Annual Report. Nurturing Asia s Best

Transcription

1 Annual Report Nurturing Asia s Best

2 our VISION To be a premier professional training and educational institution, internationally recognised for its programmes for the insurance and related financial services industry. our MISSION To provide the highest quality professional training and education for the insurance and related financial services industry, so as to contribute to Singapore s development as an international financial centre. our OBJECTIVES To expand the pool of professionally qualified insurance and related financial services professionals through various means, including examinations, assessment and certification. To continuously develop and provide high quality insurance and related financial services education and training programmes, including seminars, lectures and conferences, both in Singapore and across Asia. To provide various platforms, both nationally and internationally, for insurance and related financial services professionals to network and exchange knowledge and experience. To build and maintain an insurance and related financial services research and information resource centre. To enhance intellectual depth through creating and developing curriculum content, as well as writing and producing publications, including textbooks, magazines and journals on insurance and related subjects. To promote public awareness of insurance and related matters through various activities involving the community, as well as public and educational institutions.

3 CONTENTS About Singapore College of Insurance (SCI) Corporate Profile Board of Governors Academic Board Examination Board 06 Past Chairpersons of SCI TECHNICAL TRAINING PROGRAMMES Series of Marine and Energy Insurance Programmes Series of Reinsurance Programmes Series of Specialist Insurance Programmes Series of Engineering Insurance Programmes Series of Insurance Claims Programmes Series of Broking Programmes Series of Soft Skills Programmes Series of Continuing Professional Development (CPD) Programmes Corporate Training Solutions (CTS) Certification & Competencies Programmes Other Events & Conferences TALENT DEVELOPMENT PROGRAMMES INTERNATIONAL COLLABORATIONS SCI WINS EDUCATIONAL SERVICE PROVIDER OF THE YEAR 2016 REGULATORY & PROFESSIONAL EXAMINATIONS Regulatory Examinations Professional Examinations STATISTICAL INFORMATION Regional Routes Training Programmes, Practice-Oriented Programmes, CPD Programmes, Certification & Competencies Programmes & CTS Programmes Regulatory & Professional Examinations FINANCIAL INFORMATION ANNEX TO TECHNICAL TRAINING PROGRAMMES

4 The Singapore College of Insurance (SCI) is a not-for-profit professional training and education body set up in 1974, as part of Singapore's efforts to develop as a financial hub. For more than 42 years, SCI has remained focused in its efforts to upgrade the technical expertise of insurance and financial services practitioners, and to provide them with professional advancement opportunities, through its series of practice-oriented programmes and internationally-accredited qualifications. Since the late 1970s, SCI has also played the role of an industry examination body to conduct regulatory examinations for those wishing to join the financial advisory, and life and general insurance industries. Since 2009, SCI has also expanded its role to include talent development programmes, such as the Insurance Executive Scholarship Programme (IESP) and the Insurance Management Associate Programme (imap) that have succeeded in attracting and placing numerous fresh tertiary talent into the varied functions in the industry. SCI was voted the Asia Insurance Industry Educational Service Provider of the Year in 1997, 2001, 2007 and It has international links with professional bodies, such as The Chartered Insurance Institute (CII), The Chartered Institute of Loss Adjusters (CILA), The American College (TAC), The Life Office Management Association (LOMA), LIMRA and The Australia and New Zealand Institute of Insurance and Finance (ANZIIF), as well as with other training institutes in the region, through its involvement in the ASEAN Insurance Education Committee (AIEC) projects. SCI has also actively helped to set up the Asia-Pacific Risk and Insurance Association (APRIA) to further insurance education, and to promote links between academia and the industry. CORPORATE PROFILE SCI is registered as a charity and it is funded by revenue generated from its activities. The principal activities of SCI include the provision of continuing professional development education, the administration of industry and regulatory examinations, as well as the award of professional designations in insurance and financial planning. SCI is governed by a Board of Governors, chaired by the Executive Director (Insurance), Insurance Department, Monetary Authority of Singapore (MAS), with representatives from its four founding Associations, namely General Insurance Association of Singapore (GIA), Life Insurance Association, Singapore (LIA), Singapore Insurance Brokers Association (SIBA), and Singapore Reinsurers Association (SRA), as well as appointed governors. Charity Registration Number : CPE Registration Number : M Period of CPE Registration : From 26 September 2015 to 25 September 2019 Registered Address Website Banker Independent Auditor : 9 Temasek Boulevard #14-01/02/03 Suntec Tower Two Singapore : talk2us@scidomain.org.sg : : DBS Bank Ltd : RT LLP 2

5 BOARD OF GOVERNORS Chairperson Ms Lee Keng Yi (Resigned on 12 April 2017) Ms Ho Hern Shin (Appointed on 13 April 2017) Appointed Governors Mr Michael Eu (Appointed on 1 June 2012) Professor Francis Koh (Appointed on 1 November 2013) Mr Paul Faulkner (Appointed on 6 May 2015) Representing the General Insurance Association of Singapore Mr A K Cher (Appointed on 6 September 2013) Mrs Doina Palici-Chehab (Appointed on 25 June 2015) Representing the Life Insurance Association, Singapore Dr Khoo Kah Siang (Resigned on 6 March 2017) Mr Patrick Teow (Appointed on 13 April 2017) Mr Ken Ng (Appointed 3 July 2015) Representing the Singapore Insurance Brokers Association Mr Gerald Lim (Appointed on 10 January 2011) Representing the Singapore Reinsurers Association Mr Thomas Lillelund (Resigned on 9 June 2016) Mr Alain Flandrin (Appointed on 1 August 2016 and Resigned on 31 December 2016) Mr Marc Haushofer (Appointed on 2 March 2017) 3

6 ACADEMIC BOARD Chairman Dr Yeo Keng Leong (Resigned on 31 March 2017) Dr Shinichi Kamiya (Appointed on 1 April 2017) Representing the General Insurance Association of Singapore Ms Stella Tan (Appointed on 17 February 2011) Representing the Life Insurance Association, Singapore Mr Ken Ng (Appointed 25 July 2016) EXAMINATION BOARD Chairperson Ms Karine Kam (Appointed on 17 February 2011) Representing the Monetary Authority of Singapore Ms Veronica Chia (Appointed on 17 February 2011) Representing the Singapore College of Insurance Ms Zoey Chung (Appointed on 17 February 2011) Mr Kwek Seow Yang (Appointed on 17 February 2011) Representing the Monetary Authority of Singapore Mrs Beng Du Maniar (Appointed on 17 February 2011) Representing the Singapore Actuarial Society Ms Choo Oi San (Resigned on 31 March 2016) Representing the Singapore College of Insurance Ms Karine Kam (Appointed on 17 February 2011) Representing the Singapore Reinsurers Association Mr Alain Flandrin (Resigned on 21 June 2016) Mr Kenrick Law (Appointed on 1 August 2016) 4

7 PAST CHAIRPERSONS OF SCI 1974 to 1975 Mr Lim Kim Kuay Insurance Commissioner, MAS 1976 Mr F J D Costa Insurance Commissioner, MAS 1977 to 1979 Mr Tan Guan Aik Insurance Commissioner, MAS 1980 to 1992 Mr Law Song Keng Insurance Commissioner & Actuary, MAS 1993 to 1999 Mrs Lim Shu Chiau Executive Director, Insurance Department, MAS 2000 to 2005 Mrs Hauw Soo Hoon Executive Director, Insurance Supervision, MAS 2005 to 2010 Mr Low Kwok Mun Executive Director, Insurance Supervision, MAS 2010 to 2013 Ms Luz Foo Executive Director, Insurance Supervision, MAS 2013 to 2014 Ms Loo Siew Yee Executive Director, Insurance Department, MAS 2014 to 2017 Ms Lee Keng Yi Director and Department Head, Insurance Department, MAS CURRENT CHAIRPERSON OF SCI 2017 to date Ms Ho Hern Shin Executive Director (Insurance), Insurance Department, MAS 5

8 TECHNICAL TRAINING PROGRAMMES 2016 at a glance programmes 2,598 participants Regional Routes Programmes - R Practice-Oriented Programmes - P CPD Programmes Corporate Training Solutions - CTS Certification & Competencies - C ,023 Legend No. of Programmes No. of Intakes No. of Participants 6

