Continuing Professional Development (CPD) is any kind of structured learning undertaken by professionals that serves to enhance their skills and competencies.
The Central Bank of Ireland’ minimum Competency Code 2011 requires that qualifications and experience must be maintained and built upon through CPD to ensure that insurance practitioners keep their knowledge up to date.
The main requirements of the MCC are outlined below.
- All individuals are responsible for recording their completed CPD as evidence of their compliance.
- All CPD activity must be completed by 31 December each year.
- 15 hours of formal CPD must be completed each calendar year.
- At least 1 of these CPD hours must relate to ethics.
- A minimum of 1 hour of CPD must be completed for each function undertaken.
- Completing a range of CPD topics with a good spread across the Central Bank of Ireland’s knowledge points is advised.
- CPD completed for MCC purposes must be accredited by the III, LIA and or IOB.
- Surplus CPD hours cannot be carried over into the next year.
- Career breaks, unemployment, full-time study, gardening leave, change of employment or travel, do not exempt an individual from meeting their CPD requirements.
- Anyone out of work for more than 2 months due to a long-term illness may apply for a pro-rata reduction in CPD. This must be verified by their employer.
- A pro-rata adjustment in CPD requirements may also be available to those taking statutory leave (e.g. maternity/parental/adoption).
For any queries on CPD or if you are looking to work out your pro-rata hours please contact the Compliance Support team on email@example.com or telephone 01 6613067