16.11.

15

INTERNATIONAL
RECOGNITION OF III
QUALIFICATIONS 2016
A key aim of The Insurance Institute of Ireland (III) is ‘to integrate and progressively mediate with
other established professional and academic bodies in the promotion of insurance education’. To
achieve this aim and promote the transferability of professional development and qualifications,
the III has developed relationships with other international professional educational bodies. The
scope and impact of these relationships, in the context of the mutual recognition of members’
qualifications and standing, is outlined in this document.

TOPIC PAGE

CHARTERED INSURANCE INSTITUTE (CII) 1

THE INSURANCE INSTITUTE OF CANADA 3

AUSTRALIAN AND NEW ZEALAND INSTITUTE OF 4

INSURANCE AND FINANCE (ANZIIF)

THE III’S RECOGNITION OF INTERNATIONAL 7

PROFESSIONAL BODIES

1. CHARTERED INSURANCE INSTITUTE (CII)

An III member holding the Accredited Product Adviser (APA), Certified

Insurance Practitioner (CIP) or Management Diploma in Insurance (MDI)
INTRODUCTION designation (or the equivalent academic qualifications e.g. Professional
Certificate in Insurance, Professional Diploma in Insurance) will receive credits
(exemptions) towards the CII’s programmes.

The CII only assesses modules or qualifications completed by examination.

III or other modules gained by exemption cannot be used as credits towards
completion of any CII qualifications. CII credits awarded for III modules (taken
by examination) are regularly reviewed and the assessment is based on overlap
in the III and CII syllabi and in assessment methods and standards.

The CII reserves the right to change or withdraw credit awards without notice.

If you wish to claim CII credits based on III modules completed by examination,
you must provide the CII with evidence of your completed modules. This can be
CLAIMING CII done by sending your III transcript directly to the CII.
CREDITS
Once credits are awarded, they can be registered by paying the standard
member fee of £3 per credit for CII members and £4 per credit for non-
members1. Note that as MDI modules have been licensed by the III from the CII
for localisation to the Irish market, a significant portion of their content mirrors
the original CII units and therefore, with effect from August 2013, the CII has
agreed a reduced fee for III members of £1 per credit for MDI modules only2.

210 credits is the maximum that the CII will award via exemptions from a single
external institute (e.g. the III).

To be awarded a CII qualification, you must obtain by CII examination,

dissertation or coursework assessment, a pass in a module from the qualification
that you are looking to complete, and meet the qualification completion
requirements. These rules apply irrespective of how many credits your existing
qualifications might provide through recognition of prior learning. This rule
enables the CII, as a professional body, to benchmark your achievement against
its own levels of attainment.

If you require further information or wish to apply for recognition of prior learning
from CII UK units, apply either by contacting CII Customer Service online here
or by phoning 0044 208 9898 464.

1
For example, if you were a member and were awarded an exemption from a 30 credit module, the fee payable would be £90.
2
For example, if you were a member and were awarded an exemption from a 30 credit module based on the successful completion of an MDI module
by examination, the fee payable would be £30.

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 Table 1 details the current CII credits offered to III graduates. It should be
noted that these III modules and their CII equivalents listed in the table below
CII CREDITS OFFERED are subject to change. Click here for further details on CII programmes.
TO III GRADUATES
Advice on the CII exemptions process can be found here.

1 PDI Modules CII Credits CII recognition of

prior learning award
PDI-01 The Nature of Insurance & 15 Certificate-level credits (both modules must be W01
PDI-02 Compliance and Advice passed by exam)

PDI-03 Personal General Insurance 15 Certificate-level credits (no award for exams IF8
passed with effect from January 2016)

PDI-04 Commercial General Insurance 15 Certificate-level credits (no award for exams IF2
passed with effect from January 2016)

PDI-05 Private Medical Insurance 15 Certificate-level credits (exam must be IF7

completed with effect from May 2012)

PDI-06 Practice of Risk Control and Underwriting 15 Certificate-level credits IF3

