CARAIFA CE Credit Programme
CARAIFA has adopted a continuing education programme for LUTCF and FSS designees. Continuing Education (CE) is mandatory for all CARAIFA LUTCF and FSS designation holders. These designees are required to earn a minimum of 30 CE credits each reporting period. Any deficiency in one reporting period must be made up by the next reporting period in addition to the full credit requirement for that period. Non-compliance will be subject to sanctions. Sanctions will be determined by the Education Management Council.
Please note that the reporting period for all first-time designees does not start until 2 years after the designation was completed. Each student has a moratorium within the year of completion. For example: All students who attained their designation in the year 2006 would have a two year period until December 31, 2008, after which their reporting period would run from January 1, 2009 to December 31, 2010. (Note also that any students with designations before 2006, would also fall into this reporting period)
If the agent loses the designation they cannot continue to use it until the designation is reinstated. Anyone who does not satisfy the requirements of the CE Credits for the renewal of their designation will first have 90 days grace period to make up the shortfall. In the absence of that there will be a revocation of their designation and the commencement of 2 years within which time they must make the 30 CE Credits for the reinstatement of their designation with the designation being reinstated at the time of completion, at any time during the 2 year period, with the approval of the Education Management Council.
Please note that designees bound by CARAIFA’s CE credit programme must earn their 30 Continuing Education (CE) Credits in each reporting period from educational activities in acceptable subject matter areas. Designees with more than one designation may need only 30 credits to satisfy the requirements for both designations.
Designees who have earned all 30 CE credits through CARAIFA courses and attending CARAIFA congresses do not have to sign and file a Statement of Compliance. CARAIFA will record the credits and notify designees when they have met CE credit requirements. Designees who have not earned the full 30 credits through CARAIFA are required to file a signed Statement of Compliance and should be ready to independently verify credits if audited.
Things to note
· CE credits will only be enforced to maintain the LUTCF and FSS designations.
· Exemption may be granted to designees aged 60 or older who have complied with CARAIFA’s CE credit requirements for at least two reporting periods. They may request Emeritus status, which means they no longer need to report CE activities. In addition, for reasons of hardship or disability, designees may request a temporary exemption for the current reporting period only. Each case must be presented in writing and will be reviewed by the Education Management Council.
· Credit requirement of 30 credits (not hours) every two years for all members.
· A student can attend one seminar and attain credit for both designations.
· Below is the list of CE Credits that will be granted for members of Associations AND CARAIFA Associate members in good standing:
Credits
- CARAIFA Congress 10
- Association’s Local Congress 10
- MDRT Meeting 5
- One-day Seminar by local assoc. / company 3
- Completion of CARAIFA Courses 15
- Electronic questionnaire on CARAIFA magazine/newsletter article 1
- Moderator 10
- Attendance at two (2) accredited workshops at congress/MDRT 2.5
- Relevant non-CARAIFA courses 7.5
- Any person who serves as teacher, speaker or moderator panellist in an educational meeting e.g. seminar or workshop earns one credit for each 30 minutes of participation activity
N.B – You cannot claim credit both for passing an examination and attending or teaching a course for that examination. In such a case you will be awarded credit for completing and passing the course and not as a moderator.
Courses in the following subject matter are acceptable for CE credits:
Disability Income Insurance
Long-Term Care
Business Law
Accumulation Planning
Medical Expense Insurance
Financial Planning
Business Ethics
Retirement Planning
Property and Liability Insurance
Client Planning
Economics
Employee Benefit Planning
Pensions
Group Insurance
Financial Institutions
Accounting
Investments
Underwriting
Life Insurance
Risk Management
Taxation
Insurance Company Operations
Health Insurance
Business Planning
Annuities
Estate Planning
Regulation
Actuarial Science
Courses pertaining to stress management, motivational speaking, or sales promotion do not qualify for CE credits.
Reporting period – Two Calendar Periods (24 months)
N.B. Applicants pay US $50.00 for CE credits for each reporting period (24 months). If payment is not made any potential credits during that period will not be applied.