MACAU INSTITUTE OF FINANCIAL SERVICES INSURANCE INTERMEDIARIES QUALITY

MACAU INSTITUTE OF FINANCIAL SERVICES INSURANCE INTERMEDIARIES QUALITY ASSURANCE SCHEME - CONTINUING PROFESSIONAL DEVELOPMENT (CPD) PROGRAMME - October 2017

INDEX �Insurance Intermediaries Assurance Scheme Quality �Areas of Coverage for the CPD Activities �Responsibilities of the IFS ØAs the CPD Administrator ØAs the CPD Assessment Authority �Assessment Criteria for CPD Programme (Overall Information) 2

INDEX � Assessment Criteria for CPD Activities (6 Parts) Ø Content Ø Mode of Delivery Ø Activity Assessment Ø Instructors or Presenters Ø Quality Assurance Ø Other Requirements � Assessment Outcome of CPD Activities � Re-Assessment of CPD Activities � List of Currently Approved CPD Activities Information for the CPD Programme in 2018 � Actual Offer of CPD Activities by IFS for 1 st Quarter of 2018 � Information for CPD Activities 3

INDEX � Fees for Assessment and Re-assessment � Responsibilities of CPD Activity Provider � Schedule of Assessment Fees for CPD Activities � Our Partners for the CPD Programme � Assessment Application Form � Application Form for the change of information provided � Re-Assessment Application Form 4

INSURANCE INTERMEDIARIES QUALITY ASSURANCE SCHEME (IIQAS) Insurance Intermediaries Qualifying Examination (IIQE) [01. 2002] Requirement to pass the IIQE as a condition for registration * * Exceptionally, according to the notice of AMCM by publishing annual the list of eligible entities and grades to exempt the insurance intermediaries qualifying examination for the insurance intermediaries. Continuing Professional Development (CPD) Programme [01. 2018] Requirement to comply with the CPD Programme requirements thereafter 5

AREAS OF COVERAGE FOR THE CPD ACTIVITIES [42] Category A (Insurance related) [25] Actuarial science AML/CFT in insurance Annuity Aviation insurance Claims management Compliance function in insurance Credit insurance Engineering insurance Financial planning General insurance Insurance broking Insurance law Investment-linked long term insurance Liability insurance Life and disability insurance Life insurance Marine insurance Medical and health insurance Motor insurance Principles and practice of insurance Property and pecuniary insurance Provident fund and retirement schemes Reinsurance Risk management Underwriting management Category B (Non-insurance related) [17] Accounting Business studies/practice Commerce Communication Company and contract law Economics Human resources management Information systems Integrity and anti-corruption knowledge Investment Law and legal studies Marketing Organizational behaviour and management Privacy protection data Quantitative methods Statistics Strategic management 6

RESPONSIBILITIES OF THE IFS As the CPD Administrator As the CPD Assessment Authority 7

RESPONSABILITIES OF THE IFS To organize CPD activities, either independently or jointly with other entities As the CPD Administrator* To issue, in a timely manner, approval or attendance certificates of CPD training activities * “Professional Training and General Management Unit” (PTGM) 8

RESPONSABILITIES OF THE IFS To set-up the assessment criteria, and its reviews (jointly with the AMCM) As the CPD Assessment Authority* To assess relevant activities and qualifications To publish, at its website, a list of currently approved CPD activities, and its updating in a monthly basis * “CPD Assessment Unit” (CPDA) 9

ASSESSMENT CRITERIA FOR CPD PROGRAMME (OVERALL INFORMATION) � The IFS, as the sole assessment authority for the CPD Programme, is responsible for setting, jointly with the AMCM, the assessment criteria and assessing CPD activities � The CPD activity provider Ø Should be able to demonstrate their abilities and capacities for conducting relevant activities and should have suitable venues Ø Are required to submit documentation, for each CPD activity, which details – – – – – the objectives content the number of CPD hours nature of the CPD activities admission and assessment requirements (if any) the ‘curriculum vitae’ of the instructors or presenters floor plan rental agreement and insurance coverage of the venue(s) facilities quality assurance mechanisms 10

ASSESSMENT CRITERIA FOR CPD PROGRAMME (OVERALL INFORMATION) � The assessment application form and the application form for the change of information provided can be downloaded from the IFS website (www. ifs. org. mo) � The cost of assessment will be borne by CPD activity provider and paid to the IFS at the time of application � The IFS will notify the applicants about the results, successful or otherwise, one month after the date of the reception of the application at the IFS [Provided that all relevant information is submitted] � The IFS will periodically [every month] publish a list of currently approved CPD activities and their respective CPD hours on its website at www. ifs. org. mo 11

