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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION THAT HAS PASSED THE END DATE: 

National Certificate: Short Term Insurance 
SAQA QUAL ID QUALIFICATION TITLE
57918  National Certificate: Short Term Insurance 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
INSETA - Insurance Sector Education and Training Authority  OQSF - Occupational Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
National Certificate  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Level 5  Level TBA: Pre-2009 was L5  Regular-Unit Stds Based 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Passed the End Date -
Status was "Reregistered" 		 SAQA 9999/99  2018-07-01  2023-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:

The purpose of the National Certificate: Short Term Insurance: Level 5 is to build the knowledge and skills required by senior employees in Short Term Insurance who have achieved the Qualification requirements for the Fit and Proper Determination for Short Term Insurance and are ready to study at Level 5. It is intended to empower learners to acquire knowledge, skills, attitudes and values required to operate ethically and responsibly in the highly regulated Financial Services environment and to respond to the challenges posed by the changing nature of the Financial Services Industry. It should add value to the qualifying learner in terms of enrichment of the person, status, and recognition both in South Africa and Internationally.

As a Qualification in Short Term Insurance, it provides a framework for learners to develop competencies related to Short Term Insurance (which includes Personal, Commercial and Corporate lines), with a specific focus on very large and complex Corporate and Commercial accounts. It provides a balanced learning experience and an opportunity for learners to apply academic skills in relation to the workplace. The Qualification is structured in such a way that it exposes learners to generic competencies required in the Financial Services Sector at Level 5 and allows for specialisation in aspects of risk transfer and risk financing to meet specific high risk needs.

Rationale:

The National Certificate: Short Term Insurance: NQF Level 5 is a specialist Qualification that requires the application of technical knowledge of Risk Management and Short Term insurance to complex Corporate and/or Commercial risks. Learners at this level are required to analyse, interpret, think out of the box and adapt to change within the highly competitive and regulated insurance market.

The Qualification is intended for people in senior positions and management roles in the Short Term Insurance Industry (Personal, Commercial and Corporate lines) including, but not limited to, Intermediaries Senior/experienced Underwriters, Senior/experienced Claims Administrators, Loss Adjusters, Auditors who specialise in Short Term insurance and Compliance Practitioners. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Learners should be competent in Communication and Mathematical Literacy at NQF Level 4.

Recognition of Prior Learning:
  • Provision has been made for prior learning to be recognised if a learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in this Qualification. Application for Recognition of Prior Learning (RPL) should be made to a relevant accredited ETQA.
  • Credit towards a Unit Standard is subject to quality assurance by a relevant accredited ETQA and is conducted by a workplace assessor.
  • This Qualification can be obtained in part or in whole through Recognition of Prior Learning.
  • RPL will be done using a range of assessment tools and techniques that have been jointly decided upon by the learner and the assessor.
  • The same principles that apply to assessment of the Qualification and its associated Unit Standards apply to RPL.

    Access to the qualification:

    Learners should have at least a Level 4 Qualification and should meet the requirements for licensing as indicated in the current Determination of Fit and Proper Requirements for Financial Services Providers of the Financial Services Board under the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002). It is preferable that learners should first complete the FETC: Risk Management or the National Certificate: Risk Management: Level 4 before accessing this Qualification. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    Level, credits and learning components assigned to the qualification:

    A minimum of 120 credits are required to complete the Qualification which is made up of the following components:
  • Fundamental: 30 credits
  • Core: 45 credits
  • Electives: 45 credits

    Total: 120 credits

    Motivation for the number of credits assigned to the Fundamental, Core and Elective Components:

    Fundamental Component

    There are thirty credits at Level 5 allocated as fundamental. These include communication and research skills, economics and industry knowledge that are generic across all sub-sectors of the financial services sector in general, and insurance and investment in particular, and one Unit Standard on technical market data that is Fundamental to Short Term Insurance. All the Unit Standards designated as Fundamental are compulsory.

    Core Component

    Forty five credits have been allocated to Unit Standards designated as Core for the purpose of this Qualification. These Unit Standards provide the financial services related insurance and risk management knowledge and skills needed in the transfer of risk and risk financing including issues of ethics and compliance. They provide an opportunity to develop industry knowledge through research and the application of study skills and ensure that the Qualification has a definite Short Term Insurance focus. All the Unit Standards indicated as Core are compulsory.

    Elective Component

    Electives that add up to at least forty-five credits should be selected from the allocated list of Electives. The Electives provide opportunities for the holistic development of the learner and multi-skilling. There is a wide range of Unit Standards that may be selected as Electives in this qualification. This reflects the variety and nature of the work roles in Short Term Insurance, provides for maximum flexibility and allows learners to achieve a qualification that is relevant to the work that they do. Electives selected may relate directly to the learner's work role in an organisation or may be skills to enhance employability.

