Frequently Asked Questions (“FAQ”)

 

CPD hours and reporting procedures

  1. How can individual insurance intermediaries report CPD hours?
    Individual insurance intermediaries may opt to report to the AMCM through their principal, including insurance companies, corporate insurance agents or insurance brokers by batch reporting, or they may furnish the completed report form to the AMCM at the time of the renewal of licence(s).

  2. When should individual insurance intermediaries report CPD hours?
    Individual intermediaries has to report annually to the AMCM at the time of renewal of licence(s) starting from 1 January 2019.

  3. I have a life licence and the renewal of licence is in January every year. My friend has both life and investment-linked licences and the renewal of  licence is in December every year. Are our required CPD hours the same?
    No. During the first reporting period (from 1 January 2019 to 31 December 2019), insurance intermediary with a life licence is required to fulfil at least 5 CPD hours at the time of renewal of licence (in this case, January 2019). For the insurance intermediary with life and investment-linked licences, he/she is required to fulfil at least 18 CPD hours at the time of renewal of licences (in this case, December 2019). For details, please refer to CPD hour requirement – first reporting.

    Regarding the subsequent reporting from 1 January 2020 onwards, insurance intermediary with a life licence is required to fulfil at least 5 CPD hours at the time of renewal of licence (in this case, January 2020 or every January thereafter). For the insurance intermediary with life and investment-linked licences, he/she is required to fulfil at least 10 CPD hours at the time of renewal of licences (in this case, December 2020 or every December thereafter). For details, please refer to CPD hour requirement - subsequent reporting.

  4. I plan to apply for a new insurance intermediary licence to conduct life insurance and investment linked business in June 2018.  Do I need to fulfil and report the minimum 10  CPD hours at the time when I apply for licence in June 2018? 
    You are not required to fulfil and report any CPD hours when you apply for insurance intermediary licence because the first reporting of CPD hours to the AMCM shall start from 1st January 2019. 

  5. I plan to apply for a new insurance intermediary licence to conduct life insurance and investment linked business in June 2018.  When I renew my licence in June 2019, how many CPD hours do I need to fulfil and report?
    Since you obtained your insurance intermediary licence in 2018, you are not required to report any CPD hours to the AMCM in 2018.  You are required to fulfil and report a minimum of 10 CPD hours to the AMCM when you renew your licence in June 2019.

  6. I have obtained a licence for life insurance and investment linked business since June 2016.  I have renewed my licence every year in June and my licence is still effective now.  Do I need to fulfil and report the minimum 10 CPD hours at the time when I renew my licence in June 2018?
    You are not required to report any CPD hours to the AMCM when you renew your licence in June 2018 because the first reporting of CPD hours to the AMCM shall start from 1st January 2019. 

  7. I have obtained a licence for life insurance and investment linked business since June 2016.  I have renewed my licence every year in June and my licence is still effective now. When I renew my licence in June 2019, how many CPD hours do I need to fulfil and report?
    Since you obtained your insurance intermediary licence prior to 1st January 2018, you are required to fulfil and report the minimum CPD hours to the AMCM on a one-time accumulative basis, depending on your licence(s), at the time of renewal of licence(s) in 2019.  According to the “Required minimum accumulative CPD hours for first reporting”,  you are required to fulfil and report a minimum of 14 CPD hours to the AMCM when you renew your licence in June 2019.  

  8. Is it necessary for the insurance intermediaries to provide the evidence of the completed CPD activities at the time of reporting?
    No. However, it is mandatory for insurance intermediaries to maintain records and retain all relevant supporting evidence for at least three years. Insurance intermediaries are required to provide relevant supporting evidence upon request from the AMCM.

  9. Where can I obtain the report form?
    The report form can be downloaded from the AMCM website or can be collected at the AMCM.