9 7

10 Technical Training Programmes In 2016, we conducted a total of 89 programmes that were attended by 2,598 participants. Of these, close to 89% were from local companies. Of the 11% who came from outside Singapore, the majority were from countries including Indonesia, Malaysia, Philippines, India, Thailand, South Korea and Hong Kong. We also received participants from countries outside the region like Papua New Guinea, Pakistan and Nepal. We conducted 24 Regional Routes Programmes (R 2 ), 25 Practiced-Oriented Programmes (P 2 ), 19 CPD Programmes, 11 Corporate Training Solutions Programmes (CTS) and 10 Certification & Competencies Programmes (C 2 ). Below are highlights of some of our series. Series Of Marine & Energy Insurance Programmes Our series of Marine Insurance Programmes, conducted by veteran lecturers and industry practitioners, continues to be popular. In 2016, we conducted seven programmes with 119 participants. The programme delivered by Mr Stephen Harris, Initial Introduction to Marine Hull, Cargo, Liability Insurance and P&I, attracted 29 participants, which is the highest number for this series. Series Of Reinsurance Programmes The series of Reinsurance flagship programmes of SCI continues to be very well-received by both local and foreign participants. A total of six such programmes were conducted, attracting 219 participants. The foreign participants came from countries like Guam, Hong Kong, Indonesia, India, Malaysia, Papua New Guinea, South Korea and Thailand. A new programme titled All You Need to Know about Protection & Indemnity (P&I) Insurance was introduced. Led by Mr Chris Hall, this one-day intensive programme provided insurance and shipping industry practitioners with a firm understanding of P&I Insurance, including its historical beginnings, the concept of mutuality, the structure of the P&I Clubs, the scope of coverage, the rating factors, as well as the claims considerations and procedures. A total of 16 participants attended this programme. 8

11 Series Of Specialist Insurance Programmes We conducted one programme under this series with a total of 22 participants. In partnership with the School of Aviation Academy (SAA) in Singapore, we conducted the 4 th Asian Aviation Risks, Liabilities & Insurance Course. This three-day course attracted 22 participants, including practitioners from Guam, Indonesia, Malaysia, Nepal, Philippines and Taiwan. Similar to the earlier runs, participants heard from a panel of speakers experienced in the field of Aviation Insurance, including two senior staff members from the Civil Aviation Authority of Singapore (CAAS), two aviation lawyers, and international insurance reinsurers and brokers. One of the highlights of the programme was the site visit on the third day of the programme. The participants had the opportunity to visit SAA and Republic Polytechnic, where they gained hands-on experience using different airport simulators (emergency services, air traffic services and cockpit simulator). Series of Engineering Insurance Programmes The series of Engineering Insurance programmes continues to be well-received by the participants. We conducted six programmes with a total of 103 participants. During one of the programmes, Practical Understanding of Engineering & Construction Risks & Technology (Incorporating Site Visit), the participants had the opportunity to participate in a site visit to the POINZ Residences project site. The visit was hosted by China Jingye Engineering Corporation Limited (Singapore Branch). Series of Insurance Claims Programmes A total of nine programmes were conducted under this series, which attracted a total of 143 participants. In response to requests for life- and health-related programmes, we conducted a two-day programme titled Critical Illness Insurance Claims Handling. Participants acquired a comprehensive understanding of Critical Illness (CI) Insurance, including policy scope and coverage, commonly applied policy conditions and exclusions, definitions of the various critical illnesses, as well as the typical claims practices and issues faced by insurers. Series of Broking Programmes Three programmes were conducted for this series. A total of 30 participants attended the programmes. A new oneday programme, titled Errors & Omissions for Brokers, was introduced to educate the insurance practitioners on the causes and consequences of complaints and errors and omissions claims against brokers. Ten participants, out of whom three were from overseas, attended the programme. 9

12 Series of Soft Skills Programmes CPD requirement for the year. Understandably, all of the participants were locally based and came from a wide spectrum of the Singapore industry insurers, intermediaries, financial advisers, life and general agents and other staff. We conducted three programmes under this series which were attended by 47 participants. These programmes covered areas of communication, problem-solving and emotional intelligence and were well-received by the participants. Corporate Training Solutions (CTS) Series of Continuing Professional Development (CPD) Programmes We conducted 18 CTS programmes in 2016 to cater to the training needs of the sponsoring organisations. This included eight sessions of Contract Certainty (Reinsurance) seminars. A total of 321 participants attended these programmes. We conducted 21 CPD programmes in 2016 which attracted a total of 362 participants. These programmes were held in October, November and December to cater to industry practitioners who needed to fulfil their 10

13 Certification & Competencies We conducted the following certifiable skills courses that attracted a total enrolment of 1,023 participants: Certifiable Skills Programme on Basic Concepts & Principles In General Insurance (BCP) five intakes, with a total of 149 participants; Certifiable Skills Programme on Personal General Insurance (PGI) five intakes, with a total of 124 participants; Certifiable Skills Programme on Commercial General Insurance (ComGI) five intakes, with a total of 132 participants; Reinsurance: Basic Concepts and Principles (CRI) one intake, with a total of 18 participants; Certificate in Health Insurance (CHI) three intakes, with a total of 45 participants; Certificate in Motor Insurance for Motor Dealers (CMI) ten intakes, with a total of 237 participants; Certificate of Proficiency in Foreign Domestic Worker Insurance (FDWI) five intakes, with a total of 105 participants; Certificate of Proficiency in Foreign Worker Insurance for Employment Agencies (FWI) two intakes, with a total of 58 participants; Certificate of Proficiency in Travel Insurance six intakes, with a total of 89 participants, and Certificate in Financial Needs Analysis and Plan Construction three intakes, with a total of 66 participants. The Certificate in Financial Needs Analysis & Plan Construction ENHANCED, is a 6-day certification to equip candidates with the foundational competencies to: Conduct a proper needs-based analysis; Analyse a range of insurance and investment products based on suitability for clients; and Construct a retail client-based personal financial plan. Candidates will be assessed through a variety of assessment tools, including in-class participation, written assessments, multiple-choice questions (MCQs) and practicum. 11

14 Other Events & Conferences Inaugural ANZIIF/SCI Reinsurance International Study Course (RISC) Singapore The inaugural ANZIIF/SCI RISC Singapore was held from 25 to 28 September This programme is affiliated to the widely acclaimed Reinsurance International Study Course (RISC) of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) in Australia, having its 49 th intake in The ANZIIF/SCI RISC Singapore is a collaborative effort between SCI and ANZIIF. The course is supported by the Monetary Authority of Singapore, and is set to become one of the main talent-building blocks within SCI s Reinsurance Talent Development Framework which aims to develop and expand the pool of reinsurance specialists and groom the next generation of leaders for the reinsurance sector in Singapore. The ANZIIF/SCI RISC Singapore attracted a total of 54 delegates from 14 countries, with 29 delegates based in Singapore, seven delegates based in Indonesia, four delegates based in Malaysia, three delegates based in Philippines, two delegates based in Kuwait, and one delegate each based in China, South Korea, India, Hong Kong, Pakistan, Papua New Guinea, Sri Lanka, Thailand and UAE. 12

15 7 th Intake - ASEAN Young Insurance Managers (AYIM) Programme SCI organised the seventh intake of the AYIM programme from 17 to 23 November 2016 in Yogyakarta, Indonesia. Held bi-annually since 2006, the AYIM programme caters to high-potential insurance professionals within the region who are capable of providing dynamic leadership, to provide them with broad management skills and knowledge through interactive seminars and workshops over a one-week period. The programme has been conducted consecutively for three years, as there is a demand from the region for the need to develop young managers to lead the industry forward. The seventh intake of the AYIM programme saw a total of 69 participants from eight ASEAN countries and 39 companies. Over the years, the programme has served as a platform for high-potential executives to network and share perspectives across the region. 2 nd ASEAN Insurance Summit (AIS) The second ASEAN Insurance Summit was held at the Royal Ambarrukmo Hotel, Yogyakarta, Indonesia on Wednesday, 23 November 2016, and saw about 172 attendees, including insurance regulators and senior management of insurance companies in the region. It was held back-to-back with the 41 st ASEAN Insurance Council (AIC) Meetings and the 18 th ASEAN Insurance Regulators Meeting (AIRM). The theme of the summit was The Rise of ASEAN How the Insurance Industry Can Play a Bigger Role in AEC. It explores the essential role insurance plays in supporting and sustaining economic growth in the region, and the unique position of insurance as a provider of capital with a long-term investment horizon, which generates opportunities for public-private partnership in infrastructure projects that are essential for economic growth Intake, 17 to 23 November >>>