    Application of knowledge of legislation has been included in the Unit Standards wherever it is relevant so that knowledge about legislation is integrated rather than taught in isolation. 
    		•

    EXIT LEVEL OUTCOMES 
    Learners who engage in Short Term Insurance at this Level require knowledge and understanding of the key terms, concepts, facts, principles, rules, theories, and practices of the main areas of Short Term Insurance, which include Risk Management and Risk Transfer, and an ability to select and apply standard methods, procedures, and/or techniques in the context of Short Term Insurance. They are required to use their knowledge to evaluate and solve defined, routine and new problems within a familiar context, and to apply solutions based on relevant evidence and procedures in accordance with prescribed organisational and professional ethical codes of conduct, values and practices.

    They are required to gather analyse, interpret, evaluate and synthesise information from a range of sources, to select information appropriate to the task or situation and to communicate information reliably, accurately and coherently, in writing and verbally with due regard for conventions around intellectual property, copyright and plagiarism.

    Learners should have the capacity to take responsibility for their own learning and to promote the learning of others. They should be able to assess their own performance and that of others and have the ability to take appropriate action where necessary. They should be able to operate in a range of familiar and new contexts and should demonstrate an understanding of the interrelationships between the different legislative, socio-political, economic and physical environments and how actions or events in one area impact on other areas within the financial services system.

    The Exit Level Outcomes and their Associated Assessment Criteria are the following, which means that the learner will be capable of:

    1. Gathering, analysing, synthesising and evaluating information, manipulating and interpreting data and identifying trends, communicating information coherently in writing and verbally, and showing insight into current affairs in the Financial Services sector in general and to Short Term insurance in particular.

    2. Apply knowledge of insurance. The principles of risk financing and the risk management process to address a business risk.

    3. Applying knowledge of legislation, ethics, and compliance in the context of the Short Term insurance sub-sector in South Africa.

    Exit Level Outcomes for the Critical Cross-Field Outcomes:

    The learner is able to demonstrate ability to:
  • Identify and solve well-defined problems of a routine, non-routine and unfamiliar nature within the context of Short Term Insurance and risk financing in which responses show that responsible decisions have been made, adjust common solutions to meet changes in the problem and motivate the changes within own limit of authority.
  • Work effectively with others as a member of a team, group, organisation or community in that many of the Unit Standards in the Qualification require interaction with clients.
  • Organise and manage him/herself and his/her activities responsibly and effectively in that it is expected that the learner will be responsible for his/her own learning and for organising his/her own work allocated tasks responsibly in the work environment. She/he is required to complete research assignments timeously and to demonstrate insight into different aspects of Risk Transfer and Risk Management.
  • Collect, organise and critically evaluate information. These competencies are built into the Assessment Criteria in many of the Unit Standards and the learner is required to do research projects and analyse information from the media and industry sources.
  • Communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations. These competencies are an integral part of all the Unit Standards and are built into the Assessment Criteria.
  • Use science and technology effectively and critically in that the Financial Services environment is technology driven and very few activities take place without the application of technology.
  • Demonstrate an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation in demonstrating insight into current affairs in the sector and understanding the consequences of a large claim for the client and the insurer/reinsurer.

    In addition this Qualification contributes to the full personal development of each learner and the social and economic development of the society at large, by making it the underlying intention of any programme of learning to make the individual aware of the importance of:
  • Reflecting on and exploring a variety of strategies to learn more effectively in order to become an informed worker in the industry.
  • Being culturally and aesthetically sensitive across a range of social contexts in dealing with diverse people in the workplace including clients and co-workers. 
    		•

    ASSOCIATED ASSESSMENT CRITERIA 
    1.
  • Current events and developments that could impact on the Financial Services Sector in general, and on Short Term Insurance in particular, are analysed and discussed and an informed personal opinion is expressed and substantiated in the discussion indicating ability to anticipate or predict future trends and the potential impact on the industry.
  • Knowledge learnt in various Unit Standards and current events as they occur are integrated with an informed understanding of the Short Term Insurance environment so that knowledge of the industry is applied in authentic situations.
  • Information is gathered, analysed, interpreted, summarised and evaluated from a range of sources and presented coherently, reliably and accurately both verbally and in writing using technological skills.
  • Evidence is evaluated and used to substantiate an argument and to interpret trends in the macro and micro environments that impact on Short Term insurance.
  • Financial and other technical market data are manipulated and interpreted to identify trends.
  • The Short Term Insurance operating environment is explained as a system within the Financial Services Sector and an indication is given of current issues and changes in the sector.

