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Evidence Guide: FNSIBK415 - Meet compliance requirements relating to insurance broking

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSIBK415 - Meet compliance requirements relating to insurance broking

What evidence can you provide to prove your understanding of each of the following citeria?

Manage client and regulatory information

  1. Collect and analyse information according to required legislation, regulations and codes of practice and other relevant industry guidelines and standards
  2. Monitor changes to operational and regulatory requirements and update reference material according to organisational policies and procedures
Collect and analyse information according to required legislation, regulations and codes of practice and other relevant industry guidelines and standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor changes to operational and regulatory requirements and update reference material according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply professional work practices

  1. Clarify and refine work practices in regard to legislation, regulations and codes of practice within required timeframes
  2. Guide ethical approach to workplace practices and decisions applying required codes of practice
  3. Obtain assistance from appropriate personnel to clarify work practices and obtain required information when necessary and according to organisational policies and procedures
Clarify and refine work practices in regard to legislation, regulations and codes of practice within required timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Guide ethical approach to workplace practices and decisions applying required codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain assistance from appropriate personnel to clarify work practices and obtain required information when necessary and according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Meet regulatory requirements

  1. Follow established work, health and safety procedures and contribute to eliminating work hazards and reducing risk in work environment
  2. Comply with legislative requirements and codes of practice relating to retail clients and retail products when completing work tasks and documentation
  3. Confirm compliance with codes of practice in respect to retail clients and retail products
Follow established work, health and safety procedures and contribute to eliminating work hazards and reducing risk in work environment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with legislative requirements and codes of practice relating to retail clients and retail products when completing work tasks and documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm compliance with codes of practice in respect to retail clients and retail products

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

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.

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.