PDI-07 Practice of Claims and Loss Adjusting 15 Certificate-level credits IF4

CII recognition of
MDI Modules CII Credits
prior learning award
Risk Control and Underwriting 10 Non unit specific credits at Diploma level in Insurance
MDI-01 Insurance & Business law 25 Diploma in Insurance credits* P05

MDI-02 Insurance Business Environment 25 Diploma in Insurance credits* P92

MDI-03 Marketing Insurance Products and Services in Ireland 30 Advanced Diploma in Insurance credits 945

MDI-04 Motor Insurance 25 Diploma in Insurance credits P94

MDI-05 Liability Insurance 25 Diploma in Insurance credits P96

MDI-06 Commercial Property & BI Insurance 25 Diploma in Insurance credits P93

MDI-07 Advanced Claims Management 30 Advanced Diploma in Insurance credits 820

MDI-08 Advanced Underwriting Management 30 Advanced Diploma in Insurance credits 960

MDI-09 Advanced Risk Management 30 Advanced Diploma in Insurance credits 992

* MDI-01 and MDI-02 meet the Core Compulsory Unit requirements for the CII Advanced Diploma in Insurance (ACII).
See www.cii.co.uk for further details.

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2. THE INSURANCE INSTITUTE OF CANADA

If you hold the CIP, ACII or FCII designations and you are an III member,
you will receive credits towards the Insurance Institute of Canada’s Certified
OVERVIEW Insurance Professional programme. This is a 10 course programme and Irish
CIP holders can claim credit for the C11 Principles and Practice of Insurance
course. ACII or FCII holders can claim credits for the following four courses:

• C11 Principles and Practice of Insurance

• C16 Business of Insurance
• C100 (unspecified elective course)
• C101 (unspecified elective course)

A student who has completed the Insurance Institute of Canada’s Chartered

Insurance Professional (CIP) programme can claim an exemption from
PDI-01 of the III’s Professional Certificate in Insurance (APA) programme
and exemptions from PDI-01, PDI-06 and either PDI-03/PDI-04 of the III’s
Professional Diploma in Insurance (CIP) programme.

The Insurance Institute of Canada is in the process of assessing the

III’s MDI programme for potential credits against its programmes.

3
 3. AUSTRALIAN AND NEW ZEALAND
INSTITUTE OF INSURANCE AND FINANCE
(ANZIIF)

The Australian Securities & Investments Commission (ASIC) is the Australian

Financial Services Regulator. The Australian and New Zealand Institute of
REGULATORY Insurance and Finance (ANZIIF) is a provider of education, training and
BACKGROUND professional development services to the insurance and financial services
industry in Australia and New Zealand.

In Australia, the statutory requirement to meet the national competencies

(the equivalent to the Central Bank of Ireland’s Minimum Competency Code
(MCC) knowledge points) does not apply to all roles in the insurance/
financial services market. In Australia, the onus is on the employer to review
an employee’s qualifications and experience and determine if they fulfil the
requirements of the role. The employer then decides on the outstanding
education requirement.

Qualifications that meet the national competencies are required for CIP
(Certified Insurance Professional) membership of ANZIIF and must be
maintained by annual CPD (25 hours per year). ANZIIF is not the sole
supplier of education programmes which meet ASIC’s national competencies.

It is highly recommended to Irish students travelling to Australia and

intending to secure employment in the insurance or financial services market,
to obtain compliance qualifications (Tier 2 or Tier 1 – see descriptions on
page 6) and become an ANZIIF member, prior to travelling or at least prior to
seeking employment.

4
 1. Membership: ANZIIF provides membership based on equivalent
membership levels in the III, i.e. ANZIIF will recognise III qualifications and
BASIS OF III/ allow you to retain an equivalent membership status within ANZIIF (see
ANZIIF MUTUAL Table 2 for suggested equivalents).
RECOGNITION
Once an appropriate ANZIIF membership level is agreed upon and the
compliance element relevant to your role is completed, you would likely be
recognised as holding the equivalent to a specific ANZIIF qualification.

