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Evidence Guide: FNSIBK603 - Manage contractual, legislative and code of practice obligations and requirements

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

 

FNSIBK603 - Manage contractual, legislative and code of practice obligations and requirements

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

Determine rights, obligations and legislative requirements applying to insurance products

  1. 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
  2. Ensure all identified rights, obligations and legislative requirements are documented so that appropriate procedures can be developed
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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure all identified rights, obligations and legislative requirements are documented so that appropriate procedures can be developed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop procedures to enable rights, obligations and legislative requirements to be met

  1. 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
  2. Develop and document contingency plans to ensure that contractual rights, obligations and legislative requirements are met in event of unusual situations arising
  3. Prepare procedures to ensure effective management of contractual rights and obligations within legislative and code of practice requirements
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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and document contingency plans to ensure that contractual rights, obligations and legislative requirements are met in event of unusual situations arising

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare procedures to ensure effective management of contractual rights and obligations within legislative and code of practice requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement procedures

  1. Publish action plan to enable all relevant areas to be briefed on procedures that must be implemented
  2. Implement procedures according to action plan
Publish action plan to enable all relevant areas to be briefed on procedures that must be implemented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement procedures according to action plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor compliance

  1. 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
  2. Alter procedures and processes in response to changes in interpretation
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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Alter procedures and processes in response to changes in interpretation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish procedures to maintain premium currency of insurance policy

  1. 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
  2. Undertake conservation procedures within required timelines and organisational procedures
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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake conservation procedures within required timelines and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Determine rights, obligations and legislative requirements applying to insurance products

1.1 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

1.2 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

2.1 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

2.2 Develop and document contingency plans to ensure that contractual rights, obligations and legislative requirements are met in event of unusual situations arising

2.3 Prepare procedures to ensure effective management of contractual rights and obligations within legislative and code of practice requirements

3. Implement procedures

3.1 Publish action plan to enable all relevant areas to be briefed on procedures that must be implemented

3.2 Implement procedures according to action plan

4. Monitor compliance

4.1 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

4.2 Alter procedures and processes in response to changes in interpretation

5. Establish procedures to maintain premium currency of insurance policy

5.1 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

5.2 Undertake conservation procedures within required timelines and organisational procedures

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Determine rights, obligations and legislative requirements applying to insurance products

1.1 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

1.2 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

2.1 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

2.2 Develop and document contingency plans to ensure that contractual rights, obligations and legislative requirements are met in event of unusual situations arising

2.3 Prepare procedures to ensure effective management of contractual rights and obligations within legislative and code of practice requirements

3. Implement procedures

3.1 Publish action plan to enable all relevant areas to be briefed on procedures that must be implemented

3.2 Implement procedures according to action plan

4. Monitor compliance

4.1 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

4.2 Alter procedures and processes in response to changes in interpretation

5. Establish procedures to maintain premium currency of insurance policy

5.1 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

5.2 Undertake conservation procedures within required timelines and organisational procedures

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.

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.