Certification

SOFE offers three professional designations, which may be earned by completing extensive requirements including the successful completion of a series of examinations administered by the Society. The designations are Accredited Financial Examiner, Certified Financial Examiner, and Automated Examination Specialist.

Designation Requirements:

Accredited Financial Examiner
Accredited Financial Examiner — Financial/Rating Analyst
Certified Financial Examiner
Certified Financial Examiner — Financial/Rating Analyst
Automated Examination Specialist

CRE Reporting is Now Online: See CRE Reporting guide (PDF)

CONTINUING EDUCATION

SOFE's Continuing Education Program has been established to enhance your professional standing and assist you to remain qualified as an AFE, CFE or AES. Efforts by you to comply with the requirements of the program will be fully supported by SOFE officers and state chairs through their assistance and positive reinforcement of the program on both a state and national level.

Purpose
By continuing their professional education, members of the Society of Financial Examiners (SOFE) can better fulfill their obligation to competently serve the public interest. Accordingly, SOFE maintains the following continuing education program in order to assist its members in remaining current with the technical advancements and fundamental changes occurring in the operations and management of the companies they regulate.

CRE Credit Requirements
After a member earns either the Accredited Financial Examiner (AFE) or the Automated Examination Specialist (AES) designation awarded by SOFE, they must begin to earn Continuing Regulatory Education (CRE) credits effective the first day of the month following the month in which they receive the designation. If the member goes on to earn the Certified Financial Examiner (CFE) designation, the reporting requirements do not change.

Credits must be earned in SOFE-defined three-year periods. The three-year periods are the same for all designees; therefore, when an individual earns a designation, required credits must be prorated for the first three-year period as explained in the CRE reporting section below.

Three-year reporting periods Three-year reporting deadlines
January 1, 2011 to December 31, 2013 January 31, 2014
January 1, 2014 to December 31, 2016 January 31, 2017
January 1, 2017 to December 31, 2019 January 31, 2020

AFE/CFE Requirements—Members holding the AFE or CFE designation must earn a minimum of 20 CRE credits each year with a total of 120 CRE credits over each defined three-year period. Beginning in 2015, two (2) credits annually of the currently required CRE credits for the AFE CFE and AES designations must be in ethics.

AES Requirements—CRE requirements for members holding the AES designation were revised in 2012. The new requirements are being phased in during the 2013 reporting period which results in the following proration of requirements:

  • For 2011 and 2012, an AES must earn a minimum of 6 CRE credits per year with a total of 24 credits earned over the two-year period.
  • For 2013 (the phase in period), an AES must earn a minimum of 40 CRE credits; 30 of which must be IT related* and 10 of which must be financial examination related.
  • For the 2014-2016 three year reporting period an AES is required to earn 120 CRE credits, 90 of which must be IT related, 26 of which must be financial examination related, and 4 of which must be in ethics. The required minimum of at least 20 CRE credits earned in any one year must be earned as follows:
    • For 2014, Twelve (12) credits of the 20 minimum credits earned must be IT related and 8 must be financial examination related.
    • Beginning in 2015, twelve ( 12 )of the 20 CRE credits minimum must be IT related, 6 must be financial examination related, and 2 must be in ethics.

*An IT related course is defined as a course which contributes to the advancement of the AES's knowledge in the performance of IT examination tasks.

Prorating Required Hours (New Designees) — Individuals initially receiving their AFE, CFE or AES designation need only attain CRE credit from the first day of the month following the date they received their designation until the end of the current reporting period. For example, an examiner becoming an AFE in April 2012 would be required to have a minimum of 66.5 CRE credits by December 31, 2013 (20/36 months = 55 % x 120 hours = 66.5 hours) in order to meet the CRE requirement. Proration of the 20 CRE minimum annual requirement also occurs in the year the designation is earned. If there are any questions regarding prorating hours, please contact SOFE for further guidance. See the sample proration guide.

