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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. Prepare reinsurance tender
   • Review previous tender arrangements and documents, where they exist
   • Prepare and check information relating to treaty reinsurance tender
   • Check completeness of information
   • Confirm coverage of claim, or series of claims, under specific client, policy or treaty
   • Prepare tendering conditions in line with organisational procedures, guidelines and authorities, context, and treaty and facultative obligations
   • Prepare and confirm criteria for supplier selection
   • Record accurately all tender information
   • Pass on tendering information to appropriate staff, where required
2. Select reinsurance supplier
   • Notify relevant reinsurers of tender conditions and details under relevant reinsurance tendering arrangements
   • Request tender response from reinsurer in line with organisational procedures, guidelines and authorities within accepted timeframes and guidelines
   • Review reinsurance supplier tenders and evaluate against set selection criteria
   • Record accurately all tender information
3. Manage transactions for treaty
   • Calculate recovery of whole claim, including reinstatements for policy terms and conditions, and from which treaty it is to be recovered
   • Manage transactions
   • Check and accurately record all information
4. Negotiate terms and conditions of agreement
   • Negotiate policy terms and conditions with selected reinsurers
   • Document and record accurately all information on system
   • Pass on reinsurer information to appropriate staff, where required

Performance Evidence

Evidence of the ability to:

accurately compile a tender document, including collection of appropriate data and selection of appropriate methods of protection

negotiate, prepare or verify a contract in a timely manner with different stakeholders

calculate the whole claim including reinstatements for policy terms and conditions

assess tenders against set selection criteria

negotiate suitable outcomes with reinsurers.

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 different types of treaties

identify and describe key features of relevant legislation, regulatory guidelines and industry sector codes of practice

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline organisational policy, procedures, underwriting guidelines and authorities:

best underwriting guides (BUG)

loss control guides

outline organisational information technology systems used in assessing reinsurance tender responses

outline terms and conditions of reinsurance arrangements

describe common principles and methods of filing documentation

describe reinsurance terminology and concepts including:

any one risk

any one event

reinstatement premium

identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

consumer protection

financial services

corporations.

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