FAQ - ANZIIF Certified Insurance Professional (CIP) Program
Definitions
What is a Certified Insurance Professional (CIP)?
CIPs are ANZIIF qualified members, i.e. Fellow, Senior Associate, Associate or Affiliate, who maintain their technical skills and knowledge through an annual program of professional development and abides by the ANZIIF Code of Ethics and Standards of Professional Conduct to ensure the highest standards of professional practice.
What is professional development (PD)?
PD is the process of keeping professional skills and knowledge up-to-date through either formal or informal activities. The Institute recognises all types of PD delivered by all quality training providers, including training provided by companies in-house.
What is the Australian Qualifications Framework (AQF)?
The Australian Qualifications Framework (commonly known as the AQF) is a unified system of national qualifications in schools, vocational education and training (TAFEs and private providers) and the higher education sector (mainly universities).
What is Recognition of Prior Learning (RPL)?
Recognition of Prior Learning (RPL) is the process of providing credit for previously completed qualifications, work experience and life experience. Prior learning is evaluated and compared with the requirements of the ANZIIF course modules; to determine credit/s granted.
What is an ANZIIF qualified member?
An ANZIIF qualified member has successfully completed an Institute qualification, or recognised equivalent, and been elected to one of the following membership levels: Fellow, Senior Associate, Associate or Affiliate and in 2007 will be a CIP.
The move to making CIP a compulsory aspect of qualified Institute member levels.
Why did the Institute decide to make CIP compulsory?
The decision to make CIP compulsory is in line with modern professional practice whereby in order to be truly specialised, professionals must keep their skills updated, keep abreast of changes in their working environment and continue to extend their knowledge and learning.
CIP has been researched and the concept of compulsory CIP has been presented to members and the industry through numerous forums for further debate. Over the course of that period, we have encountered an almost overwhelming agreement that in order to be truly professional our members must move from a voluntary position of undertaking professional development (PD) activities to a mandated requirement of membership.
The Institute is firmly committed to positioning insurance as a recognised and respected profession and will continue to promote CIPs to the industry and wider community as qualified, skilled and knowledgeable professionals who demonstrate the highest levels of integrity in their work.
How will my membership change with the introduction of compulsory CIP?
If you are a qualified member, i.e. Fellow, Senior Associate, Associate or Affiliate you will need to undertake a professional development (PD) program to accumulate a minimum of 25 CIP points each year to maintain your membership status.
CIP points are allocated according to the rigour and duration of the PD activity you undertake. One CIP point is usually equivalent to 1 hour of activity, although this may vary depending on the type of activity.
CIPs may be subject to an annual random audit conducted by the Institute. Accurate records of all PD activities you undertake within a calendar year (January to December), must be kept to verify that you comply with the CIP requirements.
How does the Institute's compulsory CIP relate to the ongoing training requirements of ASIC PS 146?
Institute members who meet the CIP requirements and include training in regulation, compliance and disclosure, will, in most circumstances, have also met the ongoing training requirements of ASIC PS 146.
It is a necessary requirement of ASIC and of the Institute that members be able to produce documentary evidence that they have complied with the training requirements of ASIC PS 146.
How is my CIP status acknowledged?
CIP is the core of Institute membership and you will be able to use the CIP post-nominal in addition to your normal Institute membership post-nominal, i.e. ANZIIF (Snr Assoc) CIP.
The CIP post nominal is a public declaration that you have specialist skills and knowledge in your chosen field of insurance/finance and that you are committed to continuing to improve your knowledge and professional standards.
As a qualified member do I need to register as a CIP each year?
CIP is an integral part of membership therefore you are not required to re-register as a CIP every year. By renewing your ANZIIF membership you are automatically agreeing to participate in the CIP program.
If I choose not to participate in the CIP program can I still remain a member of the Institute?
Yes, however if you are a qualified member and decline to participate in the CIP program your membership will revert to a non-qualified level (Member or Ordinary member level).
In this case, if you have a tertiary qualification, your membership status will be amended to Member level and your membership post-nominal will change to ANZIIF (Mem). If you do not have a tertiary qualification your member status will be amended to Ordinary member and you will no longer have a membership post-nominal to display.
I earned my qualification, why do I have to participate in a CIP program to retain my membership status?
Your education qualification can never be taken away from you however CIP recognises ongoing professional development (PD) that you undertake and your commitment to the profession.
CIP is a membership standard the Institute believes is achievable and it demonstrates that you complete an annual program of PD to maintain up-to-date skills and knowledge, well beyond completion of an industry qualification.
I am an ANZIIF Member or Ordinary member who joined the CIP program before the eligibility rules changed, how does compulsory CIP affect me?
If you joined the CIP program before the membership access rules changed you can still participate as a CIP as long as your membership remains current and you continue to accumulate a minimum of 25 CIP points each calendar year.
Please note however that should your membership lapse; you will only be able to re-join the CIP program by upgrading your membership to qualified member status (i.e. Fellow, Senior Associate, Associate or Affiliate).
I am a qualified member and CIP but I don’t work in the insurance or finance industry do I still need to comply with CIP?
Yes, all qualified members are required to meet the CIP criteria and undertake 25 CIP points of annual professional development (PD) in order to maintain a qualified membership status.
Please note 15 of the 25 points you are required to earn each year must be technical learning relating to insurance and finance.