The III’s reciprocal membership recognition is outlined in section 4 of this

document.

2 III QUALIFICATION ANZIIF MEMBERSHIP LEVEL

Insurance Foundation Certificate ANZIIF CIP Associate Membership

Life and Pensions Administration Certificate ANZIIF CIP Associate Membership

Private Medical Insurance Certificate ANZIIF CIP Associate Membership

Accredited Product Adviser (APA) ANZIIF CIP Associate Membership

Diploma in Private Medical Insurance ANZIIF CIP Senior Associate Membership

Diploma in Life Administration (DLA) ANZIIF CIP Senior Associate Membership

Certified Insurance Practitioner/Professional Diploma in Insurance ANZIIF CIP Senior Associate Membership
(CIP/PDI)

Certified Diploma in Loss Adjusting (CDip LA) ANZIIF CIP Senior Associate Membership

Financial Services Diploma (FSD) ANZIIF CIP Senior Associate Membership

Management Diploma in Insurance ANZIIF CIP Senior Associate Membership

CII QUALIFICATION III QUALIFICATION

Diploma in Insurance ANZIIF CIP Senior Associate Membership

Advanced Diploma in Insurance ANZIIF CIP Senior Associate Membership

Fellowship ANZIIF Fellow

Click here for more details on these ANZIIF membership levels.

5
2. Education: Depending on your role, there may be a study requirement,
most likely in the area of compliance. Compliance modules are designed to
focus on a particular product line. It is strongly recommended that you take
the relevant compliance module (possibly before travelling) to familiarise
yourself with the market and improve your job prospects.

ANZIIF qualifications and membership are passports to employment and

mobility within the industry. Qualifications from and membership of the
Institute are very highly regarded amongst employers and in many respects,
ANZIIF membership is valued above qualifications in the industry. Members
and those with qualifications from ANZIIF are in a better position to
secure employment, with some job specs requiring ANZIIF examinations in
particular.

95% of ANZIIF members have their membership and studies paid for by
their employers as a job benefit.

In relation to compliance qualifications, ANZIIF offer two tiers:

• Tier 2 is more basic and is geared towards those working in call centres
with scripted roles.
• Tier 1 is geared towards advisers who have a broader role and work
independent of a script.

Holders of these qualifications can progress onto:

• Certificate IV in General Insurance: This is a qualification at the level of
Associate Member.
• Diploma: This is a qualification at the level of Senior Associate Member.
The Certificate IV in General Insurance is a pre-requisite for the Diploma
in General Insurance. Other Diplomas are offered in various areas e.g.
General Insurance, Broking, Risk Management, Financial Planning.

A student who has completed ANZIIF’s Certificate IV in General Insurance

can claim an exemption from either PDI-03 or PDI-04 of the III’s
Professional Diploma in Insurance (CIP) programme.

3. CPD: ANZIIF membership must be maintained by fulfilling the annual

CPD requirement of 25 hours.

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 4. THE III’S RECOGNITION OF
INTERNATIONAL PROFESSIONAL BODIES

Within the III’s Standard Membership category, the sub-category of ‘Affiliate’

is offered to members of international professional bodies. This category
MEMBERSHIP is for professionals who have been awarded qualifications which, under
reciprocal arrangements between the III and the awarding body, are
accepted as demonstrating expertise and proficiency in relevant areas
of insurance. Affiliate members can access III CPD material, both online
and face to face, and must also provide annual evidence to the III of the
maintenance of their qualification/designation with their awarding body.

To achieve our aim ‘to integrate and progressively mediate with other
established professional and academic bodies in the promotion of insurance
QUALIFICATIONS education’, the III, through our exemption process, recognises studies of a
standard and content comparable to its own. We have a series of exemption
policy documents on our website, which detail the exemption process and
established exemptions awarded under each of our programmes (APA, PCI,
CIP, PDI and MDI).

Further information can be found in the III’s Prospectus 2015 or by

contacting the Member Services team on 01 645 6670 or
memberservices@iii.ie.