16 Talent Development Programmes The Insurance Industry Talent And Leadership Development Framework (IITLDF) was developed by MAS in partnership with the industry, and was announced by the MAS Managing Director, Mr Ravi Menon, at the opening of the 12 th Singapore International Reinsurance Conference on 6 November 2013 as one of the strategic initiatives conceptualised to achieve MAS s vision for Singapore to become a global insurance/reinsurance marketplace by Together with MAS, various industry associations and corporations, including General Insurance Association of Singapore (GIA), Life Insurance Association, Singapore (LIA), Singapore Insurance Brokers Association (SIBA), Singapore Reinsurers Association (SRA), as well as, Loss Adjusters Association (Singapore) (LAAS), Reinsurance Brokers Association (Singapore) (RBAS), Singapore Actuarial Society (SAS) and Lloyd s, SCI conducted a series of joint industry roadshows to gather feedback from the ground on a series of programmes under the IITLDF that have been planned for the industry. Since the inception of the Insurance Executive Scholarship Programme (IESP) in 2009 followed by the Insurance Management Associate Programme (imap) in 2014, these programmes had attracted a total of 167 fresh graduates into the insurance industry, of whom 114 have attained their Associate Chartered Insurance Institute (ACII) certification. Insurance Management Associate Programme General Insurance (IMAP-GI) Track The inaugural imap-gi intake was launched on 1 July 2014 with much success, where 21 Management Associates (MAs) were placed with 9 Sponsoring Institutions (SIs). The MAs went through the 24-month programme that comprised study modules leading to professional insurance designations and certifications, functional rotations, mentoring by senior managers with the SIs and an International Exposure Programme (IEP). Most of the MAs (16 of them) achieved their ACII certification in The second and third intakes of the imap-gi programme were launched on 1 July 2015 and 1 July 2016 respectively, and a total of 25 MAs were placed with 12 SIs. The MAs were put through a rigorous interview and placement process before they were accepted by the SIs. The 12 SIs participating in the two intakes came from various segments of the industry, including Lloyd s Asia, Lloyd s service companies, insurance and reinsurance companies, as well as insurance and reinsurance broking companies. The 25 MAs were provided with a wide variety of opportunities and roles in underwriting, claims, actuarial services, catastrophe modelling, broking and compliance. The second and third intakes of the imap-gi programme are expected to complete their programmes on 30 June 2017 and 30 June 2018 respectively. Insurance Management Associate Programme Life Insurance (imap-li) Track The inaugural intake of the imap-li programme was launched on 1 July 2015 to provide life insurance companies with a structured talent development programme to build their talent and leadership pipeline. The programme has received good feedback, and the second intake of the programme commenced on 1 July

17 Similar to the imap-gi track, the imap-li track has been structured to provide the MAs with the necessary broadbased exposure to prepare them to work and advance in the industry. During the 24-month programme, the MAs will be on a study programme leading them to the ACII certification. At the same time, they will be provided with support through functional rotations, mentoring by senior managers with the SIs, and special activities to provide them with exposure to the industry beyond their day-to-day work. Together, the two intakes had 22 MAs placed with two SIs from the life insurance sector, providing the MAs with varied roles in underwriting, claims, finance, actuarial service, business development and customer service. International Collaborations Talent and Skills Survey We embarked on a Talent and Skills survey project with LOMA/LIMRA in The survey was targeted at the Chief Executive Officers and Chief Operating Officers of insurance companies in ten countries Singapore, Malaysia, Indonesia, Thailand, the Philippines, China, Hong Kong, India, Korea and Taiwan. The survey noted that the severity of talent gaps in the insurance industry has increased significantly in recent years. Many companies are experiencing great difficulty in attracting quality talent to meet business needs. The survey results have affirmed the understanding that such a trend is not expected to change within the next three to five years. Life Insurance Career Competencies and Development Pathway We had also collaborated with LOMA/LIMRA to develop Life Insurance Career Competencies and Development Pathways for life insurance practitioners. For this project, LIMRA conducted extensive research on how practitioners are currently being developed, courses taken, materials used, key learning objectives, and global best practices across a number of markets and high-performing companies. Through the industry contacts and publications in Singapore and other mature markets, including the US, UK, Canada, Australia, Hong Kong and Japan, relevant data had been collected and consolidated. LIMRA had also validated the findings with company officers responsible for talent development in each function. The purpose of the study is for us to better understand the career competencies and learning pathways for key business function roles within the Life Insurance Industry, with a specific application to the Singapore market and for SCI to design more job-relevant courses. 15 The review identified specific Competencies and Developmental Pathways along with sample training courses currently available in the market. Within each Functional Area, a descriptive review was completed, providing a Job Summary, the Primary Responsibilities, Reporting Relationship, Education/Experience, Basic Knowledge, Abilities and Behavioural Competencies. A visual Career Roadmap had been developed, and a comprehensive Learning Pathway was compiled. The Functional areas that were included were: Business Development; Compliance; Customer & Policy Owner Service; Life Claims; Life Underwriting; Marketing; Product Development; Risk Management; and Sales & Sales Management. Asia-Pacific Risk and Insurance Association (APRIA) The Asia-Pacific Risk and Insurance Association (APRIA) was created in 1997 to provide a means for all persons and entities with an interest in risk management, insurance, actuarial science and related areas to share ideas and to engage in collaborative research for the ultimate benefit of the insurance industry. Being an international association, APRIA draws members from around the world, particularly Asia-Pacific countries. The association welcomes participation from all countries academics, executives, researchers, and government leaders willing to share ideas and to engage in collaborative research for the ultimate benefit of the insurance industry. APRIA members get together at the annual conference to share their latest research findings and learn of the latest developments in the industry. SCI is the official Secretariat of APRIA and provides administrative support to the elected officials of the association. SCI also hosts and maintains the website of APRIA.

18 SCI WINS EDUCATIONAL SERVICE PROVIDER OF THE YEAR 2016 The crowning achievement for SCI in 2016 was that it once again won the Educational Service Provider of the Year Award at the Asia Insurance Industry Awards dinner, held in conjunction with the 28th East Asia Insurance Congress in Macau, on 11 October Also contending for the award were The Australian and New Zealand Institute of Insurance and Finance (ANZIIF), and LOMA/LIMRA. SCI won the award this time for its range of programmes catering to senior managers and support staff, attracting young talent to the industry with a high retention rate. In addition, its exchange programmes and the many well-attended specialist workshops and ASEAN managerial schools meet the training needs of the Asian insurance industry. This marks the fourth time that SCI has won this prestigious award, having previously won it in 1997, 2001 and SCI won the inaugural Educational Service Provider of the Year Award at the Asia Insurance Industry Awards in 1997, which recognised SCI s extensive use of information technology and its track record in training, not only for Singapore-based insurance professionals but also executives from the region. In 2001, SCI was again voted the Asia Insurance Industry Educational Service Provider of the Year in recognition of its intensive online courseware and effective online communication facilities allowing 24/7/365 service and consistent training, its innovative proactive responses to changing needs of the marketplace, as well as its valueadded customised training courses for its corporate clients. In 2007, SCI clinched the Educational Service Provider of the Year Award for the third time, being saluted for its high-quality training and education programmes that were attuned to market trends as well as its continuous efforts to boost educational standards across the region. In addition, SCI was recognised for its market leadership role as it was instrumental in garnering the support of nine industry stakeholders, including the associations representing the banks, life insurers, brokers, advisers and other professionals to adopt and implement the ISO22222:2005 International Standard for Personal Financial Planning in Singapore, making Singapore the first country in the world to do so >>>