Carry Forward of Excess CRE Credits — The program provides that up to 40 hours of excess credits earned during a reporting period may be carried forward to the following three-year reporting period for all designees. The hours carried forward may not be used to meet annual required minimums.

Active Duty Members — CRE requirements for members with designations who have been called to active duty are waived. A request for this waiver with supporting documentation must be filed with SOFE.

Recommended Programs and Credits

It is the responsibility of the Member to ensure appropriate CRE courses are taken and complete records are maintained. Programs and courses for continuing education shall be directly related to the management, operation, or regulation of insurance companies or related to the financial reporting of the operations thereof and have a direct correlation to the discipline in which an examiner has earned a professional designation.

The National Association of State Boards of Accountancy NASBA (www.nasba.org) maintains a National Registry of approved CPE sponsors, many which provide acceptable CRE courses. In addition, a list of previously approved CRE Providers is available on the SOFE website.

Credit Calculation — One hour of attendance and participation will equal one hour of CRE credit. Hours will not be given for introductory remarks, breaks, business meetings (e.g., elections, approval of minutes, financial statements, etc.), meals, or speakers of a general, non-financial or non-insurance nature. Seminars, classes and sessions must meet at least 50 minutes in order to receive one hour of credit. Half hours will be granted if the session exceeds 25 minutes after the hour.

Continuing Education Activities Typically Accepted By SOFE:

  1. Attendance at a meeting of a state chapter of the Society or by a regulatory agency with an organized educational program, designed to provide knowledge beneficial to the examiner in conducting his/her job duties. State chairs or agencies are expected to maintain records of attendance including the exact number of instructional hours.
  2. Attendance at a seminar organized by a state chapter of the Society or by a regulatory agency, where videotapes from educational seminars sponsored by the Society are viewed and, followed by at least a thirty (30) minute discussion period for each subject.
  3. Serving as a speaker or course instructor at an approved educational program. Speaker and course instructor credit hours will be determined by doubling participation credit hours. Credit is only allowed for the topic once per year.
  4. Attendance at educational sessions offered during the annual Career Development Seminar (CDS) of the Society. Credit will be given for the time in actual attendance of a CDS session; partial credit will be allowed only if a participant has remained in attendance of any given session for at least 25 minutes. Certificates with CRE hours awarded are issued following CDS.
  5. Authorship of a technical article which is published in the Society's EXAMINER magazine (6 CREs per article; 10 CREs for the article receiving "Editor's Choice Award").
  6. Attendance at seminars sponsored by the Society.
  7. 45 CREs are given for the successful completion of a CFE exam.
  8. Two CRE credits may be earned for the successful completion of any one quarterly EXAMINER CRE Reading Program Test on the SOFE website. NOTE= SOFE's CRE Reading Quiz credits are recognized by SOFE, but not by NASBA.

Other Programs and Credits=The following provides information and guidance on CRE allowances for other programs:

  1. 45 CRE's are given for the successful completion of self-study courses given by nationally recognized organizations. The organization must be approved by SOFE or recognized by NASBA.
  2. 15 CRE's for each semester college credit and 10 CRE's for each quarter college credit will be awarded upon successful completion.

No CRE will be allowed for NAIC committee work effective January 1, 2013. No CRE has been allowed for committee work of any other organization prior to that effective date.

Course Approval

It is the responsibility of the member to determine if an individual course or seminar meets the requirements for CRE recognition by SOFE. If a course is taken from an unapproved organization, the member risks not receiving approval or full credit. The member is responsible to maintain evidence that an individual course or seminar meets SOFE requirements. Such information should be presented to SOFE upon audit or as requested.

Members may request approval of a provider not listed by NASBA by completing and submitting a CRE Provider Approval form. These forms are reviewed and approved by the Continuing Education Committee. The organization is to be one that is readily recognized as one that sponsors training to meet the course requirements for SOFE CRE. A list of such previously approved organizations is linked on the SOFE member web page.

