Professional training of persons involved in distribution activities

1. Professional training of persons involved in distribution activities

I.1. Overview

The regulations issued by the Financial Supervisory Authority (the authority which, when it was set up, took over all the powers and prerogatives of the three Commissions, including those of the Insurance Supervisory Commission) in the field of the professional training of persons involved in distribution are as follows:

• Law No 236/2018 on insurance distribution;
• Rule No 19/2018 on insurance distribution;
• Rule No 20/2018 on the professional training of persons involved in distribution.

With the effects of Law no. 236/2018, the A.S.F. issued Rule no. 20/2018 on the professional training of persons involved in the distribution activity, regulating the following:

a) the acquisition, development, accumulation and certification of professional skills in the field of insurance and/or reinsurance;

b) the mechanisms for monitoring and assessing the knowledge and skills of persons involved in insurance and/or reinsurance distribution;

c) the conditions for the authorisation of providers of insurance and/or reinsurance training programmes;

d) conditions for the approval of principal intermediaries as providers of insurance and/or reinsurance training programmes;

(e) the obligations of providers, companies and principal intermediaries in relation to insurance and/or reinsurance training activity;

(f) requirements for the certification of lecturers;

(g) other activities related to insurance and/or reinsurance activity.

In view of the IDD's requirements to ensure a high level of professionalism and competence among employees of insurance and/or reinsurance undertakings and insurance, reinsurance and ancillary insurance intermediaries, the professional knowledge required must correspond to the specificities and complexity of the insurance and/or reinsurance distribution business.

 

I.2. Elemente de noutate instituite prin Norma nr. 20/2018

• reglementarea a trei categorii profesionale:

1. 1. intermediar în asigurări și/sau reasigurări care urmează să desfășoare/desfășoară activitate de distribuție de asigurări și/sau reasigurări;
   2. conducător cu atribuții de conducere în cadrul intermediarului secundar;
   3. conducător executiv cu atribuții conform Normei nr. 19/2018 privind distribuția de asigurări în cadrul intermediarilor principali.

• introducerea noțiunii de credit de formare profesională, aplicabilă atât în cadrul formării profesionale inițiale cât și celei continue;

• posibilitatea de a opta pentru acumularea de credite de formare profesională în cadrul programului de pregătire profesională;

• posibilitatea ca intermediarii principali să poată opta pentru calitatea de furnizor de programe profesionale, situație în care se obține avizul A.S.F.;
• obligația personalului implicat în activitatea de distribuție de a efectua minimum 15 ore/an de pregătire, echivalentul a 20 de credite de formare profesională;
• examinarea la ISF pentru toate categoriile profesionale odată la 3 ani;
• introducerea conceptului de mentorat în pregătirea profesională care conduce la introducerea de alte noi noțiuni, cum ar fi cea de debutant, mentor, activitate de mentorat, Registrul mentorilor (RM);
• evaluarea competențelor și obținerea unui certificat de competențe a persoanelor care doresc să activeze în domeniul asigurărilor și/sau reasigurărilor, fără a mai urma programul de pregătire teoretică și practică inițială;
• evaluarea și certificarea persoanelor care activează deja în domeniul asigurărilor de minimum 5 ani, cu respectarea anumitor condiții, în calitate de evaluatori de competente avizați de ISF și crearea Registrului evaluatorilor de competențe (REC);
• delegarea unor competențe către ISF și emiterea de către institut a Metodologiei de lucru.

I.3. Logical outline of the training process ( in Ro)

II. Training requirements for persons involved in distribution activities

According to Rule No 20/2018, the professional training of persons working in the insurance/reinsurance field and directly involved in distribution activity is as follows:

(a) initial vocational training, completed by examination and obtaining the certificate of graduation or certification of competence at the ISF;

b) continuous vocational training, completed by an examination and a certificate of completion every 3 years at the ISF.

 

II.1. Categories of intermediaries to which the training provisions apply

 

Nr. ctr.	CATEGORIES of intermediaries
1.	insurance agents individuals
2.	heads of insurance agents who are legal persons
3.	auxiliary agents, natural persons
4.	heads of auxiliary agents, legal persons
5.	leaders of affiliated agents
6.	the heads of the distribution business in prime intermediaries - credit institutions and investment firms
7.	employees who distribute insurance in credit institutions or investment firms as principal intermediaries
8.	the chief executives of brokerage firms
9.	employees of the insurance and/or reinsurance distribution brokerage company, i.e. insurance/reinsurance brokers
10.	brokerage assistants, individuals
11.	heads of insurance distribution activity within legal assistants and subassistants
12.	heads of insurance distribution to legal auxiliary assistants and assistant auxiliaries
13.	employees of companies engaged in insurance and/or reinsurance distribution, such as insurance and reinsurance inspectors, etc.
14.	employees of secondary intermediaries carrying on the business of insurance and/or reinsurance distribution, as appropriate: sub-agents, auxiliary sub-agents, affiliated sub-agents, sub-assistants, auxiliary sub-assistants

 

 

II.2. The length of training programmes, including e-learning and credit system

 

II.2.1. Programme duration

a) for initial vocational training: a minimum of 45 hours and 60 vocational training credits respectively, in compliance with the legal provisions;

b) for continuing vocational training: a minimum of 15 hours/year and 20 training credits/year respectively, or a combination thereof, subject to legal requirements.

 

II.2.2. Training credits

The equivalent of one training credit is obtained in one of the following ways:

(a) a period of 45 minutes of formal training;

b) a period of 45 minutes of a lecture in a vocational training programme or at a scientific activity;

(c) 135 minutes' participation in a conference, seminar or round table;

d) a period of 90 minutes of mentoring, carried out in accordance with the provisions of this rule.

 

The system of training credits set out in Rule No 20/2018 is applicable as follows:

   (a) for initial vocational training, within the framework of practical training:

            (i) the equivalent of 20 vocational training credits for total practical training;

            (ii) the equivalent of 10 vocational training credits for the mentoring period;

   (b) for continuing vocational training:

   (i) a minimum of 15 hours/year and 20 vocational training credits/year respectively; or

   (ii) a combination thereof: maximum of 10 vocational training credits and 7.5 hours/year, of which for mentoring 2 vocational training credits/1.5 hours/year.

 

 

IMPORTANT

Training programmes are completed with a certificate of completion and are registered in the Register of Insurance Intermediaries, Managers and Chief Executives (RIAC).