Recruitment and Appointment

Assessing Competence

TC-2.2.1

An insurance licensee must annually determine the training needs of individuals undertaking controlled functions. It must develop a training plan to address these needs and ensure that training is planned, appropriately structured and evaluated.

TC-2.2.2

The assessment and training plan described in Paragraph TC-2.2.1 should be aimed at ensuring that the relevant controlled functions maintains competence in the position An individual can develop skills and gain experience in a variety of ways. These could include on the job learning, individual study, and other methods. In almost every situation, and for most individuals, it is likely that competence will be developed most effectively by a mixture of training methods.

TC-2.2.3

The training plan of insurance licensees must include a programme for continuous professional development training (“CPD”) for their controlled functions.

TC-2.2.4

Approved persons may choose to fulfil their CPD requirements by attending courses, workshops, conferences and seminars at local or foreign training institutions.

TC-2.2.5

The annual training required under Paragraph TC-2.2.1 must also include the quarterly updates, if any, to the CBB Volume 3 (Insurance) Rulebook, in areas relevant to each controlled function.

TC-2.2.6

Insurance licensees should maintain appropriate training records for each individual. Licensees should note how the relevant training relates to and supports the individual’s role. Training records may be reviewed during supervisory visits to assess the insurance licensees systems and to review how the licensee ensures that its staff are competent and remain competent for their roles.

Maintaining Competence

TC-2.3.1

The requirements of Module TC for insurance licensees are effective from the issuance date of this Module.

TC-2.3.2

New applications for approved persons are subject to the requirements of this Module (See Paragraph TC-B.1.4).

TC-2.3.3

Approved persons occupying controlled functions at the time this Module is issued will be grandfathered and not subject to the requirements of this Module, with the exception of CPD requirements in Paragraph TC-1.2.1. However, should the approved person move to another controlled function, Paragraph TC-2.3.4 will apply.

TC-2.3.4

In instances, where an approved person in one insurance licensee moves to another insurance licensee and occupies the same position, the CBB will exercise its discretion on whether to grandfather such approved person from the required qualifications and competencies outlined in Appendix TC-1 into the new insurance licensee. The grandfathering criteria used by the CBB will include a comparison of the scope and size of both positions. This will also apply in instances where an approved person in one insurance licensee moves from one department to another within the same insurance licensee.

TC-2.4.1

An insurance licensee must make and retain updated records of:

TC-2.4.2

For purposes of Paragraph TC-2.4.1, the record keeping requirements apply to both current employees as well as to employees following termination of their services or employment with the insurance licensee, for a minimum period of five years.

TC-2.4.3

An insurance licensee must maintain records of its recruitment and appointment procedures for approved persons for a minimum period of five years following termination of their services or employment with the insurance licensee. Such procedures should be designed to adequately take into account proof of the candidates’ knowledge and skills and their previous activities and training.

TC-2.4.4

For purposes of Paragraph TC-2.4.3, the recruitment record keeping procedure should include, but is not limited to, the following: