Insurance Institute of India introduces Credit Point system in professional exams

The Board of Education Insurance Institute of India in its meeting held on 2nd July 2011 has decided to introduce a Credit Point System for Qualifying in Licentiate, Associateship and Fellowship Examinations. The above decision has been taken in the light of revising changes in the curriculum design and introduction of subjects.

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The features of the credit point system are as follows:

1.   The name and code of existing subjects remain unchanged.

2.   Each subject of study is assigned credit points as given in Annexure The credit points are assigned keeping in view, the level of examination and the difficulty level of the subject.

3.   The above system will allow flexibility to the candidates to choose subject to his /her choice from the available subjects ranging across Licentiate / Associateship and Fellowship examination and accumulate credit points.

4.   At Licentiate and Associateship levels however certain subjects will be compulsory i.e. if the candidate does not pass the compulsory subjects in spite of accumulating credit points, he will not be granted Licentiate certificate, Associateship and Fellowship membership Diploma.

5.   Following are the minimum credit points to be accumulated by a candidate passing the Examinations:

Licentiate Certificate   :    60 credit points

Associateship Diploma     : 250 credit points (including the credit Points of Licentiate level)

Fellowship Diploma     :    490 credit points (including the credit  Points at Licentiate and Associateship levels.

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The compulsory subjects are given below

At Licentiate Examination

1.   Principles of Insurance   and

2.   (a) Practice of Life Insurance OR (b) Practice of General Insurance (i.e. two compulsory subjects at Licentiate Level)

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At Associateship Examination

In addition to the above two subjects

1.   (a) Life Insurance Underwriting OR (b) General Insurance Underwriting   AND

2.   (a) Life Insurance Finance OR (b) General Insurance Accounts preparation & Regulation of Investment

(i.e. two compulsory subjects at Associateship Level)

6. There are three levels of registrations, (1)First registration at Licentiate level (ii) Registration at Associateship level and (iii) Registration at Fellowship level.

However the registration number originally allotted being a unique number, will remain unchanged. Credit points accumulated by candidate will remain valid for a period of 5 years from accumulation only.

That is, if candidates do not pass Associateship examination within 5 years from date of 1st accumulation of credit points of the subject (s), the credit points earned will lapse at the end of the 5th year and so on. In the 6 th year, such candidates have to again accumulate required balance credit points to pass Associateship examination. (Candidates have option to appear in the lapsed subjects again). When a candidate acquires Associateship, the valid credit points will be consolidated at 250 points which will not lapse.

Any additional credit points (above 250 points) that a candidate has already accumulated at Associateship level(as well as further accumulations) will remain valid for Fellowship examination and will lapse only after 7 years from date of accumulation. However, the 250 points consolidated at Associate level will continue to remain valid.

7.   Whenever a new subject is introduced or an existing subject is revised the credit points will be announced for that subject.

8.   By passing Associateship / Fellowship examinations, candidates do not become automatically eligible for Diploma. For obtaining Diploma candidates will have apply for the Election as Associate/Fellow subject to satisfying the rules / regulations framed by Insurance Institute for the same from time to time.

9.Subject-wise examinations granted to candidates who have acquired insurance qualifications from other educational institutes as per the approved list will be converted into credit points. These candidates however, have to satisfy the compulsory subject criteria for getting Associateship / Fellowship Diploma Examination as given in 4, 5 and 6 above. Exemption will be granted paper-wise and candidates will be required to pass in other papers. The credit points will be valid provided the candidate (i)_registers and (ii) passes the Associateship examination within 5 years of becoming eligible to register for Insurance Institute of India’s qualifications. The credit points are however, subject to the candidates fulfilling other rules and regulations required to claim the exemptions as per the details given in Examination Handbook. Maximum credit points available to candidate for such examinations will be 220 only.

10. The credit point system will be effective from May 2012 examination onwards. After the introduction of the credit point system candidates will be awarded Licentiate Certificate. Associateship and Fellowship Diploma only on obtaining the desired credit points including the compulsory papers and fulfillment of other rules and regulations stipulated to the Insurance Institute of India from time to time. For existing candidates, the credit points will be allotted / converted on the basis of their passed papers as per the list given in Annexure – 1.

11. Candidates who take papers common to Specialized courses will qualify for the respective certifications also (e.g. The Marine, Actuarial etc)

In case of any disputes, with regard to credit points system, the final authority in the matter will be the Deputy Chairman, Board of Education and his decision will be final and binding on all.

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ANNEXURE

Subjectwise credit points for withdrawn subjects

Subject Code & Title                         Credit points

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SUBJECTWISE CREDIT POINTS FOR CURRENT SUBJECTS

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Subject Code & Title                             Credit points

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