    2.
  • Essential methods, procedures and techniques of the Financial Services industry are applied within the legislated environment in order to make a financial recommendation.
  • Knowledge of Short Term insurance is applied in authentic situations to make a decision relating to a claim circumstance.
  • Procedures to manage, reduce or eliminate risk are recommended at a strategic level for a Short Term insurer.

    3.
  • Methods, procedures and techniques of Short Term Insurance are applied with reference to specific company policy, legislative requirements and competitive industry practices.
  • Decisions are substantiated based on available information with due regard for compliance and within own authority limits, license or mandate, relevant service agreements and an organisation's customer service policy.
  • The concept of ethics is explained with reference to an organisations code of conduct, and an individual's personal and property rights.

    Integrated Assessment:

    Assessment practices must be fair, transparent, valid and reliable and should ensure that no learner is disadvantaged. Learners who wish to be assessed against the competencies in the Qualification and/or associated Unit Standards should direct enquiries to the relevant ETQA.

    The focus of assessment must be on the assessment of the learning outcomes rather than learning outputs. The Specific Outcomes guide the learning and training process towards the outcomes on a continuous basis. The purpose is to determine whether the outcomes have been attained. Situations should present a wide range of options. Applications should require significant choices from a wide range of procedures and in a number of contexts.

    Learning, teaching and assessment are inextricably linked. Where appropriate, assessment of knowledge, skills, attitudes and values indicated in the various Unit Standards should be integrated.

    Assessment has a formative monitoring function. Formative assessment should be used to assess gaps in the learners' skill and knowledge and to indicate where there is a need for expanded opportunities. The goal is to promote learning and to assess the efficacy of the teaching and learning process. Feedback from assessment informs teaching and learning and allows for the critique of outcomes, methodology and materials. Formative assessment is diagnostic and as such it should guide the learner and the trainer. It is continuous and is used to plan appropriate learning experiences to meet the learner's needs. It provides information about problems experienced at different stages in the learning process. As it is criterion referenced, if the learner has met the assessment criteria, he/she has achieved the outcomes.

    Assessment should also have a summative component. Summative assessment may be used on completion of a Unit Standard, but should not be the only form of assessment.

    Assessment should take place in an authentic context as far as is possible. A variety of methods must be used in assessment and tools and activities must be appropriate to the context in which the learner is working. Where it is not possible to assess competence in the workplace, simulations, case studies and other similar techniques should be used to provide a context appropriate to the assessment.

    Integration implies that theoretical and practical components should, where possible, be assessed together. Integrative techniques should be used to assess applied competence. Learners should be required to demonstrate that they can perform the outcomes with understanding and insight.

    Assessment should ensure that all Specific Outcomes, embedded knowledge and Critical Cross-Field Outcomes are evaluated. Assessment of the Critical Cross-Field Outcomes should be integrated with the assessment of the Specific Outcomes. The Critical Cross-Field Outcomes are implicit in some Unit Standards and programmes should be designed to extend and further reflect the integration.

    Before The National Certificate: Short Term Insurance: Level 5 is awarded, learners are required to demonstrate competence in the required Unit Standards and complete a summative assessment based on the exit outcomes of the Qualification. 
    		•

    INTERNATIONAL COMPARABILITY 
    Sites researched:

    UK
  • Financial Services Skills Council - UK: The Financial Services Skills Council is licensed by the UK government to work in partnership with employers to provide strategic and responsible leadership for training, education and development for the financial services industry in the UK. http://www.fsnto.org.uk
  • Chartered Insurance Institute - UK The Chartered Insurance Institute is dedicated to promoting higher standards of competence and integrity through the provision of relevant qualifications for employees working at all levels in the insurance and financial services industry and across all sectors of the industry in the United Kingdom. With 90 000 members, the Chartered Insurance Institute is the world's largest professional body dedicated to the insurance, savings and financial services sector. Its broad portfolio of education and qualification services is continually expanding to meet the changing requirements of companies and individuals across the financial services community. http://www.cii.co.uk

    Australia

    The National Training Information Service (Australia): The Australian Government's National Training Information Service web site provides information on the qualifications, qualification structures and the Unit Standards registered on the Australian Qualifications Framework (AQF). http://www.ntis.gov.au

    Africa

    There are currently no insurance and investment/financial services Qualifications or Unit Standards available in an African Union (AU) or SADC country to use for comparison. The following websites were investigated:
  • Botswana Training Authority (BOTA) http://www.bota.org.bw
  • The Namibia Training Authority (NTA) http://www.nta.com.na/index.php?option=com_frontpage&Itemid=1

    Background and rationale for the choice of countries for comparison:

    South Africa has a highly regulated and sophisticated financial services sector. In comparing this Qualification to those of other countries it is necessary to select countries where the financial services sector is comparable to that of South Africa. It is not possible to use an African country for the comparison, but research has shown that students from the African Continent use the Insurance Institute of South Africa or British Based institutions for accreditation through distance learning. The United Kingdom was therefore an obvious choice for the comparison. Australia has been used for comparison of previous insurance and investment Qualifications and was therefore a logical choice for consistency.

