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Insurance Institute of India

Insurance Institute of India. Credit Point System. Credit Point System (CPS). CPS gives Wider Choice of Subjects to Insurance Professionals Flexibility to choose level of examination Meets industry requirement. Credit Point System (CPS). Effective from May 2012 Examinations

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Insurance Institute of India

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  1. Insurance Institute of India Credit Point System

  2. Credit Point System (CPS) CPS gives • Wider Choice of Subjects to Insurance Professionals • Flexibility to choose level of examination • Meets industry requirement

  3. Credit Point System(CPS) • Effective from May 2012 Examinations • Subjects allotted Credit Points On the basis of : • Difficulty level • Level of Examination

  4. Credit Points System(CPS) Minimum credit points required CPs • Licentiate Crtificate 60 • Associateship 250 (60 + 190) • Fellowship 490 (60 + 190 + 240)

  5. Credit Points(CPs) Accumulation • On passing the subject • On getting exemption for the subject • Subject already passed before CPS came into effect.

  6. Compulsory Subjects • Licentiate 1. Principles of Insurance & 2. Practice of Life insurance or Practice of General Insurance

  7. Compulsory Subjects Associateship (Compulsory subjects of Licentiate and) 1. Life Insurance Underwriting or General Insurance Underwriting 2. Life Insurance Finance or General Insurance Accounts preparation & Regulation of Investment. (Total four subjects)

  8. Compulsory Subjects Fellowship (Compulsory subjects of Associateship and ) Any one of the following subjects : • Foundation of Actuarial Science Sub 28 • Foundation of Casualty Actuarial Science (1) Sub 47 A-1 • Mathematical Basis of Life Assurance Sub 81 • Foundation of Casualty Actuarial Science (2) Sub 84 A-2 • Actuarial aspects of Product Development Sub 92 (Total five subjects)

  9. CPs Validity Period • Accumulated Credit Points will be valid for 5 years from passing the subject. • If exempted, 5 years will be counted from the date of passing the qualifying examination. • If subject passed before CPS came into effect 5 years from the effective date(1st April 2012). • Candidates granted exemption and already registered with III will get validity of CPs for 5 yrs from effective date. continued ……..

  10. CPs Validity Period • The validity period of CPs will be extended by 2 years after the candidate passes Associate Examination. • Candidate completed Associateship will get consolidated CPs 250. These CPs will not lapse. • Associate members will be eligible for Fellowship any time they accumulate additional 240 CPs. (250 CPs of Associates fixed)

  11. Other terms and conditions for accumulation of CPs • CPs will be allotted only for the subjects available in the III’s list of subjects. • CPs for a subject will be allotted only once during the entire CPs validity period. • After lapse of CPs, the candidate may pass the subject again if available in the list and get credit. continued ……..

  12. Other terms and conditions • There is no restriction on selection of subject from any branch or any level of examination

  13. Compulsory Subjects • Candidate having acquired sufficient CPs will not be granted Licentiate Certificate unless both the Compulsory Subjects(CS) are passed. • Similarly for Associateship, Diploma will be granted after passing of two CS of Licentiate level and two CS of Associateship. • For Fellowship diploma Licentiate and Associate level CS and one of five Fellow level (actuarial subjects ) are compulsory. • CPs of common subjects will be valid across the Examinations. ( Specialization )

  14. Registration / Diploma Fee • First Registration fee • Valid for all optional subjects and • Compulsory subjects of Licentiate Registration in lieu of diploma fee to be paid for • Compulsory subject of Associateship Registration in lieu of diploma fee to be paid for • Compulsory subject of Fellowship

  15. SUBJECT WISE CREDIT POINTS for withdrawnSubjects Subject Code & Title Credit points (12) Insurance Business environment 20 (21) Information Technology 20 (25) Life Assurance Management 30 (51) Fire Hazards of Specific Industries 30 (52) General Fire Hazards 30 (54) Fire Insurance Underwriting 30 (55) Consequential Loss (Fire ) Insurance 30 (61) Cargo Loss Prevention 30 (62) Commercial Geography 30 (63) Marine Clauses 30 (65) Marine Underwriting 30 (73) Personal Accident , Sickness and Miscellaneous Insurance 30 (79) Liability and Engineering Insurance 30 (87) Law and Economics of Insurance 30 (97) Legal Aspects of Industrial Relations 30 (98) Advanced Information Technology 30

  16. SUBJECT WISE CREDIT POINTS FOR CURRENTSUBJECTS Subject Code & Title Credit points (01) Principles of Insurance 20 (02) Practice of Life Insurance 20 (11) Practice of General Insurance 20 (14) Regulations of Insurance Business 20 (31) Insurance Salesmanship 20 (22) Life Assurance Underwriting 30 (23) Applications of Life Assurance 30 (24) Legal Aspects of Life Assurance 30 (26) Life Assurance finance 30 (27) Health Insurance 30 (28) Foundation of Actuarial Science 40 (45) General Insurance Underwriting 30 (46) General Insurance Accounts preparation and Regulation of Investment 30 (A-1/47) Foundation of Casualty Actuarial Science Part-I (Non-Life) 40

  17. SUBJECT WISE CREDIT POINTS FOR CURRENTSUBJECTS Subject Code & Title Credit points (56) Fire Insurance Claims 30 (57) Fire and Consequential Loss Insurance 30 (58) Fire Insurance Coverages 30 (59) Fire Insurance Rating and Underwriting 30 (66) Marine Insurance Claims 30 (67) Marine Insurance 30 (68) Marine Insurance Coverages 30 (69) Marine Insurance Rating and Underwriting 30 (71) Agricultural Insurance 30 (72) Motor Insurance 30

  18. SUBJECT WISE CREDIT POINTS FOR CURRENTSUBJECTS Subject Code & Title Credit points (74) Liability Insurance 30 (77) Engineering Insurance 30 (78) Miscellaneous Insurance 30 (81) Mathematical Basis of Life Assurance 40 (82) Statistics 40 (83) Group Insurance & Retirement Benefit Schemes 30 (84/A-2) Foundation of Casualty Actuarial Science Part-II (Non-Life) 40 (85) Reinsurance Management 40 (86) Risk Management 40 (88) Marketing and Public Relations 30 (89) Management Accounting 40 (90) Human Resource Management 30 (92) Actuarial Aspects of Product Development 40 (99) Asset Management 30 (A-03) Basic Ratemaking 40 (A-04) Estimating Unpaid claim using basic techniques 40

  19. Thank You -Professional Exams Team

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