To find out what you need to do to meet CIP compliance requirements click here.
I am a qualified member and CIP working part-time within the industry do I still need to comply with CIP membership?
Yes, all qualified members are required to meet the CIP criteria and undertake 25 CIP points of annual professional development (PD) in order to maintain a qualified membership status.
Please note 15 of the 25 points you are required to earn each year must be learning relating to insurance and finance.
To find out what you need to do to meet CIP compliance requirements click here.
Professional development (PD) in other industries
What other industries have implemented professional development (PD) programs?
Similar PD requirements apply to many professionals, including accountants, legal and medical professionals.
Can professional development (PD) activities I complete for another professional organisation count towards CIP?
Yes, you are able to claim CIP points for any PD activities you participate in during each calendar year, even if you also claim them against other similar professional programs. Please note the CIP program may differ from other programs in the way it ‘counts’ PD activities and you must ensure that you meet the CIP program requirements.
To find out how many CIP points can be allocated to an activity click here.
Can the professional development (PD) activities I complete for QPIB also count towards CIP?
Yes, if you belong to the QPIB program you are able to claim points for CIP and QPIB on every activity you participate in during the calendar year, provided they meet CIP program requirements.
To find out how many CIP points can be allocated to an activity click here.
My company provides my annual professional development (PD) program - is this sufficient to meet CIP requirements?
Yes, PD activities undertaken through your company are eligible for CIP points. As long as you complete a minimum of 25 CIP points each calendar year and at least 15 of the 25 points related to technical learning, you will meet the CIP requirements.
To find out what you need to do to meet CIP compliance requirements click here.
Meeting the CIP compliance requirements
What do I need to do to maintain my CIP status?
To maintain CIP status, you must undertake a professional development (PD) program to accumulate a minimum of 25 CIP points annually, (or pro rata points for your first year if you elect to membership part way through the calendar year).
Please note, at least 15 of the 25 CIP points must relate to technical learning.
To find out how many CIP points can be allocated to an activity click here.
How are CIP points allocated to professional development (PD) activities?
CIP points are allocated by the Institute according to the rigour and duration of a PD activity.
If you are unsure of how many CIP points to allocate to an activity please contact the Institute’s Customer Service team for assistance on (+61 3) 9613 7280, (New Zealand Free Call 0800 103 675) or email customerservice@theinstitute.com.au.
Do I need to keep a record of the professional development (PD) activities I participate in?
Yes, you need to maintain accurate records of all PD activities you undertake, along with a corresponding CIP points tally, to verify that you comply with the CIP requirements.
To find out more information about keeping a record of your PD program click here.
Please note that records and documentation should be kept for at least 12 months after the year in which the activity occurred.
What type of document do I need to keep?
Documented evidence such as receipts, enrolment records, transcripts, employer reports, certificates, attendance lists, assessment statements, statutory declarations or detailed diary notes.
Please note that records and documentation should be kept for at least 12 months after the year in which the activity occurred.
Earning CIP points
How do I earn CIP points?
All professional development (PD) activities undertaken are eligible for CIP points whether they are provided by your company, the Institute or any other training provider. CIP points can be earned from a mix of insurance and non-insurance activities and can be delivered face-to-face or online.
To find out how many CIP points can be allocated to an activity click here.
What constitutes the CIP year?
The CIP program runs from 1 January to 31 December and qualified members are required to accumulate a minimum of 25 CIP points during this period.
How many CIP points do I need to comply?
Qualified members are required to accumulate a minimum of 25 CIP points each calendar year (January to December).
To find out how many CIP points can be allocated to an activity click here.
Do I need to keep a record of the professional development (PD) activities I participate in?
Yes, you need to maintain accurate records and documentation of all PD activities you undertake, along with a corresponding CIP points tally, to verify that you comply with the CIP requirements.
To find out more information about keeping a record of your PD program click here.
What type of document do I need to keep?
Documented evidence such as receipts, enrolment records, transcripts, employer reports, certificates, attendance lists, assessment statements, statutory declarations or detailed diary notes.
Please note that records and documentation should be kept for at least 12 months after the year in which the activity occurred.
If I commenced my ANZIIF membership mid-year or later do I still need to complete the required professional development (PD) program of 25 CIP points?
Pro-rata points for your first year will apply if you elect to membership part way through the calendar year. For example, if you elect as a qualified member mid year you will be required to complete a PD program to accumulate a minimum of 12 CIP points. Likewise if you elect as a qualified member in September you will be required to complete a minimum of 6 CIP points.
Can I earn CIP points from activities conducted ‘in-house’?
Yes, professional development (PD) activities undertaken 'in-house' are eligible for CIP points, provided the training adds value to how you undertake your job rather than being part of your day-to-day work activities.
Can I earn CIP points for activities I am paid for?
No, the Institute views professional development (PD) as any activity outside the parameters of paid employment. CIP are not applicable if being paid for the service.
Can I earn CIP points for product training?
Yes, the Institute recognises that product training, while ‘part of the job’ for many insurance professionals, can also be a legitimate professional development (PD) activity and is therefore considered applicable for CIP points.
Can I earn CIP points for voluntary services to the industry and community?
Yes, the CIP program recognises that voluntary service to the industry and community is an important part of being a professional and provides valuable opportunities for experiential learning. Your service to the