    Qualified CPD activities

  10. How can insurance intermediaries earn CPD hours?
    CPD hours can be earned mainly through:

    - Completion of the accredited courses/activities by the Macau Institute of Financial Services and earn the respective CPD hours. For details, please refer to the website of Macau Institute of Financial Services (http://www.ifs.org.mo)
    - Current studies for undergraduate or postgraduate degrees in local or overseas educational institutes in any disciplines which comply with the area of coverage of qualified CPD activities. A maximum of 10 CPD hours can be earned annually (with a maximum of 6 years).
    - Current studies for specific qualifications can earn a maximum of 10 CPD hours annually (with a maximum of 6 years). The list of the relevant specific qualifications will be published by the AMCM.
    - To maintain specific qualifications, holders of such qualifications which the institutes granting such qualifications have a specific CPD programme can earn a maximum of 10 CPD hours annually.
    - Speakers of qualified CPD activities can earn 3 hours for each hour of teaching.

    For details about the areas of coverage and the requirements of CPD activities, please refer to CPD requirement – qualified CPD activities.

  11. I obtained a bachelor degree two years ago, can the courses studied at that time be recognised as CPD hours?
    No. The courses must be in progress at the year of reporting with relevant documents (including transcript, attendance records, assignments, etc.) provided. A maximum of 10 CPD hours could be earned upon verification by the AMCM. 

  12. I am a holder of specific qualification, could I earn respective CPD hours by simply presenting that specific qualification?
    No. Only in the case that such qualifications have a specific CPD programme and the holders of such qualifications have satisfied the CPD requirements specified by the institutes granting such qualifications can earn respective CPD hours. 

  13. I have life and investment-linked licences. With regard to the requirement, I have to earn at least 10 CPD hours annually. However, I had completed 20 hours of CPD courses. Can the excess 10 hours be satisfied the CPD requirement for the next year?
    No. Any excess CPD hours accumulated within a particular year cannot be carried forward to any other years.

    Consequences of non-compliance of CPD hours requirement 

  14. I was travelling during the licence renewal month and forgot to furnish the report form to the AMCM, can my licence be renewed?
    No. The licence could be renewed only when the insurance intermediaries fulfil the minimum CPD hour requirement and furnish to the AMCM the duly completed CPD report form. 

  15. What are the remedial measures if I cannot comply with the minimum CPD hours requirement at the time of renewal of licence(s)?
    Remedial option 1) Fulfil the total required CPD hours and report to the AMCM within six months following the licence renewal month:
    You must fulfil the total required CPD hours (the total of CPD hours corresponding to the previous year and pro-rata CPD hours in the current year) in order to renew your licence(s). 

    Remedial option 2) In case that you cannot fulfil the requirement as laid down in remedial option 1, you can fulfil the requirement within the 7th  to the 9th month subsequent to the licence renewal month and report to the AMCM during these three months.

    Renewal of licence(s) will be prohibited during these three months. The licence(s) could only be renewed from the 10th month subsequent to the licence renewal month only if you could fulfil the total required CPD hours (the total of CPD hours corresponding to the previous year and pro-rata CPD hours in the current year). 

  16. If the licence cannot be renewed due to non-compliance with the CPD hours requirement, is it possible to receive commission and engage in insurance intermediary activities?
    No. The licence(s) will not be renewed if  the required CPD hours are not satisfied. In other words, insurance intermediaries will not have a valid licence(s) if licence(s) cannot be renewed. As such, insurance intermediaries without valid licence(s) are forbidden to engage in any insurance intermediary activities (including arranging new policies and providing insurance intermediary service to existing customers) and receive commission.  

  17. Is it necessary to pay the registration fee if my licence cannot be renewed as a result of non-compliance of the CPD hours requirement?
    Since the licence(s) will not be renewed as a result of non-compliance with the CPD hours requirement, it is not necessary to pay the registration fee.

    Verification of CPD activities and hours 

  18. Will the AMCM verify the reported CPD hours?
    The AMCM has the right to require insurance intermediaries to provide relevant documentary proof/record for the reported and completed CPD  activities at any time.

  19. What is the consequence of failing to provide documentary proof/record during verification?
    The licence(s) will be suspended. Insurance intermediaries must comply with all the CPD hours where documentary proof/record is lacking within the following six months. The maximum required CPD hours are the CPD hours pertaining to the three preceding years.
 

Last revision: 2020-12-07 14:56:39