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March 29, 2006
Council Approves New Minimum CPD and PLI Requirements
Council recently approved, in principle, the proposed changes to the CPD and PLI requirements and these changes will be brought forward for approval at this year's Annual General Meeting. The proposed changes have been approved in principle by the Councils/Bureau of all Provincial Institutes/Ordre across Canada and in Bermuda.
Proposed New Minimum CPD Requirements
Under the proposed changes, all members would be required to:
- complete a minimum of 120 hours of CPD over a three-year cycle, including at least 60 hours of verifiable learning;
- complete at least 20 hours of learning annually;
- choose learning opportunities that provide for the development of new or existing competencies that are relevant to the individual member's overall professional responsibilities and growth.
We believe that the majority of members already meet these new standards and therefore do not expect the new requirements to result in significant changes for most members.
If approved by the membership, the effective date of the proposed new CPD requirements for Manitoba members would be January 1, 2007.
Proposed New Minimum PLI Requirements
The proposed minimum PLI limits, which would apply to all members in public practice, are:
- $1 million where one member practises public accounting;
- $1.5 million where two or three members practise public accounting;
- $2 million where four or more members practise public accounting.
Many members in small, medium and large firms, who already carry coverage at or above the proposed new levels, will be unaffected by the changes. For those who need to increase their coverage, it is anticipated that base premium costs for minimum coverage would increase by no more than $36 per month.
If approved by the membership, the effective date of the proposed new PLI limits for Manitoba members would be for all new policies and renewals after October 1, 2006.
For More Information
Click on the following links to view the selected documents:
Proposed New Minimum CPD Requirements Fact Sheet
Proposed New Minimum PLI Requirements Fact Sheet
Frequently Asked Questions
Background Paper: The Drivers of Change
Folio Article: Upholding the Public Trust - A Priority for our Profession
Folio Article: Task Force Reviewing PD & Liability Insurance Requirements
Letter from the President
We Want to Hear from You
If you wish to contact Council members to discuss these proposed changes or provide feedback, a directory can be found here.
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