Continuous Professional Development:
Online training programme

This training programme considers the requirements emanating from Chapter 7: Continuous Professional Development (the “Chapter”) whereby a relevant person and a relevant employee, as defined in the Chapter, are required to undertake a minimum of 15 hours of continuous professional development (“CPD”) training in each calendar year, which can take the form of structured CPD training or unstructured CPD training. As a minimum, such CPD training shall include 12 hours of structured CPD training.

The training programme includes 15 sessions covering a number of topics as indicated in Sections 6.8 to 6.10 of Chapter 6 in Part B of the Insurance Distribution Rules and which qualify as structured CPD training. A defined number of hours are allocated to each session and a written assessment shall be carried out after each session in order to provide a certificate of attendance that may be used for CPD purposes indicating the number of hours of the session and the topic/s and areas covered.

The training programme offers attendees the possibility to select the sessions required.

1. Duration, delivery and fees
- Duration – up to 2 hours per session
- Delivery – GoToWebinar
- Fees - €75 (+ VAT) per participant per session subject to a minimum of 4 sessions per participant

Groups of participants of 8 persons or more from the same entity would benefit from a discounted rate of €65 (+ VAT) per participant per session subject to a minimum of 4 sessions per participant.

2. Certification
- A certificate of attendance will be issued to all participants.
- CPD Training will be followed by a written assessment.

Legal aspects and regulatory developments

Session 1 – An overview of the European and Maltese regulatory framework – Insurance intermediaries

Tuesday 27th June 2023 – 3pm
Duration: 1.5 hours 

General overview of the legal framework and key licensing requirements of:

  1. Insurance agents, insurance brokers and insurance managers
  2. Tied insurance intermediaries and ancillary insurance intermediaries

Presenter:

Beppe Sammut, Legal Counsel

Session 2 - The Insurance Distribution Rules

Tuesday 4th July 2023 – 3pm
Duration: 2 hours

  • A detailed review of Part A and Part B of the Insurance Distribution Rules

Presenter:

Romina Bonnici, Senior Regulatory Advisor

Session 3 - Related legislation

Tuesday 11th July 2023 – 3pm
Duration: 1.5 hours

General overview of the:

  • Protection and Compensation Fund Regulations (S.L. 403.13);
  • Distance Selling (Retail Financial Services) Regulations (S.L. 330.07);
  • Duty on Documents and Transfers Act (Cap. 364)
  • Function of the Office of the Arbiter for Financial Services

Presenters:

Nadia Cassar, Senior Associate
Nico Fauser, Advocate

Session 4 - Product distribution arrangements (for distributors)

Tuesday 18th July 2023 – 3pm
Duration: 1 hour

  • Objectives of product distribution arrangements
  • Distribution strategy
  • Obtaining all the necessary information from the manufacturer
  • Providing sale information to the manufacturer

Presenter:

Romina Bonnici, Senior Regulatory Advisor

Session 5 - Product oversight and governance arrangements (for manufacturers)

Tuesday 25th July 2023 – 3pm
Duration: 1 hour

  • Objectives of product oversight and governance arrangements
  • Target market
  • Product design and testing
  • Product distribution
  • Product monitoring

Presenter:

Philippa Taylor East, Regulatory Advisor

Session 6 - Financial crime including sanction screening

Tuesday 1st August – 3pm
Duration: 1.5 hours

  • Anti-money laundering legislation and guidance
  • Sanction screening

Presenter:

Elaine Magri, Associate

Session 7 - Passporting

Tuesday 29th August 2023 – 3pm
Duration: 1 hour

General overview of the:

  • Passporting rules and regulations
  • Passporting application process

Presenter:

Romina Bonnici, Senior Regulatory Advisor

Session 8 - ESG

Tuesday 5th September 2023 – 3pm
Duration: 1 hour

  • Integration of sustainability within the governance of insurance undertakings
  • Sustainability-related disclosures under the SFDR

Presenter:

Luke Hili, Associate

Session 9 - Digital Operational Resilience Act (DORA)

Tuesday 12th September 2023 – 3pm
Duration: 1.5 hours

  • Application, subject-matter and scope
  • Important definitions
  • Governance – Responsibilities of the Board of Directors
  • ICT risk management, ICT-related incident management, classification and reporting
  • Digital operational resilience testing
  • ICT-third party risk
  • Competent authorities

Presenter:

Beppe SammutLegal Counsel

The insurance sector: The insurance market, market participants and products

Session 10 - The insurance sector – Basic concepts and the main actors

Tuesday 19th September 2023 – 3pm
Duration: 1 hour

  • General principles of insurance
  • The insurance market – licence holders’ duties and responsibilities

Presenters:

Philippa Taylor East, Regulatory Advisor
Tina Mifsud, Advocate

Ethics and professional conduct

Session 11: Corporate Governance

Tuesday 26th September 2023 – 3pm
Duration: 1 hour

  • The MFSA code on corporate governance
  • The three-lines model

Presenter:

Stephanie Cassar, Associate

Assessing the client needs

Session 12: Demands and needs assessment

Tuesday 3rd October 2023 – 3pm
Duration: 1 hour

  • Format
  • Statement
  • Signature
  • Online sales
  • Renewals
  • Monitoring

Presenter:

Romina Bonnici, Senior Regulatory Advisor

Information disclosure

Session 13: The sales process – General business insurance

Tuesday 10th October 2023 – 3pm
Duration: 1 hour

  • Medium of disclosure
  • Disclosures of Information on Regulated Person
  • Disclosures on the Services and Products provided by the Regulated Person
  • Disclosures on Conflicts of Interest
  • Complaints handling

Presenter:

Elaine Magri, Associate

Session 14: The sales process – Life business focusing on Insurance Based Investment Products (IBIPs)

Tuesday 17th October 2023 – 3pm
Duration: 1.5 hours

  • Key characteristics, risks and features, costs and charges
  • Suitability and appropriateness testing
  • Sustainability preferences

Presenter:

Elaine Magri, Associate

Financial competency

Session 15: Financial competency (for insurance intermediaries only)

Tuesday 24th October 2023 – 3pm
Duration: 1 hour

  • Issuance of receipts
  • Monies held in a fiduciary capacity
  • Terms of payment
  • Reconciliations
  • Accounting Records

Presenter:

Romina Bonnici, Senior Regulatory Advisor