19 REGULATORY & PROFESSIONAL EXAMINATIONS 17

20 Regulatory Examinations Capital Markets & Financial Advisory Examinations (CMFAS) In 2016, SCI continued to administer five of the 15 CMFAS modules of the Securities & Futures Act (SFA) and the Financial Advisers Act (FAA) regulatory examinations as mandated by MAS as follows: Module 5 Module 8 Module 8A Module 9 Module 9A : Rules and Regulations for Financial Advisory Services; : Collective Investment Schemes; : Collective Investment Schemes II; : Life Insurance and Investment-Linked Policies; and : Life Insurance and Investment-Linked Policies II. Since 2002, SCI has administered the CMFAS Modules 5, 8 and 9. As mandated by MAS, two other CMFAS examinations, namely M8A Collective Investment Schemes II, and M9A Life Insurance and Investmentlinked Policies II, were implemented from 3 January Those affected by the new regulatory requirements had been given 18 months from the implementation date to pass the relevant examinations. In 2016, for the Module 5 examination, a total of 15,263 candidates enrolled. 14,075 of them sat for the examination and 6,292 passed the examination. Instead of releasing the 5 th Edition Study Guide on 3 October 2016, SCI made available the M5 Study Guide in e-version with effect from 15 August The M5 e-version incorporated all the updates which were issued via Supplementary Notes. As there was no change in the edition, i.e. the 4 th Edition, candidates who opted for the hard copy of the Study Guide would have to check the SCI website for updates issued via Supplementary Notes before they sit for their examination. These Supplementary Notes were accessible via Supp_Notes.asp and must be read in conjunction with the 4th edition M5 Study Guide. For the Module 8 examination, a total of 2,809 candidates enrolled. 2,601 of them sat for the examination, and 1,498 passed. SCI released the 5th Edition of Module 8 (English) on 14 December 2015, and the examination that was based on that Study Guide was implemented on 14 March The Study Guide was also made available in e-book format. With the interest of the candidates in mind, SCI introduced the e-study Guides to replace the hard copies. The e-version would enable the candidates to gain instant access to the most up-to-date version of the Study Guide. It would also allow them to leverage on technology to enhance their learning experience, as the e-version included useful functions, such as bookmarking, text highlighting, note taking and word searching, as well as direct links to websites. 18

21 For the Module 8A examination, a total of 2,994 candidates enrolled. 2,826 of them sat for the examination and 2,154 passed. SCI released the 1st Edition of Module 8A (English) in e-book format in For the Module 9A examination, a total of 7,740 candidates enrolled. 7,152 of them sat for the examination and 5,353 passed. SCI released the 1st Edition of Module 9A (English) in e-book format in As for the Module 9 examination, in 2016, a total of 11,265 candidates enrolled. 10,381 of them sat for the examination and 5,887 passed. SCI released the 5th Edition of the Module 9 Study Guide (English) on 1 July 2011, with the examination based on this Study Guide implemented on 1 September The pass rates for Modules 5, 8, 8A, 9 and 9A examinations were 44.7%, 57.6%, 76.2%, 56.7% and 74.9%, respectively. Candidates who had passed both CMFAS Modules 5 and 9 of the Capital Markets & Financial Advisory (CMFAS) examinations continued to be entitled to use the Cert SCI (Life Insurance) designation which was introduced in

22 Health Insurance In 2016, SCI also continued to administer the Health Insurance (HI) examination. A total of 8,711 candidates enrolled for the examination. 8,207 of them sat for the examination, and 5,600 passed. The HI examination was based on the 6 th edition of the Study Guide which was released in 2016 with supplementary notes issued to address the current updates. The new edition of the Study Guide included an electronic version, e-book and e-mock Paper which were accessible by candidates after successful online registration and fee payment. Since 2 January 2015, the HI Study Guides were made available in e-version which came with a mock examination paper without additional charge. SCI will continue to allow candidates the choice of studying from a hard copy text or from the electronic study aids. Candidates who opted for the hard copy Study Guides will have to regularly check the SCI website for updates before they sit for their examinations. Candidates who have passed both the Health Insurance and CMFAS Modules 5: Rules and Regulations for Financial Advisory Services examinations would be entitled to use the Cert SCI (Health Insurance) designation introduced in Certification In General Insurance The Certification in General Insurance (CGI) comprises three modules, namely: BCP Basic Insurance Concepts and Principles; PGI Personal General Insurance; and ComGI Commercial General Insurance. The overall examination pass rate for 2016 was 68.2%. Under the Notice No: MAS 117, since March 2002, all new life and general insurance intermediaries and company staff members would be required to obtain the SCI Health Insurance certification before they can be involved in selling or providing sales advice on any health insurance products, including Medical Expense Insurance, Disability Income Insurance, Long-Term Care Insurance and Critical Illness Insurance. However, those who provide advice on or arrange contracts of insurance in respect of Health Insurance products with only critical illness benefits and/or hospital income benefits would not need to comply with this requirement if they have obtained BCP and PGI passes in the Personal General Insurance Certification or CMFAS Module 9: Life Insurance and Investment-Linked Policies examinations. In 2016, a total of 5,717 candidates enrolled for BCP examinations. 5,222 of them sat for the examinations, and 3,276 passed. The BCP examinations were based on the 4th Edition of the BCP Study Guide (English) released in April For PGI examinations, a total of 4,290 candidates enrolled. 3,991 of them sat for the examinations, and 3,088 passed. The PGI examinations were based on the 4th Edition of the PGI Study Guide (English) released in June As for ComGI examinations, a total of 3,611 candidates enrolled. 3,269 of them sat for the examinations, and 1,569 passed. The ComGI examinations were based on the 4th Edition of the ComGI Study Guide (English) released in July

23 The examination pass rates for BCP, PGI and ComGI were 62.7%, 77.4% and 48.0% respectively. Compared to 2015, the examination pass rates were higher for all modules by 2.3, 6.9 and 1.6 percentage points for BCP, PGI and ComGI respectively. Candidates who have passed the BCP, PGI and ComGI Examinations will be entitled to use the Cert SCI (General Insurance) designation introduced in Basic Competency Examinations Under the Notice No: MAS 211, MAS requires anyone (including general insurance intermediaries and employees of insurance companies and banks) who sells or provides sales advice on general insurance to possess the Personal General Insurance Certification, and/or the Commercial General Insurance Certification, depending on the lines of products sold or advised. In 2016, a total of 3,048 candidates obtained the Certification in Personal General Insurance (an increase of 18.2% compared with the previous year) whilst 1,547 obtained the Certification in Commercial General Insurance, which was an increase of 14.0% compared with the previous year. The Basic Competency Examinations (BCE) would cater to those who did not satisfy the minimum academic qualification requirements under the Financial Advisers Act (FAA) licensing framework. To qualify, candidates must pass both examination modules of the BCE, namely, English and Mathematics. In 2016, a total of four examinations (held in January, April, July and October 2016) were conducted for BCE. For the year under review, a total of 113 entries were received for both modules. 95 of them sat for the examinations. 26 of them passed the English module while 22 passed the Mathematics module. Of these, 20 candidates obtained the full BCE Certification. The pass rates for the English and Mathematics modules were 63.4% and 40.7% respectively. 21

24 Professional Examinations Certificate-Level Qualifications Certification in Reinsurance The Certification in Reinsurance (CRI) was introduced in 1994 to provide entry-level certification for support staff members in the industry with basic knowledge in reinsurance principles and practices. From 2004, candidates could opt to obtain this certification on a selfstudy basis. In 2016, a total of 79 entries were received for the CRI examinations. 65 of them sat for the examinations, and 57 (or 87.7%) passed. Since 2008, candidates who had passed the BCP and CRI examinations will be entitled to use the Cert SCI (Reinsurance) designation. Preparatory Course for Advanced Diploma of the Chartered Institute of Loss Adjusters The Preparatory Course for Advanced Diploma of the Chartered Institute of Loss Adjusters is a registered course with the Committee for Private Education. SCI will be organising classes during the first half of year 2017 for candidates who are keen to pursue this qualification. This qualification provides candidates with the opportunity to specialise in the adjustment of a specific type of claim, from a choice of: Property (Domestic), Property (Commercial), Liability, Business Interruption or Subsidence. This is a part-time two-month course which comprises two modules C2 Application of The Principles of Insurance; and C3 Adjustment of Claims. After having successfully completed the preparatory course and passed the examinations under CILA C2 and C3, holders of DGIRM and ADGIRM will be able to obtain CILA Advanced Diploma qualification. Proctoring Of CII Examinations In year 2016, SCI continued to proctor the CII examinations which were held in April and October. A total of 329 candidates registered and sat for the examinations that were organised (off-site) by the SCI. The 1 st edition (2006) Study Guide on Reinsurance: Basic Concepts and Practices, with Supplementary Notes issued in September 2009, was used for the CRI examination. 22

