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Elements and Performance Criteria

1. Manage client and regulatory information
   • Collect and analyse information according to required legislation, regulations and codes of practice and other relevant industry guidelines and standards
   • Monitor changes to operational and regulatory requirements and update reference material according to organisational policies and procedures
2. Apply professional work practices
   • Clarify and refine work practices in regard to legislation, regulations and codes of practice within required timeframes
   • Guide ethical approach to workplace practices and decisions applying required codes of practice
   • Obtain assistance from appropriate personnel to clarify work practices and obtain required information when necessary and according to organisational policies and procedures
3. Meet regulatory requirements
   • Follow established work, health and safety procedures and contribute to eliminating work hazards and reducing risk in work environment
   • Comply with legislative requirements and codes of practice relating to retail clients and retail products when completing work tasks and documentation
   • Confirm compliance with codes of practice in respect to retail clients and retail products

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

follow operational procedures to meet compliance requirements regarding insurance contracts on at least three different occasions.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative requirements and regulatory guidelines and codes of practice relevant to retail insurance products and retail clients and their application to the insurance broking role, including:

relevant sections of:

Corporations Act

Privacy Act and its data breach provisions

Insurance Contracts Act, and regulations in respect to insurance contracts

work health and safety requirements

organisational policies and procedures relating to meeting compliance requirements in insurance broking, and their role in compliance

roles and responsibilities of insurance broker and associated job roles, including underwriters, loss adjusters, risk surveyors, and risk managers

processes for monitoring changes to operational and regulatory requirements

key components of accepted codes of practice relating to broking role, including those relating to:

maintaining confidentiality

duty of care

ethical behaviours

non-discriminatory practices

conflict of interest

compliance with reasonable direction

key features of information management systems and software used to meet compliance requirements.

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