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (6 PARTS) Content Mode of Delivery Instructors Activity or Assessmen Presenters t Quality Assurance Other Requireme nts 12

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (CONTENT) � The content of the CPD activity should take into consideration that its main objective should be the maintenance and improvement of knowledge and skills, and/or the development of the personal qualities of insurance intermediaries � Modules within the same activity must share a common theme and learning objective � Qualified CPD activities are structured face-to-face activities, and must be related to local insurance matters, or other disciplines which are directly related to the work of insurance intermediaries [Product-specific knowledge, general language and generic IT skills will not be qualified for approval] � CPD activities can be in the form of: Ø Courses (series of activities with a longer duration, often with a curriculum and leading to an award like certificate or diploma) Ø Seminars (information dissemination sessions possibly with some discussions and participation) Ø Workshops (much more interactive emphasizing more on participation and hands-on training) � Course materials, seminar handouts, or seminar papers, and lesson plans with an hourly breakdown should be submitted to the IFS for assessment 13

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (MODE OF DELIVERY) � The CPD activities can be conducted in evenings, weekends, day-release, and/or holidays to cater for the different needs of participants � Upon approval, a copy of the schedule/timetable of the CPD activity should be emailed to IFS at least 7 working days before delivery of the activity; also the changes in time schedules, course venues or cancellation of the activity should be informed to IFS as soon as possible � The schedule should include a set of information, as the name of organizer and activity (and its reference number), date and time of the activity, its venue, CPD hours and the contact person and his/her telephone numbers and email address 14

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (MODE OF DELIVERY) � It is allowed the use of variety of learning resources and materials � The CPD activity provider should keep attendance registers and an attendance record/certificate should be provided to each of the participants � Late attendance (15 minutes or more) implies the deduction of one CPD hour; no full attendance of the CPD activity implies the proportional award of CPD hours effectively attended � For award-bearing CPD activities (e. g. 15 Diploma/Certificate courses), participants should be

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (ACTIVITY ASSESSMENT) � When there is an activity assessment it may take the form of an one-sitting examination or continuous assessment or both; time spent on assessment will not qualify for CPD hours � If assessment components are present, CPD provider should keep records which may be inspected by the IFS where necessary � For award-bearing CPD activities (e. g. Diploma/Certificate courses), participants should be given attendance/graduation certificates and/or transcripts showing their assessment results, and dates of courses completion 16

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (INSTRUCTORS OR PRESENTERS) � CPD activity providers should recruit an adequate number of appropriately qualified experienced instructors or presenters and � Detailed information about instructors/presenters, including their names, academic qualifications and awarding institutions, professional qualifications and awarding institutions, and training and/or industry experience, should be provided with the application � For all CPD activities, there should be a person- in-charge who is responsible for the overall management and quality of the activity; that person should possess relevant training or 17 experience in managing similar activities

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (QUALITY ASSURANCE) � The activity providers should have in place a comprehensive mechanism for assuring and monitoring the quality of the activity, such as internal course approval procedures, class observation, review meeting, follow-up action relating to the participants’ feedback, etc. � They should also ensure proper attendance monitoring procedures are in place for the activity (verification of the identity of participants against their identification documents). Any impersonation in activity attendance should be reported to AMCM � Participant evaluations should be carried out at the end of CPD activities and there should be a statement indicating that dissatisfied participants can approach the IFS if they have any complaints 18

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (QUALITY ASSURANCE) � Any significant changes in the activities should obtain the prior approval of IFS � The activity providers should agree to allow members or representatives of the IFS to attend any of the activities free of charge for quality assurance purposes � If the activity is delivered outside the Macau SAR and the IFS decides to attend the activity when it is held, the activity provider shall bear the expenses of the visitation conducted and be charged at cost recovery basis (charges: MOP 1, 500. 00, if conducted within one day, and MOP 2, 500. 00, for overnight stay) 19

ASSESSMENT CRITERIA FOR CPD ACTIVITIES (OTHER REQUIREMENTS) �CPD activity providers should cooperate with the IFS and the AMCM �The IFS may conduct inspection to CPD activities without prior notice 20

ASSESSMENT OUTCOME OF CPD ACTIVITIES Assessment outcome of CPD activities Unconditionall y approved Approved but subject to conditions* Not approved * The conditions are mandatory 21

