FAIS: Enquiries About Skills Credits
Q: I started working in the Insurance industry in 2008, completed 63 credits Personal and Commercial and passed my RE1 in 2013. After this, I left the insurance industry.
I desperately want to return. What qualification do I need? Should I write another RE exam?
A: There is good news, good news and more good news.
You mention that you passed the RE 1. That is in fact the Key Individual exam. If you wrote and passed the regulatory exam for representatives (RE 5), then you need not write it again if you seek reappointment as a representative. If you did pass the RE 1, then you will be obliged to write the representative’s RE 5.
If you will not be marketing new products, other than those indicated above, your credits are sufficient, as your first date of appointment in the industry (DOFA) was before 1 January 2010. Those appointed after this date have to work under supervision until they obtain an approved full qualification, should they not be in possession of one on appointment.
There is another element, which people returning to the industry should consider. If you left the industry, and returned more than 5 years later, your previous service will no longer be recognised, and you will have to work under supervision until you have gained the required experience.
Luckily in your case, the gap was only about three years, so this will not be an impediment to reappointment, provided you were not debarred.
Q: I would like to know more about fees and registration for FAIS credits for short-term insurance. I am interested in doing 60 FAIS credits.
A: There appears to be some confusion in the industry about the value of credits. Merely obtaining 60 credits will not be of much value to you in so far as the fit and proper requirements are concerned, unless you plan to do this as a starting point towards a full qualification.
If you were appointed prior to 1 January 2010, and had obtained the minimum number of approved credits (30 personal lines and 60 commercial lines), you were allowed to remain in the industry.
If you now wish to continue studying towards a full qualification, having obtained some credits already, then you should contact a learning provider such as Moonstone Business School of Excellence (MBSE) to verify what you have in place, and help you map a study route towards a full qualification.
As pointed out above, you will have to obtain a full qualification if appointed after 31 December 2009.
MBSE offers a Further Education and Training Short-Term Insurance Qualification at NQF Level 4. Please click on the link, or phone Abigail on 021 883 8000 for more information.
Paul Kruger: Moonstone Compliance (Pty) Ltd
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