Upgrading to meet demand

Starting from 2018, practitioners in the insurance industry – in particular, personal insurance agents and insurance salespersons – will be required to receive training in order to qualify for licence renewal, according to an announcement by the Macao Monetary Authority (AMCM) as well as a dispatch posted in yesterday’s Official Gazette.
In light of the general improvement in residents’ income, AMCM aims to improve practitioners’ service quality by mandating them to receive training in order to meet the growing demands of the industry. Practitioners who work in only one insurance segment will be required to receive no less than five hours of training every year prior to renewing their licences.
For practitioners who obtain more than one type of licence, the new policy requires training of no less than 10 hours.
Insurance agents will be obliged to declare the number of trained hours to AMCM when renewing licences from 2019.
The new policy approves training via seminars relating to finance and insurance, talks, workshops, degrees held by local or overseas universities, and other recognised specialised courses or continued educational activities.