ASSESSMENT OUTCOME OF CPD ACTIVITIES �Upon approval by the IFS the approved CPD activities may use the following statement in their marketing/advertising/promotional materials/literature: e. g. “approved by the IFS” [In this connection, CPD activity providers should submit all their publicity materials which mention the IFS for approval] �In the event of non-approval, CPD activity providers may re-submit the proposal within sixty (60) days after appropriate changes have been made. Fees will be charged when the additional assessment work is substantial 22

RE-ASSESSMENT OF CPD ACTIVITIES � Approved CPD activities will be subject to reassessment on an annual basis about 12 months after approval � If no application for re-assessment the approval status will automatically ceases at the end of the approval period � The application for the re-assessment should be submitted within six months of expiry or they will be treated as expired cases � The annual re-assessment application form can be downloaded (www. ifs. org. mo) from the IFS website 23

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ACTUAL OFFER OF CPD ACTIVITIES BY IFS FOR 1 st QUARTER OF 2018 (Situation as at 31. 10. 2017) (Σ = 29 CPD Activities) Title of CPD Activity CPD Hours Fees/hour Total Fees (MOP) Government Subsidy (2017 -2019) 1. 1. w/OI City U Accounting Claims Management Company and Contract Law 10 70. 00 700. 00 Yes Credit Insurance 10 70. 00 700. 00 Yes Economics 10 70. 00 700. 00 Yes Financial Planning 10 70. 00 700. 00 Yes Human Resources Management 10 70. 00 700. 00 Yes 25

ACTUAL OFFER OF CPD ACTIVITIES BY IFS FOR 1 st QUARTER OF 2018 (Continue) (Situation as at 31. 10. 2017) Title of CPD Activity CPD Hours Fees/hour Total Fees (MOP) Government Subsidy (2017 -2019) Information Systems Life Insurance-Basic Actuarial Planning and Control Marketing Organisational Behaviour Quantitative Methods Risk Management 10 70. 00 700. 00 Yes Statistics Strategic Management 10 70. 00 700. 00 Yes 26

ACTUAL OFFER OF CPD ACTIVITIES BY IFS FOR 1 st QUARTER OF 2018 (Continue) (Situation as at 31. 10. 2017) Title of CPD Activity CPD Fees/hour Total Fees Hours (MOP) Government Subsidy (2017 -2019) 1. 2. w/PEAK (VTC) Commercial Insurance Coverage Enhancing Quality Customer Services Ins. Policy Drafting and Underwriting Legal Knowledge for Life Ins. Selling Liability Insurance 5 90. 00 450. 00 No 3 90. 00 270. 00 No 5 90. 00 450. 00 No 6 90. 00 540. 00 No 27

ACTUAL OFFER OF CPD ACTIVITIES BY IFS FOR 1 st QUARTER OF 2018 (Continue) (Situation as at 31. 10. 2017) Title of CPD Activity CPD Fees/hour Total Fees Hours (MOP) Government Subsidy (2017 -2019) 1. 3. w/IIAP Marine Insurance Medical and Health Insurance 8 95. 00 760. 00 No 21 50. 00 1, 050. 00 Life Insurance 21 50. 00 1, 050. 00 Non-Life Insurance 18 50. 00 900. 00 1. 4. IFS Course Investment-Linked Long Term Ins. Application sent 28

ACTUAL OFFER OF CPD ACTIVITIES BY IFS FOR 1 st QUARTER OF 2018 (Continue) (Situation as at 31. 10. 2017) Title of CPD Activity Government Subsidy (2017 -2019) Application 900. 00 sent CPD Fees/hour Total Fees Hours (MOP) Principles & 18 Practice of Ins. Fundamentals of Personal Financial 12/18 * Planning * 50. 00 80. 00 960. 00 Application to be sent 1. 5. IFS Seminars AML/CFT 3 70. 00 210. 00 No * This course is still in discussing with the teacher, the minimum CPD hours is 12 hours, but not yet a final decision. 29

ACTUAL OFFER OF CPD ACTIVITIES BY IFS, BY SUBJECTS, FOR 1 st QUARTER OF 2018 (Situation as at 31. 10. 2017) (Σ = 29 CPD Activities) Insurance Related Financial Planning Law (Except Insurance) Management Others (16) (2) (1) (3) (7) Claims Management Financial Planning Commercial Ins. Coverage Fundamenta ls of Personal Financial Planning Credit Insurance Enhancing Quality Customer Services Company and Contract Law Human Resources Management Accounting Organisational Behaviour AML/CFT Strategic Management Economics Information System 30