25 Diploma-Level Qualifications Diploma in General Insurance and Risk Management (DGIRM) Advanced Diploma in General Insurance and Risk Management (ADGIRM) Introduced in 2008, the DGIRM / ADGIRM programme provides technical qualifications for insurance staff members working across all sectors of the industry. It also aims to provide candidates with in-depth and comprehensive technical knowledge of risks and insurance, insurance principles, products, underwriting principles and practice, claims management, insurance company operations, legal aspects of insurance, as well as business and economics. In 2011, we introduced a new framework, and candidates who were partway through the programme were allowed until the end of 2012 to complete the relevant modules required. After 2012, those candidates who had partially completed the programme were transferred to the new framework. From March 2013, the programme was conducted under the new framework regime. Another change in March 2013 was the conversion of the Pen & Paper examination mode to the Computer Screen Examination (CSE) mode. In June 2016, the DGIRM / ADGIRM examinations were conducted using the Surface Pro device. General feedback was positive. The DGIRM / ADGIRM programme provides candidates with a firm grounding in insurance fundamentals and enables them to build towards advanced technical knowledge, thereby ensuring they have the means to function effectively in their respective job roles. In addition to being a valuable qualification in its own right, the Programme can also be a milestone in the attainment of the Advanced Diploma in General Insurance and Risk Management, also developed and awarded by SCI. The programme is eligible for Recognition of Prior Learning (RPL) from The Chartered Insurance Institute (CII) and comprises a total of 11 modules, with three at CGI level (i.e. BCP, PGI and ComGI), as well as the following four modules at the Diploma level and three modules at the Advanced Diploma level. Diploma Level - Dip SCI (GI & RM) DGI01 Legal Aspects of Insurance; DGI02 Insurance Company Operations; DGI03 Commercial Property and Business Interruption Underwriting; and DGI04 Liability Insurance Underwriting. Advanced Diploma Level - Adv Dip SCI (GI & RM) ADGI05 Claims Management; ADGI06 Risk Management; and ADGI07 Business and Economics. 23

26 Revision Of Examination Requirements For ADGIRM Examinations With effect from 1 January 2016, the examination requirements of the ADGIRM examinations have been revised as follows: From 1 January 2016 Prior to 1 January 2016 Examination Format Part I: 1 Case Study Question (80 marks) Part II: 2 Scenario-based / Essay questions (40 marks each) Passing Mark Distinction Minimum of 80 marks out of a total of 160 marks (i.e. 50%) Minimum of 136 marks out of a total of 160 marks (i.e. 85%) Part I: 2 Case Study Questions (40 marks each) Part II: 3 Essay / Scenario Questions (30 marks each) Minimum of 85 marks out of a total of 170 marks (i.e. 50%) Minimum of 145 marks out of a total of 170 marks (i.e. 85%) Note: The duration for the ADGIRM examinations remain unchanged at three hours. Changes On CII Recognition Of Prior Learning (RPL) Credits & Application With effect from 1 February 2017, the CII requires that candidates must have fully completed the Diploma in General Insurance and Risk Management (DGIRM) or the Advanced Diploma in General Insurance and Risk Management (ADGIRM) to apply for CII RPL credits. The only exception is ADGI05 Claims Management where the CII will accept the SCI result slip without the completion certificate for this ADGIRM module. Summary of CII RPL Credits for DGIRM / ADGIRM Qualifications: SCI Diploma / Advanced Diploma Qualifications DGI01 Legal Aspects of Insurance DGI02 Insurance Company Operations DGI03 Commercial Property and Business Interruption Underwriting DGI04 Liability Insurance Underwriting ADGI05 Claims Management CII RPL Award An exemption from P05 Insurance Law (25 Diploma-level credits in the Insurance qualifications framework). An exemption from P92 Insurance Business and Finance (25 Diplomalevel credits in the Insurance qualifications framework). An exemption from P93 Commercial Property and Business Interruption Insurances (25 Diploma-level credits in the Insurance qualifications framework). An exemption from P96 Liability insurances (25 Diploma-level credits in the Insurance qualifications framework). An exemption from CII820 Advanced Claims (30 Advanced Diplomalevel credits in the Insurance qualifications framework). ADGI06 Risk Management An exemption from P67 Fundamentals of Risk Management (25 Diploma-level credits in the Insurance qualifications framework). ADGI07 Business and Economics Candidates who completed ADGI07 examination from 5 May 2016: An exemption from CII530 Economics and Business (30 Advanced Diploma-level credits in the Insurance qualifications framework). Candidates who completed ADGI07 examination before 5 May 2016: 30 Diploma-level non-unit-specific credits in the Insurance qualifications framework provided candidates have applied for CII RPL credits no later than 31 January No award for applications from 1 February 2017 onwards owing to differences in CII assessment standards. 24

27 The DGIRM / ADGIRM examinations, conducted in English, were offered in four series in 2016 (April, July, September and October 2016). In total, there were 420 examination entries and the average pass rate for the examinations was 51.1%. In year 2016, a total of 26 candidates obtained the DGIRM qualification whilst 17 candidates attained their ADGIRM qualification. Designations Awarded Upon successful completion of the examination modules within the specified time frame, the candidate will be entitled to use the designations as follows: (a) Modules DGI01 to DGI04: Dip SCI (GI & RM) (b) Modules DGI01 to DGI04 and ADGI05 to ADGI07: Adv Dip SCI (GI & RM) The candidate has to meet the specified Continuing Professional Development (CPD) Requirement in order to maintain the respective designations as described above. Diploma in Life Insurance (DLI) The SCI Diploma in Life Insurance is a technical and supervisory qualification for life insurance staff working across all sectors of the life insurance industry, and provides a logical progression after obtaining the Cert SCI (Life Insurance) and Cert SCI (Health Insurance) designations. This programme provides a good understanding of the various individual life, annuity and disability insurance products, including design, pricing, underwriting, claims, investments and other managerial operations of a life insurance company. Additionally, this programme presents an overview of risk management relating to insurance and retirement planning. It also provides an in-depth treatment of the legal aspects of life insurance, life insurance company operations, as well as the process and environment relating to financial planning. Developed to meet industry standards and compliance, this programme provides the technical knowledge and skills needed to provide quality services to clients and effectively manage a successful life insurance business. Furthermore, this programme can be a milestone towards the attainment of the Chartered Life Underwriter /Singapore (CLU /S) Programme, which is awarded by SCI under licence from The American College. The DLI programme consists of the following five modules: DLI01 - Individual Life Insurance; DLI02 - Risk Management, Insurance and Retirement Planning; DLI03 - Life Insurance Law; DLI04 - Life Insurance Company Operations; and DLI05 - Financial Planning: Process and Environment Qualifying Requirements To qualify for the Diploma, the candidate must fulfil the following requirements: (a) The candidate may take the modules in any order. However, SCI recommends that the candidate take them in the order of the module numbers. There is no limit on the number of examination attempts per module by the candidate. Having passed that module examination, the candidate cannot retake it, unless the completion period has expired. (b) To obtain the SCI Diploma in Life Insurance, the candidate must pass all five modules (DLI01 to DLI05) within three consecutive years. The examinations were conducted on a monthly basis. In 2016, there were a total of 163 entries with an average pass rate of 58.5%. 10 candidates obtained the DLI qualification in year