If you have any questions or need additional information, contact SOFE headquarters at the "Contact Us" link below for assistance. Issues that cannot be readily answered are referred to the Vice President of Continuing Education for review and response.

CRE Reporting, Recordkeeping and Audits

CRE Reporting Due Date — It CRE credit hours must be reported online annually no later than January 31 (11:59 PM EST) of the following year as evidenced by the dispatch date of the submission. However, is recommended CRE be reported as it is earned throughout the year in which the credits are earned. CRE credits are to be reported online CRE reporting is accomplished in the Current Year CRE Detail area of each Member's Profile in the Member- Only area of the SOFE website. See instructions here.

Requests for Extension — Use of extensions should be minimal. Members are expected to obtain and report their CRE credits timely. Members who have failed to obtain the required minimum annual or three-year CRE credits must submit to the SOFE Continuing Education Committee for review and approval a written explanation of why their report was not timely or why their minimum requirement was not met and their proposed plan to meet the requirement(s). This request must be received by SOFE before January 31 along with a $50 extension fee. If the extension is granted, the CRE report must be received by SOFE by March 31 as evidenced by the dispatch date of the submission. All extended filings will be audited.

Late Reports — If a Member files a late (after January 31,11:59 PM EST) CRE report to SOFE, the Member will be charged a $75 administrative charge for the processing of the late filing. All late reports will be audited. Any member who does not submit their CRE report by March 31 will lose their designation unless waived for good cause by the Executive Committee. The member may be eligible for reinstatement by following SOFE's reinstatement process, which also entails payment of a $100 reinstatement fee. See "Reinstatement," below.

Record Keeping and CRE Audits — CRE reporting is accomplished in the Current Year CRE Detail area accessed via the member's Profile link in the Member Only area of this website. It is recommended that CRE credit be reported as it is earned throughout the year. NASBA should be selected as the provider for any course provided by NASBA organizations with the appropriate NASBA number entered in the applicable area for reference purposes. This site also includes the names of previously recognized CRE providers not currently listed by NASBA. Members are allowed to obtain CRE credit from other sources, but it is up to the member to ensure the course meets SOFE guidelines and requirements and to submit an application for the source to become an approved provider. Instructions for input are maintained on the website as well.

CRE reports are audited annually per SOFE's CRE Audit Procedures. In preparing for the annual CRE audit, it is suggested that members prepare a professional file containing all documents, course material and certificates of completion for ready reference. These will be required to be submitted to SOFE in a timely manner if a member is selected for CRE audit. CRE records should be maintained for a period of seven years at a minimum. The designation of a member who fails to pass the CRE audit is subject to suspension.

Requirements for Designees Who Have Left Regulation or Retired

An application for change in membership must be submitted and approved for any change in membership status. Designees that have left regulation must meet 50% of the CRE credit hour requirement for 2012 and prior for annual requirements. Effective January 1, 2013, all designees including those who have left regulation will be required to earn the minimum annual 20 CRE hours. Effective January 1, 2014, all designees, including those who have left regulation, will be required to earn 120 CRE hours every triennial period. Retired status designees who are not gainfully employed directly or indirectly in regulation may continue to use their designation without meeting any CRE requirements. Forms with instructions for inactive or retiring members are at the "Forms" link at the top of this website.

Reinstatement

An application for change in membership must be submitted and approved for any change in membership status. Members who fail to maintain the required number of CRE credits will be ineligible to hold or display their designation. Such individuals will remain members at the prescribed fee for general membership. Members may apply for reinstatement of their designation within five years of losing said designation by showing that they have earned the necessary continuing education credits and by paying the difference, if any, between the applicable dues payable and the general membership dues paid. In addition, a $100 processing fee will be assessed upon reinstatement. Any reinstated member will be required to meet all current continuing educational requirements of members in good standing. Members who return to regulation may continue to use their AFE, CFE or AES designation provided they meet the current CRE requirements and pay the appropriate fees. See form for instructions and fees.

Back to top