Industry Guidelines on Training and Competency Requirement and Continuing Professional Development

 

Overview

MAS Notices 211 and 502 published on the MAS website set out the best practice standards in training and competency and continuing professional development (CPD) expected of general insurance agents, Relevant Persons*, and insurance brokers. These Notices include lists of acceptable qualifications in lieu of the CGI qualification.

These guidelines are developed by GIA for the general insurance sector to foster professional standards and enhance confidence in the insurance industry.

GIA does not accredit training programmes or qualifications. Insurers and brokers should use their discretion to determine if the training programmes or qualifications fulfil any one of the categories listed in the table here.

Regulations relating to CPD for general insurance agents are found in GIARR Appendix C – GIA Guidelines on Continuing Professional Development.

 

Annual Minimum Training Hours 

   Year 1  Year 2  Year 3 onwards
 General Insurance Agents / Relevant Persons* / Insurance Brokers  24 hours  24 hours  15 Hours  
 General and Life Agents (Composite agents)   8 hours (in addition to CPD training requirements as appointed representatives under the Financial Advisers Act)
Trade Specific Agents (Motor)  4 hours   
 Trade Specific Agents (Non-Motor)  None   

 


Important Notes  

  • Minimum training hours must be completed by 31 Dec each year.

  • During a year, if you are a general insurance agent or Relevant Person* or insurance broker who have moved from one company to another, you can combine the training hours that you have fulfilled in the year at the different companies.

  • If you are a new entrant who becomes a general insurance agent or Relevant Person* or insurance broker on or after 1 Oct in the year, and you have not worked in the general insurance sector before, you need not fulfil the minimum training hours for that year. The clocking of your minimum training hours will start from 1 Jan of the following year. This exemption does not apply to Motor TSAs.

  • Training hours should only be awarded for the training attended after you have become a general insurance agent, Relevant Person*, or insurance broker.

 

For General Insurance Agents 

  • Your registration with ARB will lapse if you do not fulfil the minimum training requirement.

  • If your registration is lapsed for not fulfilling the minimum training requirement, you may only apply for re-registration after a rehabilitation period of one year.

  • Appeals should be made through your primary principal before 31 Jan. Your primary principal can only make the appeal if it is satisfied with the merits of your appeal and agrees to support it.

  • You may apply for special exemption of the CPD requirement through your primary principal if you are aged 62 and above or medically unfit. Agents given this special exemption:

  1. can only transact their own renewal business;

  2. cannot transact new business;

  3. cannot transact new classes of business; and

  4. cannot take on new principals.

 

*Relevant Person as defined under MAS Notice 211.