28 The UK National Academic Recognition Information Centre (NARIC) has also benchmarked the SCI DLI as being comparable to a Qualifications and Credit Framework. SCI Qualification Diploma in Life Insurance (DLI) Dip SCI (LI) Comparability to the Qualifications & Credit Framework (QCF) of the United Kingdom (UK) Is considered comparable to QCF Level 4 standard. DLI holders are eligible to apply for Associate CIP membership with ANZIIF. ANZIIF grants Associate Membership to financial services professionals who have completed an insurance/finance qualification equivalent to the ANZIIF Certificate IV level or any other recognised education requirement (Life or General Insurance Affiliateship). Upon such membership approval, an Associate of ANZIIF may use the post-nominal ANZIIF (Assoc) CIP. Designatory Letters Awarded Upon successful completion of the examination modules (Modules DLI01 to DLI05) within the specified time frame, the candidate will be entitled to use the designatory letters: Dip SCI (LI). Chartered Financial Consultant / Singapore The nine-course programme leading to the award of the Chartered Financial Consultant /Singapore (ChFC /S) professional designation continues to receive support from the financial fraternity, as it is recognised as the qualification that provides financial planners in the Singapore financial services industry with the comprehensive financial planning knowledge to better assist their clients in this increasingly competitive field. In particular, it allows candidates to explore in-depth practical applications of financial planning, estate planning, and retirement planning concepts, including planning for business owners, professionals and wealthy clients. This is a self-study programme, except for ChFC08 and ChFC09 in which candidates must attend 14- hour and 2-hour tutorials respectively before attempting the examinations. The ChFC /S designation is awarded by SCI under licence from The American College, USA. In 2016, there were 67 tutorial intakes conducted for ChFC01 to ChFC07 for new entrants and AFC holders who were given exemption for the first module. The tutorials were conducted by our marketing partner, Insurance And Financial Practitioners Association of Singapore (IFPAS). To be awarded the ChFC /S qualification, participants The candidate has to meet the specified Continuing Professional Development (CPD) Requirement in order to maintain the respective designations as described above. 26

29 must pass all examinations and submit a written financial plan as well as be assessed as Competent in a one-onone practicum assessment. In 2016, there were 2,490 subject examination entries. 110 participants completed the ChFC /S Programme and were awarded the ChFC /S designation. Chartered Life Underwriter / Singapore The eight-course programme leading to the award of the Chartered Life Underwriter /Singapore (CLU /S) professional designation focuses on the protection, accumulation, preservation, and distribution of the economic values of human life. Candidates will also learn the most current financial planning strategies for individuals and business owners. The CLU /S designation is also awarded by SCI under licence from The American College, USA. CLU /S Programme for ChFC /S Graduates ChFC /S graduates are exempted from four modules and must pass all examinations for the following four modules to be awarded the CLU /S qualification: Individual Life Insurance; Life Insurance Law; Life Insurance Company Operations; and Group Benefits and Health Insurance. In 2016, there were 89 subject examination entries. 11 participants completed the CLU /S Programme and were awarded the CLU /S designation. 27

30 NEW STUDY GUIDES/TEXTS RELEASED IN 2016 Health Insurance (HI) In October 2016, SCI released a new 6 th edition of the HI Study Guide. The examination based on the new edition of this Study Guide will take effect from 3 January Both the hardcopy and e-version of the Study Guide were made available to the examination candidates. This edition refreshes the various Singapore Government subsidies for outpatient and inpatient medical services, and includes the precise policy exclusions for ElderShield and MediShield, as well as an updated write-up on Medifund. This new edition has also incorporated all the supplementary notes issued to date, including the details on the Pioneer Generation Package and the Pioneer Generation Disability Assistance Scheme, the features and benefits of MediShield Life, as well as how MediShield Life integrates with the other Medisaveapproved Integrated Shield Plans (IPs). In addition, it has included the revised Notice No: MAS 120 and the changes made to the definitions of the various critical illnesses, as the Critical Illness Insurance products using the old definitions can no longer be sold from 15 February 2015 onwards. Basic Insurance Concepts and Principles (BCP) In October 2016, SCI released a new 5th edition of the BCP Study Guide. The examination based on the new edition of this Study Guide will take effect from 3 January Both the hardcopy and e-version of the Study Guide were made available to the examination candidates. The key changes include enhancing the text on the structure of the insurance market and FIDReC; inclusion of web aggregators and the new Premium Payment Framework jointly issued by GIA and SIBA, which came into effect from 1 September 2016; beefing up texts on contract of indemnity, physical hazards, attitude towards risks, insurable interest, utmost good faith, duty of disclosure, claims, reinsurance; enhancing the chapter on ethics and professionalism; as well as incorporating all Supplementary Notes issued to date. 28

31 Chartered Financial Consultant / Singapore (ChFC/S) In August 2016, SCI released the 4 th edition of the Tax, Estate Planning and Legal Aspects of Financial Planning study text. The examination based on this new edition of the Study Text took effect from 15 November Rules and Regulations for Financial Advisory Services (CMFAS M5) 4 th Edition Reprint December 2016 In December 2016, in view of the large number of pages for the Supplementary Notes, SCI released a reprint version of the CMFAS M5 4 th edition Study Guide to incorporate all the updates issued via these Supplementary Notes. In addition, an e-version of CMFAS M5 Study Guide was released in August Candidates are strongly encouraged to use the e-book of this Study Guide, as the e-version will come with a mock examination trial with no additional fee required. The introduction of the e-version is to leverage on the advances in technology and the ubiquitous use of mobile devices today to provide candidates greater flexibility and convenience to study, even while on the move. In addition, SCI released the 3 rd edition of the Planning for Business Owners and Professionals study text. The examination based on this new edition of the Study Text took effect from 24 November The key changes made to the new editions of these study texts include updating the data, rules and regulations as well as industry requirements and practices. In addition, a new chapter on Regulations Affecting the Financial Advisory Sector was added to the new edition of the Tax, Estate Planning and Legal Aspects of Financial Planning study text. These two study texts are required study texts under the ChFC/S designation programme. 29

32 STATISTICAL INFORMATION 30

33 31

34 Technical Training Programmes No. Title I II III IV V VI VII Marine & Energy No. of Programmes No. of Intakes No. of Participants Introductory Intermediate Intermediate to Advanced Advanced Reinsurance Intermediate Insurance Claims Intermediate Advanced Property & Pecuniary Intermediate to Advanced Casualty Intermediate Intermediate to Advanced Insurance Legislation & Compliance Intermediate Engineering Intermediate VIII Broking IX Intermediate Specialist Intermediate Total No. Title I II III IV V VI VII Marine & Energy No. of Programmes No. of Intakes No. of Participants Introductory Reinsurance Intermediate Insurance Claims Introductory to Intermediate Intermediate Property & Pecuniary Introductory Intermediate Casualty Intermediate Insurance Legislation & Compliance Intermediate Engineering Intermediate Advanced VIII Broking IX Intermediate Soft Skills Introductory CONTINUING PROFESSIONAL DEVELOPMENT (CPD) PROGRAMMES Total No. Title No. of Programmes No. of Intakes No. of Participants I Introductory Introductory to Intermediate Intermediate Total

35 No. Title No. of Programmes 1 Certifiable Skills Programme on Basic Concepts & Principles In General Insurance (BCP) No. of Intakes No. of Participants Certifiable Skills Programme on Personal General Insurance (PGI) Certifiable Skills Programme on Commercial General Insurance (ComGI) Reinsurance: Basic Concepts and Principles (CRI) Certificate in Health Insurance (CHI) Certificate in Motor Insurance for Motor Dealers Certificate of Proficiency in Travel Insurance Certificate of Proficiency in Foreign Domestic Worker Insurance Certificate of Proficiency in Foreign Worker Insurance for Employment Agencies Certificate in Financial Needs Analysis and Plan Construction Total ,023 No. Title No. of Programmes No. of Intakes No. of Participants 1 Introductory Intermediate Total Technical Training Programmes Enrolment For The Past Five Years 2,551 2,451 2,467 2,606 2,598 No. of Participants Trained

