Insurance Institute of India Credit Point System Credit

Insurance Institute of India Credit Point System

Credit Point System (CPS) CPS gives Wider Choice of Subjects to Insurance Professionals Flexibility to choose level of examination Meets industry requirement

Credit Point System (CPS) Effective from May 2012 Examinations Subjects allotted Credit Points On the basis of : Ø Difficulty level Ø Level of Examination

Credit Points System (CPS) Minimum credit points required a) b) c) Licentiate Crtificate Associateship Fellowship CPs 60 250 490 (60 + 190) (60 + 190 + 240)

Credit Points(CPs) Accumulation On passing the subject On getting exemption for the subject Subject already passed before CPS came into effect.

Compulsory Subjects Licentiate 1. Principles of Insurance & 2. Practice of Life insurance or Practice of General Insurance

Compulsory Subjects Associateship (Compulsory subjects of Licentiate and) 1. 2. Life Insurance Underwriting or General Insurance Underwriting Life Insurance Finance or General Insurance Accounts preparation & Regulation of Investment. (Total four subjects)

Compulsory Subjects Fellowship (Compulsory subjects of Associateship and ) Any one of the following subjects : 1. Foundation of Actuarial Science 2. Foundation of Casualty Actuarial Science (1) 3. Mathematical Basis of Life Assurance 4. Foundation of Casualty Actuarial Science (2) 5. Actuarial aspects of Product Development (Total five subjects) Sub 28 Sub 47 A-1 Sub 84 A-2 Sub 92

CPs Validity Period Accumulated Credit Points will be valid for 5 years from passing the subject. If exempted, 5 years will be counted from the date of passing the qualifying examination. If subject passed before CPS came into effect 5 years from the effective date(1 st April 2012). Candidates granted exemption and already registered with III will get validity of CPs for 5 yrs from effective date.

CPs Validity Period The validity period of CPs will be extended by 2 years after the candidate passes Associate Examination. Candidate completed Associateship will get consolidated CPs 250. These CPs will not lapse. Associate members will be eligible for Fellowship any time they accumulate additional 240 CPs. (250 CPs of Associates fixed)

Other terms and conditions for accumulation of CPs will be allotted only for the subjects available in the III’s list of subjects. CPs for a subject will be allotted only once during the entire CPs validity period. After lapse of CPs, the candidate may pass the subject again if available in the list and get credit. continued ……. .

Other terms and conditions There is no restriction on selection of subject from any branch or any level of examination

Compulsory Subjects Candidate having acquired sufficient CPs will not be granted Licentiate Certificate unless both the Compulsory Subjects(CS) are passed. Similarly for Associateship, Diploma will be granted after passing of two CS of Licentiate level and two CS of Associateship. For Fellowship diploma Licentiate and Associate level CS and one of five Fellow level (actuarial subjects ) are compulsory. CPs of common subjects will be valid across the Examinations. ( Specialization )

Registration / Diploma Fee First Registration fee ü Valid for all optional subjects and ü Compulsory subjects of Licentiate Registration in lieu of diploma fee to be paid for ü Compulsory subject of Associateship Registration in lieu of diploma fee to be paid for ü Compulsory subject of Fellowship

SUBJECT WISE CREDIT POINTS FOR WITHDRAWN SUBJECTS (12) (21) (25) (51) (52) (54) (55) (61) (62) (63) (65) (73) (79) (87) (98) Subject Code & Title Credit points Insurance Business environment Information Technology Life Assurance Management Fire Hazards of Specific Industries General Fire Hazards Fire Insurance Underwriting Consequential Loss (Fire ) Insurance Cargo Loss Prevention Commercial Geography Marine Clauses Marine Underwriting Personal Accident , Sickness and Miscellaneous Insurance Liability and Engineering Insurance Law and Economics of Insurance Legal Aspects of Industrial Relations Advanced Information Technology 20 20 30 30 30 30

SUBJECT WISE CREDIT POINTS FOR CURRENT SUBJECTS Subject Code & Title (01) (02) (11) (14) (31) (22) (23) (24) (26) (27) (28) (45) (46) Principles of Insurance Practice of Life Insurance Practice of General Insurance Regulations of Insurance Business Insurance Salesmanship Life Assurance Underwriting Applications of Life Assurance Legal Aspects of Life Assurance finance Health Insurance Foundation of Actuarial Science General Insurance Underwriting General Insurance Accounts preparation and Regulation of Investment (A-1/47) Foundation of Casualty Actuarial Science Part-I (Non-Life) Credit points 20 20 20 30 30 30 40

SUBJECT WISE CREDIT POINTS FOR CURRENT SUBJECTS Subject Code & Title (56) Fire Insurance Claims (57) Fire and Consequential Loss Insurance (58) Fire Insurance Coverages (59) Fire Insurance Rating and Underwriting (66) Marine Insurance Claims (67) Marine Insurance (68) Marine Insurance Coverages (69) Marine Insurance Rating and Underwriting (71) Agricultural Insurance (72) Motor Insurance Credit points 30 30 30

SUBJECT WISE CREDIT POINTS FOR CURRENT SUBJECTS Subject Code & Title Credit points (74) Liability Insurance 30 (77) Engineering Insurance 30 (78) Miscellaneous Insurance 30 (81) Mathematical Basis of Life Assurance 40 (82) Statistics 40 (83) Group Insurance & Retirement Benefit Schemes 30 (84/A-2) Foundation of Casualty Actuarial Science Part-II (Non-Life) 40 (85) Reinsurance Management 40 (86) Risk Management 40 (88) Marketing and Public Relations 30 (89) Management Accounting 40 (90) Human Resource Management 30 (92) Actuarial Aspects of Product Development 40 (99) Asset Management 30 (A-03) Basic Ratemaking 40 (A-04) Estimating Unpaid claim using basic techniques 40

Thank You -Professional Exams Team