Minimum CPD hours requirement

At the time of renewal of the licence(s), all authorised individual insurance intermediaries must fulfil the requirement of a minimum CPD hours of five hours for either ‘general insurance’ licence or ‘life insurance’ licence, and a minimum CPD hours of ten hours for ‘life insurance’ licence and ‘investment linked’ licence, or ‘general insurance’ licence and ‘life insurance’ licence or ‘general insurance’ licence, ‘life insurance’ licence and ‘investment linked insurance’ licence every year, as applicable.


First reporting requirement

The first CPD reporting to the AMCM for authorized insurance intermediaries shall start from 1 January 2019:

 Insurance intermediaries who obtained their authorisation during the period from 1 January 2018 to 31  December 2018 are required to fulfil and report to the AMCM, a minimum of 5 or 10 CPD hours, depending on their licence(s), at the time when they renew their licence(s) in 2019.

 Insurance intermediaries who obtained their authorisation prior to 1 January 2018 are required to fulfil and report to the AMCM on a one-time accumulative basis, depending on their licence(s), at the time of renewal of licence(s) in 2019.  The respective required accumulative CPD hours can be found at The required minimum accumulative CPD hours for first reporting.


Subsequent reporting requirement

Starting from 1 January 2020, all individual insurance intermediaries are required to fulfil and report the minimum CDP hours aforementioned. Any excess CPD hours accumulated within a particular year cannot be carried forward.

If the individual insurance intermediary cannot fulfil the minimum CPD hours corresponding to his/her licence(s) at the time of the renewal of licence(s), his/her licence(s) shall not be renewed.  During the period that the licence(s) is/are not renewed, he/she is forbidden to engage in any insurance intermediary activities and receive any commissions.

If the individual insurance intermediary could fulfil the minimum required CPD hours, he/she can fulfil the total required CPD hours within the following six months (the total required CPD hours are the total of CPD hours corresponding to the previous year and pro-rata CPD hours in the current year). Thereafter his/her licence(s) shall be renewed.

If the individual insurance intermediary fails to fulfil the total required CPD hours at the end of the period as stated in the preceding paragraph, renewal of his/her licence(s) will be prohibited during the subsequent three months. During these three months, he/she must fulfil the total required CPD hours as stated in the preceding paragraph. He/she is forbidden to engage in any insurance intermediary activities and receive any commissions during this period. 

 

Record Keeping

Individual insurance intermediaries should maintain records and retain the supporting evidence of all CPD activities that they have attended for at least three years counting from the completion of the CPD activities, and promptly provide to the AMCM for the purpose of verification upon request.


Reporting time of CPD hours

Individual insurance intermediaries should report to the AMCM the CPD hours corresponding to their licence(s) at the time of the renewal of licence(s).

 

Verification of compliance

The AMCM has the right to perform verification to ensure compliance with the Programme. When requested, the individual insurance intermediary is required to present the relevant CPD records and documentary evidence, which shall correspond with the CPD information reported to the AMCM.

If the insurance intermediary fails to furnish the CPD supporting documents to the AMCM within thirty calendar days after notification, he/she shall be considered as non-compliance with the minimum CPD hour requirement and his/her licence(s) shall be suspended until documentary proof or evidence is provided to the AMCM.   During this period, he/she is forbidden to engage in any insurance intermediary activities and receive any commissions.

If the individual insurance intermediary fails to provide the abovementioned documentary proof or evidence to the AMCM within thirty calendar days as stated in the preceding paragraph, he/she has to participate in qualified training activities and fulfil the required CPD hours where documentary proof is lacking, within the following six months (the required CPD hours are subject  to a maximum of three preceding years) in order to re-activate his/her licence(s). 

 

Qualified CPD activities

The followings are considered as “qualified CPD activities” under the Programme:

1. Structured activities (i.e. training activities which require involvement with other people such as training courses and seminars) which must be within the areas stated in the “Qualified CPD Activities”, and  are required to be recognized by the AMCM or accredited by the assessment authority beforehand.

2. Studies for undergraduate or postgraduate degrees in local or overseas educational institutes in any disciplines related to the areas stated in the “Qualified CPD Activities” can be granted ten CPD hours for each year’s studies, for six years at most in respect of each university degree programme. These studies are not required to be accredited by the assessment authority. Evidence such as transcript, examination results, coursework assessment or attendance should be submitted when requested by the AMCM.

3. Studies for attaining specified professional qualifications, to be specified by AMCM in the form of circular, can be granted ten CPD hours for each year’s studies, for six years at most in respect of the training activities of each qualification. These studies are not required to be accredited by the assessment authority.  Evidence of passing the examination of at least one subject in a particular year has to be submitted when required by the AMCM to be granted ten CPD hours for that particular year.

4. Holders of the professional qualifications with CPD related to the areas stated in the “Qualified CPD Activities”  are considered to have satisfied the maximum ten CPD hours per year if (i) the institutes granting such qualifications have a specific CPD programme for holders of such qualifications; and (ii) they (as the holders of such qualifications) have satisfied the CPD requirements specified by the institutes granting such qualifications. They are not required to be accredited by the assessment authority. Evidence of holding such qualifications/titles should be submitted by the concerned insurance intermediaries as required by the AMCM. They should also be able to produce documentary proof that compliance with the institute’s CPD programme is essential for the holding of such qualifications/titles.

5. Speakers in any of the qualified CPD activities can earn CPD hours based upon the actual length of time which the speakers have taken part in the activities as speakers at a rate of one hour equals to three CPD hours.

 

Organisers providing structured CPD activities

Organisers of structured CPD activity can be the AMCM, the Macau Institute of Financial Services (IFS), educational institutes such as universities and authorised training institutes,  insurance companies, banks, insurance or banking or financial  associations. Other than the AMCM and IFS, the institutions mentioned above are required to submit their CPD activities to the assessment authority for accreditation and be accepted prior to their activities being considered as qualified activities.

 

Assessment authority

The Macau Institute of Financial Services (“IFS”) will be appointed by the AMCM to be the assessment authority of the Programme.

 

Information about the qualified CPD activities

Information about the accredited qualified CPD activities and their respective CPD hours can be found at the website or other public channels of the assessment authority.

 

Exemption from CPD

In general, all individual insurance intermediaries have to participate in the Programme. Concession can be given to those who have long term or prolonged illness which preclude them from attending CPD activities. Such long term or prolonged illness should be supported by medical report issued by registered hospital. The AMCM can consider granting such concession on a case-by-case basis.

 

CPD requirement in the case of re-application of licence

Should the insurance intermediary cancel his/her licence(s) anytime during the validity period of the licence and re-apply for the licence(s) within the following two years counting from the date of the cancellation, he/she is required to fulfil all the required CPD hours at the time of re-application of licence(s).  The required CPD hours will be the aggregate of the outstanding CPD hours as at the date of cancellation of licence and the CPD hours counting from the date of cancellation to the date of reapplication of licence calculated on a pro-rata basis. CPD hours calculated with less than one hour will be rounded up to one whole hour.

  

Last revision: 2020-11-20 17:10:30