ACTUAL OFFER OF CPD ACTIVITIES BY IFS, BY SUBJECTS, FOR 1 st QUARTER OF 2018 (Continue) (Situation as at 31. 10. 2017) Insurance Related Insurance Policy Drafting and Underwriting Investment. Linked Long Term Insurance Legal Knowledge for Life Ins. Selling Liability Ins. Financial Planning Law (Except Management Insurance) Others Marketing Quantitative Methods Statistics 31

ACTUAL OFFER OF CPD ACTIVITIES BY IFS, BY SUBJECTS, FOR 1 st QUARTER OF 2018 (Continue) (Situation as at 31. 10. 2017) Insurance Related Financial Planning Law (Except Management Insurance) Others Life Insurance-Basic Actuarial Planning and Control Marine Insurance Medical and Health Ins. Medical Insurance Plan Non-Life Insurance Principles & Practice of Insurance Risk Management 32

ACTUAL OFFER OF CPD ACTIVITIES BY IFS FOR 1 st QUARTER OF 2018 (Situation as at 31. 10. 2017) Expected number of participants No. of CPD Activities CPD Provider Frequency per quarter Min Max Total Min Max 1. IFS 1. 1. w/OI City U 15 1 20 40 300 600 1. 2. w/PEAK (VTC) 6 1 40 120 240 720 1. 3. w/IIAP 2 1 40 120 80 240 1. 4. IFS Courses 5 1 30 40 150 200 1. 5. IFS Seminars 1 1 50 120 820 1, 880 Σ 1 Average (1) 29 1, 350 33

ACTUAL OFFER OF CPD ACTIVITIES BY IFS FOR 1 st QUARTER OF 2018 (Continue) (Situation as at 31. 10. 2017) Total No. of CPD Activities Min Max 2. 1. AIA 2 300 600 2. 2. MANULIFE 2 20 140 2. 3. MASSMUTUAL 2 35 420 6 355 1, 160 CPD Provider 2. INSURERS (In-House Courses) Σ 2 Average (2) Σ 3 = Σ 1 + Σ 2 Average (3) = (1)+(2) 757 1, 175 3, 040 2, 107 34

INFORMATION FOR CPD ACTIVITIES • Upon approval, CPD activity providers should provide, where appropriate, the following information, to the prospective participants: Description of the CPD Activity General Information Activity title Code number assigned by the IFS Name of activity provider Aims and objectives Number of CPD hours Contact hours Synopsis of contents Type of CPD activity Instructors or presenters Mode of delivery Dates and venue Admission Additional Information for Award-Bearing CPD Courses Target participants Proposed date of the first delivery Frequency of the activity per year Minimum and maximum number of participants per activity Admission requirements (if any) Title of award Assessments requirements (if any) Facilities and support Fees charged (if any) Refund policy and procedure (if any) 35

FEES FOR ASSESSMENT AND REASSESSMENT • Fees for Assessment and Re-assessment are depicted in the Schedule of Fees for Assessment of CPD Activities. The fees are charged for the assessment work irrespective of the assessment outcome. Fees are payable in advance; and • Cheques should be made payable to “Macau Institute of Financial Services”. 36

RESPONSIBILITIES OF CPD ACTIVITY PROVIDERS � Issue certificates to the participants, with, at least, the following details: Ø Ø Ø Name of CPD activity provider Title of CPD activity or the modules attended Code number assigned by the IFS Date(s) of the CPD activity Full name of the participant as shown in the identification document, together with the license number of his/her insurance intermediary Ø CPD hours attended by the participant � Should liaise closely with the IFS � Shall be responsible for providing all necessary and required information to the IFS, and access to facilities and personnel as required � Should provide an advance notice to the IFS of no less than one calendar month if the CPD activity wish to discontinue the offering [For CPD activities run on a re-current basis] 37

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OUR PARTNERS FOR THE CPD PROGRAMME Institute of Professional Education and Insurance Institute of Asia and Pacific (IIAP) Knowledge (PEAK) [Member of VTC Group] Financial Intelligence Office (FIO) (OI/City U) Macau Lawyers Association (MLA) Accountants Open Institute of City University of Macau Foundation Rui Cunha Macau Society of Registered 39

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Thank You Very Much! 65