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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Determine rights, obligations and legislative requirements applying to insurance products
   • Identify all legislative, contract and code of practice requirements based on examination of terms and conditions of all insurance contracts, policies and products offered by brokerage
   • Ensure all identified rights, obligations and legislative requirements are documented so that appropriate procedures can be developed
2. Develop procedures to enable rights, obligations and legislative requirements to be met
   • Identify and document appropriate system needs that will enable rights and obligations, and legislative and code of practice requirements, to be met within organisational capacity
   • Develop and document contingency plans to ensure that contractual rights, obligations and legislative requirements are met in event of unusual situations arising
   • Prepare procedures to ensure effective management of contractual rights and obligations within legislative and code of practice requirements
3. Implement procedures
   • Publish action plan to enable all relevant areas to be briefed on procedures that must be implemented
   • Implement procedures according to action plan
4. Monitor compliance
   • Review all rights, obligations and legislation requirements against terms and conditions of each contract of insurance on regular basis to ensure reliability and validity of interpretation
   • Alter procedures and processes in response to changes in interpretation
5. Establish procedures to maintain premium currency of insurance policy
   • Implement procedures to maintain accurate premium records, generate premium billings and process all monies received against policy records, in line with organisational procedures and relevant contractual obligations
   • Undertake conservation procedures within required timelines and organisational procedures

Performance Evidence

Evidence of the ability to:

interpret and manage compliance requirements relating to contracts of insurance

develop and follow up on action plans, taking into consideration the varied legislative and contractual requirements

develop contingency plans to mitigate risks of non- compliance with the contractual obligations

manage processes to maintain premium currency in line with contractual requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

explain the translation of an analysis of the contractual compliance relating to insurance products into practical organisational procedures

explain the application of action planning in the implementation of procedures relating to underwriting guidelines and authorities, and reinsurance

outline the execution of codes of practice standards and relevant industry legislation in the organisation.

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