If you have any further queries on the status of your insurance education to date within the new Educational Roadmap, please do not hesitate to contact the Education Department of The Insurance Institute of Ireland on 01-6772582.
Textbook Status
New and Phased-Out Subjects in the New Education Programmes
New Subjects in CIP Subjects being
and FSD programmes phased out
Regulation & Compliance (Reg) Insurance Principles and Practice Part I (IP01) Marketing & Customer Service (MK) Long-term Insurance Practice (IP02) Claims Management in the Irish Market (821) Insurance Principles and Practice Part II (IP04) Financial Reporting (FR) An Introduction to Long-term Business (IP12)
Economics (EC) Personal Investment and the Financial Services Industry (551) Quantitative Techniques (QT) Life Assurance Law and Taxation (566)
Introduction to Life Administration (LA1) Life Assurance Practice and Administration (561) Pensions Foundation Course (PFC)
Subjects being phased out will have their last exam sitting in April 2004.
Existing Textbooks which have been updated
Newly Updated Subjects
Legal Aspects of Insurance (IP03)
Introduction to Personal General Insurances (IP10) Introduction to Commercial General Insurances (IP11) Introduction to Private Medical Insurance (IP15) Transacting Private Medical Insurance (791) Life Assurance Practice and Administration (561) Motor Insurance (766)
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IFC, LAC, CIP, FSD & BFS Module Credit Allocation
Subject Credit Allocated
Foundation Insurance, the market, legal and regulatory background (IF1) 15
General non-life (IF2) 15
Qualified Financial Adviser Part 1 (QFA1) Awaiting CII Accreditation Introduction to Life Administration (LA1) Awaiting CII Accreditation
CIP Core Pensions Foundation Course (PFC) Awaiting CII Accreditation
Legal Aspects of Insurance (IP03) 20
Regulation and Compliance (Reg-Level 1) Awaiting CII Accreditation Introduction to Private Medical Insurance (IP15) 25
CIP Specialist Life and Disability Claims (556) 30
Life and Disability Underwriting (555) 30 Life Assurance Practice and Administration (561) 30
Legal Liabilities (632) 30
Liability Insurance Practice (633) 30 Principles of Property and Pecuniary Insurance (745) 30
Motor Insurance (766) 30
Reinsurance (785) 30
Claims Management in the Irish Market (821) Awaiting CII Accreditation
Personal Insurances (760) 30
Transacting Private Medical Insurance (791) 30 Financial Aspects of Long-Term Insurance (571) 30 Introduction to Personal General Insurances (IP11) 25
Regulation and Compliance (Reg-Level 2) Awaiting CII Accreditation Introduction to Commercial General Insurances (IP10) 25
FSD Specialist Choice of specialist subject from CIP listing above As above
excluding Reinsurance or subject already taken as part of CIP programme
FSD Business Financial Reporting (FR) Awaiting CII Accreditation
Economics (EC) Awaiting CII Accreditation Marketing and Customer Service (MK) Awaiting CII Accreditation
Bachelor of Financial All Subjects Awaiting CII Accreditation
Services Degree
Subject being phased out accreditation
Insurance Principles and Practice Part I (IP01) 20 Long-term Insurance Practice (IP02) 20 Insurance Principles and Practice Part II (IP04) 20 An Introduction to Long-term Business (IP12) 25 Personal Investment and the Financial Services Industry (551) 30 Life Assurance Law and Taxation (566) 30