36 Regulatory & Professional Examinations Regulatory Examinations Regulatory Examinations include: M5 - Rules And Regulations For Financial Advisory Services M8 - Collective Investment Schemes M8A - Collective Investment Schemes II M9 - Life Insurance And Investment-Linked Policies M9A - Life Insurance And Investment-Linked Policies II HI - Health Insurance BCP - Basic Insurance Concepts And Principles PGI - Personal General Insurance ComGI - Commercial General Insurance BCE - Basic Competency Examination Enrolment (Number) By Subject Entries Title Of Examinations M5 14,479 15,263 M8 3,041 2,809 M8A 3,338 2,994 M9 11,079 11,265 M9A 7,313 7,740 HI 6,877 8,711 BCP 5,166 5,717 PGI 4,065 4,290 ComGI 3,258 3,611 BCE* Total 58,701 62,513 Enrolment (Number) By Headcount Title Of Examinations % Change Over 2015 M5 8,504 8, % M8 2,192 1, % M8A 2,689 2, % M9 6,869 7, % M9A 5,879 6, % HI 5,623 6, % BCP 3,773 4, % PGI 3,212 3, % ComGI 2,074 2, % BCE* % Total 40,852 43, % Pass Rate (%) Title Of Examinations M M M8A M M9A HI BCP PGI ComGI BCE* * The BCE examinations comprised modules of English and Mathematics. 34

37 Professional Examinations Professional Examinations include: CRI - Certificate in Reinsurance DGIRM/ADGIRM - Diploma in General Insurance And Risk Management / Advanced Diploma in General Insurance And Risk Management DLI - Diploma in Life Insurance ChFC /S & CLU /S - Chartered Financial Consultant /Singapore & Chartered Life Underwriter /Singapore Enrolment (Number) By Subject Entries Title Of Examinations CRI DGIRM/ADGIRM DLI ChFC /S & CLU /S 3,012 2,579 Total 3,840 3,356 Enrolment (Number) By Headcount Title Of Examinations % Change Over 2015 CRI % DGIRM/ADGIRM % DLI % ChFC /S & CLU /S 1,156 1, % Pass Rate (%) Total 1,552 1, % Title Of Examinations CRI DGIRM/ADGIRM DLI ChFC /S & CLU /S Total Number Of Candidates Who Have Passed the SCI Examinations / Obtained The Qualifications in 2015 & 2016 Title Of Examinations M5 79,813 86,105 M8 20,375 21,873 M8A 15,301 17,455 M9 57,462 63,349 M9A 34,189 39,542 HI 73,383 78,983 Cert in PGI 31,866 34,914 Cert in ComGI 16,685 18,232 CLI/PCE 73,863 73,863 ILP 28,884 28,884 FNA 7,535 7,588 CGI 17,341 17,341 CRI CGIB DLI 6,267 6,277 DLHU DGIB 8 8 DGI DipFP DGIRM ADGIRM ChFC /S 1,354 1,464 CLU /S Regulatory & Professional Examinations Enrolment and Pass Rate For The Past Five Years No. of Candidates Examined 74,100 63,232 55,417 62,541 65,869 75% 50% 63% 55% 65% 63% 66% 63% 64% 60% 65% 60% Regulatory Examination Professional Examination Enrolment for the Past Five Years 35 25% Pass Rate for the Past Five Years

38 FINANCIAL INFORMATION 36

39 37

40 FINANCIAL INFORMATION Income Donations Expenses INCOME % Increase / (Decrease) - Tax Deductible* 511,838 32, % - Non-Tax Deductible - Donations in Kind - Tax Deductible Non-Tax Deductible Grants / Sponsorships Investment Income 37,210 56,680 88,520 56% Investment Gains Others 5,103,837 5,627,872 5,178,514-8% Total Income 5,141,047 5,684,552 5,267,034-7% % Increase / (Decrease) Direct Fund-raising Expenses Charitable Activities Expenses - Local Overseas Other Operating & Administration Expenses 3,787,385 4,035,912 4,235,633 5% Others - Interest on term loan Total Expenditure 3,787,385 4,035,912 4,235,633 5% Surplus/(Deficit) 1,353,662 1,648,640 1,031,401-37% * Tax Deductible Donations are presented in the Total Comprehensive Income for Building Fund in the audited Financial Statements of SCI and do not form part of the Total Income of SCI. 38

41 EXPENSES Balance Sheet ASSETS LIABILITIES BALANCE SHEET % Increase/ (Decrease) Land and Buildings 9,967,557 9,682,770 9,397,981-3% Other Tangible Assets 690, , ,971 30% Investments Inventories 17,482 27,994 32,034 14% Accounts Receivable 244, , ,980-4% Cash & Deposits 11,051,055 13,811,625 13,479,334-2% Others - Deposits and Prepayments 108,323 63, , % Total Assets 22,078,927 24,609,430 24,324,351-1% FUNDS Other Information Unrestricted Fund 16,481,980 18,130,620 19,162,021 6% Restricted Fund (Building Fund) 4,620,716 4,368,524 4,083,735-7% Endowment Fund Total Funds 21,102,696 22,499,144 23,245,756 3% Long-Term Liabilities 21, Current Liabilities 954,393 2,110,286 1,078,595-49% Total Liabilities 976,231 2,110,286 1,078,595-49% Total Funds and Liabilities 22,078,927 24,609,430 24,324,351-1% Donations / Grants and Sponsorships given to other Charities NIL NIL NIL NIL No. of Employees <at 31 Dec> % Total Employee Costs 3,131,177 3,186,383 3,337,855 5% Total Related Party Transactions 11,000 4,000 4,800 20% Fund-raising efficiency Ratio of reserves to annual operating expenditure

42 Policies Funding Sources SCI is financially supported by income from the provision of professional training and education for the insurance and related financial services industry. Reserves Policy The reserves of SCI as reflected under unrestricted fund comprises the Accumulated Fund of $19,055,750 and Scholarship Fund of $106,271. SCI regularly reviews and manages its fund structure so as to ensure optimal fund structure. The ratio of reserves to SCI s annual operating expenditure was 4.52 for Memberships Only Ordinary Members of its four founding Associations: the General Insurance Association of Singapore (GIA), the Life Insurance Association, Singapore (LIA), the Singapore Insurance Brokers Association (SIBA), and the Singapore Reinsurers Association (SRA) are eligible to be admitted as SCI member companies. Review Of Financial State And Explanation Of Major Financial Transactions For the financial year ended 31 December 2016, the College made a total comprehensive income for accumulated funds of $1,031,401. Review And Changes In The Policy There were no changes in the policy. Explanation Of The Purpose For Which The Charity s Assets Are Held SCI holds one main asset, i.e. our office unit. The property is held for our own use, i.e. for the purpose of conducting examinations and training programmes as well as other events such as talks / seminars. Staffing As at 31 December 2016, there were 37 full-time staff and 7 contract staff employed by SCI. Future Plans And Commitments SCI will continue to provide professional training and education for the insurance and related financial services industry. 40

43 ANNEX TO TECHNICAL TRAINING PROGRAMMES 41

44 R 2 - Regional Routes Programmes No. Title No. of Intake(s) I Marine & Energy 42 Lecturer(s)/ Speaker(s) Duration Per Intake (hours) Total Duration (hours) 1 Marine Insurance - A Foundation Workshop 1 Stephen Harris Initial Introduction To Marine Hull, Cargo, Liability Insurance And P&I 1 Stephen Harris Marine Insurance Act & Implications On Marine Claims NEW 1 Charlotte Warr SCI Marine Insurance Study Course 1 Stephen Harris All You Need To Know About Protection & Indemnity (P&I) Insurance NEW 1 Chris Hall Upstream & Offshore Energy Insurance An Advanced Workshop NEW 1 David Sharp II Reinsurance 1 Technical Reinsurance Accounts 2 Peter Cave The "Nuts & Bolts" Of Treaty Reinsurance: Proportional Treaty Reinsurance 3 The "Nuts & Bolts" Of Treaty Reinsurance: Non-Proportional Treaty Reinsurance No. of Participants 2 Peter Cave Peter Cave Reinsurance Contract Treaty Wordings 2 Peter Cave Reinsurance PLUS 1 Peter Cave III Insurance Claims 1 Insurance Contract Law & Its Implications For Claims 1 Prof Christopher Parsons Property & Casualty Reinsurance Claims 1 Edward Gooda Advanced Claims Management 1 Edward Gooda Negotiation & Claims NEW 1 Charlotte Warr Workshop In Claims Practice: Property, Liability & Professional Indemnity Claims Handling NEW 1 Ben Robins IV Property & Pecuniary 1 Advanced Financial Lines Insurance Workshop 1 Neil Park V Casualty 1 Global Liability Insurance Programmes Understanding The Risk & Exposures 2 Environmental Liability NEW 1 Prof Christopher Parsons VI Insurance Legislation & Compliance 1 Contract Vetting 1 Prof Christopher Parsons VII Engineering 1 Neil Park Industrial All Risks & MB Underwriting Issues & BI Claims 1 Ben Robins VIII Broking 1 Errors & Omissions For Brokers NEW 1 Neil Park Negotiation Skills For Insurers & Brokers The Harvard Model 1 Kevin Ryan IX Specialist 1 4 th Asian Aviation Risks, Liabilities & Insurance Course 1 Gary Moran, Nomdo Kavis, Steve Tunstall, Peng Lim, Lee Wanxin, David Bowers, Chris Lovejoy, Chris Marrable, Tan Siew Huay & Captain Ong Keng Peng Total 462

