Continuing Regulatory
Education (CRE) Credits

SOFE is an approved National Association of State Boards of Accountancy (NASBA) Sponsor (www.nasba.org) and undergoes an annual process for qualifying the annual Career Development Seminar (CDS), along with other SOFE educational programs, as NASBA Continuing Professional Education (CPE) learning activities. The Education Committee performs an annual review of NASBA CPE Categories to be apprised of changes that should be made to upcoming CPE opportunities.

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.

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.

If you are an AFE or CFE designee -

You must earn and submit a minimum of twenty (20) credit hours each year. Included in those 20 hours must be:

• The current year's NAIC Update (Examiner or Analysis)
• Two (2) hours of Ethics credits

If you are an AES Designee -

You must earn and submit a minimum of twenty (20) credit hours each year
Included in those 20 hours must be:

• Twelve (12) IT related hours*
• At least six (6) Examination related hours (including the current year's NAIC Update)
• Two (2) Ethics hours

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

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
January 1, 2020 to December 31, 2022
January 1, 2023 to December 31, 2025
January 1, 2026 to December 31, 2028

Three-year reporting deadlines
January 31, 2023
January 31, 2026
January 31, 2029

If you are an AFE/CFE designee, you are required to earn and submit 120 hours during the triennial period.

If you are an AES designee, you are required to earn 120 CRE credits, ninety (90) must be IT related*, twenty-four (24) must be financial examination related (including the NAIC Financial Condition Examiners Handbook training annually), and six (6) must be in ethics.

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 2027 would be required to have a minimum of 66.5 CRE credits by December 31, 2028 (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.

• SAMPLE PRORATION GUIDE

Please note that, in exception to the general policy, the Ethics and Handbook requirement is not prorated:

• If you attain your designation after July 1, you will be required to attain 1 CRE credit in ethics and to attend the NAIC Financial Condition Examiners Handbook training or the NAIC Financial Analysis Handbook Training webinars.
• Members that have satisfied the Ethics and Handbook requirement at any point in the calendar year in which they obtain their designation may submit their documentation for credit even if it precedes the date on which they received their designation.

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.
• Although the hours from additional ethics and Handbook training can carry over from year to year, the requirement for 2 hours of CRE in ethics and the requirement for NAIC Financial Condition Examiners Handbook or NAIC Financial Analysis Handbook training must be met on an annual basis.

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.

One hour of attendance/participation = One hour of CRE credit

• Hours will not be given for introductory remarks, breaks, business meetings, 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.

Members must ensure they take appropriate CRE courses and maintain complete records.

• Courses must relate to the management, operation, regulation, or financial reporting of insurance companies and align with the examiner's professional designation.
• While the guidelines are not overly restrictive, general skill-building courses (e.g., advanced Microsoft Word or Excel) are not acceptable unless directly related to job responsibilities. Acceptable topics may include management, delegation, organization, and personnel development. Members must provide evidence that courses meet these criteria.

The National Association of State Boards of Accountancy (NASBA) (www.nasba.org) maintains a registry of approved CPE sponsors offering acceptable CRE courses. A list of previously approved CRE providers is also available on the SOFE website.

• 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.
• 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.
• 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
• 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.
• 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").
• Attendance at seminars sponsored by the Society.
• 45 CREs are given for the successful completion of a CFE exam.
• 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.

Sources for ethics education requirement:

• In addition to ethics credits offered to those attending the SOFE CDS, one credit can be earned by viewing and passing the test on the SOFE Code of Ethical Conduct recorded presentation that appears in the Member only area of the website.
• Other sources include Western CPE self-study ethics courses which are state specific courses for several states requiring that, as well as a course for those in other states.
• The Association of Certified Fraud Examiners has online self study courses such as this one, among several others listed under 'Ethics ' at their self study page.
• The AICPA also offers an online course in ethics.
• To do a quick check if a sponsor is NASBA approved, look up the course sponsor's name and their approved course delivery format at this link.
• A partial list of ethics courses offered by NASBA sponsors can also be found at this link (use "ethics" in the "Search" field). See section under "Course Approval " below for further information on CRE credit sources.

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

• 45 CRE's are given for the successful completion of self-study courses given by nationally recognized organizations and that must be completed for professional certification. Successful completion should be documented by evidence that the candidate has passed the accompanying examination of the self-study course and has received a certificate of completion for that course. Examples of self-study courses that would qualify for 45 CRE credits are LOMA courses (i.e., LOMA 280-Principles of Insurance), CPCU courses (i.e., CPCU 551- Commercial Property Risk Management and Insurance), ARM courses (i.e., ARM 54-Risk Management Principles & Practices), and courses for other similar professional certification programs. The organization must be approved by SOFE or recognized by NASBA.
• 15 CRE's for each semester college credit and 10 CRE's for each quarter college credit will be awarded upon successful completion.
• Up to 30 CRE's for instructing each semester college credit and up to 20 CRE's for instructing each quarter college credit will be awarded on an annual basis. CRE credit cannot be taken more than once for the same material. As CRE is meant for the continuing education of the member, SOFE will only allow 40 CRE's for instructing college courses over a three-year period.

No CRE will be allowed for NAIC committee work. However, to see NAIC's NASBA approved online courses offering credit, go to this link.

• It is recommended CRE be reported as it is earned throughout the year in which the credits are earned.
• CRE credit hours must be reported online annually no later than January 31 (11:59 PM EST) of the following year.
• CRE credits are to be reported online
• Members can visit the Member’s Area and select “Report CRE Credits” from the menu.

Requests for Extension

Members who have failed to obtain the required minimum annual or three-year CRE credits must submit to the SOFE 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.

• 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 four years at a minimum. 
• The designation of a member who fails to pass the CRE audit is subject to suspension.

An application for change in membership must be submitted and approved for any change in membership status. 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 (under "Resources").

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.