45 P 2 - Practice-Oriented Programmes No. Title No. of Intake(s) I Marine Insurance 1 Marine Cargo Insurance Underwriting - Applying Knowledge Where It Matters II Reinsurance 43 Lecturer(s)/ Speaker(s) 1 Life Reinsurance NEW 1 Frank Matthew McInerney III Insurance Claims Duration Per Intake (hours) Total Duration (hours) No. of Participants 1 Quek Keng Seng Customer Service In Claims NEW 2 Richard Tan Insights Into Claim Fraud 1 Chan Hwee Seng Key Insights Into The Motor Vehicles (Third-Party Risks And Compensation) Act (Cap. 189) 2 Richard Lai Critical Illness Insurance Claims Handling NEW 1 Tan Kah Tin IV Property & Pecuniary 1 Property Business Interruption Insurance - Back To Fundamentals 1 Lee Soo Kwan Financial Lines Basics 1 Noel Tan & Arati Varma Business Interruption Insurance - Property Damage & Cyber NEW 1 Alex Koukoulli The "Nuts & Bolts" Of Liability Insurances: Comprehensive General Liability Insurance V Casualty 1 Chinnatamby Nandakumar & Joseph Kung Underwriting & Claims Aspects Of Work Injury Compensation Insurance NEW 2 Perry Tan Underwriting Directors' & Officers' Liability Insurance And Professional Indemnity Insurance 1 Arunothayam Rajaratnam & Arati Verma Products Liability Insurance - Legal Issues & Practical Aspects NEW 1 K. Sarogenei Social Media & Cyber Risk Insurance NEW 1 Noel Tan VI Insurance Legislation & Compliance 1 Workshop On The UK Insurance Act NEW 1 Chris Edwards Anti-Money Laundering For Insurers - A Practical Understanding NEW 1 Richard Lai VII Engineering 1 A Practical Understanding Of CAR & EAR Insurance 1 Poobalan Mahalingam 2 Practical Understanding Of Engineering & Construction Risks & Technology (Incorporating Site Visit) 1 Poobalan Mahalingam 3 Practical Issues In CAR & EAR Policies NEW 1 Poobalan Mahalingam 4 Business Interruption Insurance For Engineering & Construction Projects 1 Tijen Jitendra Joshi & Poobalan Mahalingam Advance Loss Of Profits Insurance: Coverage & Exposures 1 Swen Vetters VIII Broking 1 Presenting Insurance Proposals To SMEs 1 Perry Tan IX Soft Skills 1 Emotionally Intelligent Teams 1 Evelyn Thow Become An Effective Communicator 1 Evelyn Thow Effective Problem Solving Techniques In Teams 1 Evelyn Thow Total 430

46 Continuing Professional Development (CPD) Programmes No. Title No. of Intake(s) Lecturer(s)/ Speaker(s) Duration Per Intake (hours) Total Duration (hours) 1 Providing Good Customer Service In General Insurance 1 Perry Tan Financial Statement Analysis - The Essentials For Business Insurance Planning No. of Participants 1 Allen Lim A Practical Understanding of Family Law Related to Estate & Financial Planning New 1 Allen Lim A Practical Understanding Of Commercial All Risks & Theft Insurance 1 Perry Tan The A-Z on Motor Insurance For Motor Dealers 1 Leslie Wong Understanding Work Injury Compensation Act (WICA) Claims 1 Michael Eu Private Motor Insurance: The Essentials NEW 2 Perry Tan A Practical Understanding Of Public Liability & Professional Indemnity Insurance 2 Perry Tan A Practical Understanding Of CPF Investment NEW 1 Allen Lim Medical Insurance Planning For Clients NEW 1 Charles Tiong A Practical Understanding Of Private Motor Car Insurance 1 Leslie Wong A Practical Understanding Of Money & Fidelity Guarantee Insurance New 1 Perry Tan A Practical Understanding Of Liability Insurance - A Case Study Approach 1 Allen Lim Understanding Fire Insurance Claims NEW 1 Richard Tan A Practical Understanding Of Work Injury Compensation Insurance 1 Perry Tan Packaging Group Benefits Insurance 1 Allen Lim A Practical Understanding Of Industrial All Risks (IAR) Insurance NEW 1 Poobalan Mahalingam 18 A Practical Understanding Of Contractor's All Risks (CAR) Insurance NEW 1 Poobalan Mahalingam 19 A Comparison Study Between Fire Insurance & IAR Coverage NEW 1 Poobalan Mahalingam Total Customised Training Solutions (CTS) Programmes No. Title No. of Intake(s) Lecturer(s)/ Speaker(s) Duration Per Intake (hours) Total Duration (hours) No. of Participants 1 Contract Certainty (Reinsurance) Seminar 8 Nick Cochrane Presenting Insurance Proposals To SMEs 1 Perry Tan Reinsurance Treaty Accounting And Wordings 1 Peter Cave A Practical Understanding Of Public Liability & Professional Indemnity Insurance 5 A Practical Understanding Of Public Liability & Professional Indemnity Insurance 1 Perry Tan Perry Tan The Art Of Negotiation 1 Richard Tan Practical Aspects Of Fire Insurance Claims 1 Richard Tan A Practical Understanding Of Commercial All Risks & Theft Insurance 1 Perry Tan Business Insurance Workshop 1 Sam Lim A Practical Understanding Of Work Injury Compensation Insurance 1 Perry Tan Insights Into Claim Fraud 1 Chan Hwee Seng Total

47 C 2 - Certification & Competencies Programmes No. Title No. Of Intake(s) 1 Certifiable Skills Programme On Basic Concepts & Principles In General Insurance (BCP) Lecturer(s) / Speaker(s) 5 Allen Lim/ Charles Tiong/Graham Spriggs/ Perry Tan 2 Certifiable Skills Programme On Personal General Insurance (PGI) 5 Allen Lim/Charles Tiong/Graham Spriggs/ Perry Tan 3 Certifiable Skills Programme On Commercial General Insurance (ComGI) 5 Allen Lim/ Charles Tiong/Graham Spriggs Duration Per Intake (hours) Total Duration (hours) No. Of Participants Reinsurance: Basic Concepts And Principles (CRI) 1 Nicole Ng Certificate In Health Insurance (CHI) 3 Charles Tiong/ Shirley Tan 6 Certificate In Motor Insurance For Motor Dealers 10 Alvin Ooi/ Charles Tiong/Graham Spriggs/ Perry Tan/ Sam Lim Certificate Of Proficiency In Travel Insurance 6 NA Certificate Of Proficiency In Foreign Domestic Worker Insurance 5 Charles Tiong/ Perry Tan 9 Certificate Of Proficiency In Foreign Worker Insurance 2 Charles Tiong/ Perry Tan Certificate in Financial Needs Analysis and Plan Construction 3 Sam Lim Total 631 1,023 45

48 9 Temasek Boulevard, #14-01/02/03 Suntec Tower Two, Singapore Tel: Fax: Website: CPE Registration No.: M Period of Registration: From 26 September 2015 to 25 September 2019