    Comparison: United Kingdom

    The Chartered Insurance Institute Qualifications are designed to underpin job-specific and at-work training.

    Chartered Insurance Institute's Diploma in Insurance is a technical and supervisory qualification for insurance staff working across all sectors of the industry. It provides a firm grounding in insurance fundamentals and enables students to build towards advanced technical knowledge, thereby ensuring they have the means to function effectively in a challenging environment. The Diploma covers the full range of insurance topics, ranging from the fundamentals of insurance practice and legislation through to personal lines product families, life insurance classes of commercial insurance and specialisations such as aviation, marine and the North American market. The Diploma also provides life administrators with a dedicated study path, developing a broad understanding of key technical aspects of the sector. The Diploma is modular in structure, with candidates able to select units of study according to their preference and career requirements.

    Each unit has a credit value and the accumulation of the stipulated number of credits leads to the award of the Diploma and entitles the holder to apply to use the designation 'Dip CII®' (Chartered Insurance Institute membership and Continuing Professional Development requirements apply). Successful candidates also satisfy the entry requirements of the next qualification in the framework of Chartered Insurance Institute qualifications, the Advanced Diploma in Insurance.

    To achieve the Diploma students must accumulate 110 credits. At least 70 of these must be obtained by passing units at either Diploma or Advanced Diploma level, with a minimum of 30 credits coming from an Advanced Diploma unit. Candidates must pass the following compulsory units:
  • Insurance Practice and Regulations or *Insurance Legal and *Regulatory and General Insurance Business (*Certificate in Insurance Units)
  • Business practice or *Business and Economics (*Advanced Diploma in Insurance Unit)
  • Insurance Law

    Aside from the compulsory requirements students are free to select units from across all the Chartered Insurance Institute's insurance qualifications; Award in Insurance, Certificate in Insurance, Diploma in Insurance and Advanced Diploma in Insurance. Students are required to select one unit from the Advanced Diploma without meeting the Advanced Diploma entry requirements. Should they wish to select more than one unit from the Advanced Diploma they must first meet the entry requirements. This approach has been adopted to provide students with maximum flexibility, enabling them to choose different units from the 46 currently available across the Chartered Insurance Institute's qualifications.

    The units of study selected for comparison are:

    Diploma Level:
  • (P01) Insurance practice and regulation - Compulsory unit
  • (P04) Business practice - Compulsory unit
  • (P05) Insurance law - Compulsory unit
  • (510) Risk, regulation and capital adequacy

    Chartered Insurance Institute (P01) Insurance practice and regulation - Compulsory unit:

    Objectives: To develop in the candidate:
  • A knowledge and understanding of market principles and practice.
  • A knowledge and understanding of the main classes of business and the cover provided under each.
  • A knowledge and understanding of the regulation of the insurance market.
  • A knowledge and understanding of procedures used to underwrite insurance.
  • A knowledge and understanding of the operation of general claims procedures.
  • The ability to apply knowledge and skills to simple situations.

    The Chartered Insurance Institute syllabus for Insurance practice and regulation - covers the following units of study:

    Insurance coverage:
  • Identify the main classes of insurance.
  • Outline the scope of cover provided by each, including: single policies; package policies; schemes.
  • Outline the reasons for compulsory insurance.
  • Describe the main provisions of compulsory insurance.
  • Outline the use of policy extras, including: emergency services; legal services; help lines.
  • Describe the main provisions of compulsory insurance.
  • Outline the function and operation of insurance related services, including:
    > Risk management consultants.
    > Claims management consultants.
    > Credit rating specialists.
    > Recovery services.

    Many of the core Unit Standards in the South African National Certificate: Short Term Insurance: Level 5 have similar competencies embedded in the outcomes, but there are no Unit Standards that relate specifically to the Chartered Insurance Institute Module. The Chartered Institute outcomes are however covered in the Level 4 Short Term Insurance and Risk Management Qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. The Level 4 South African Qualifications are:
  • FETC: Short Term Insurance.
  • FETC; Risk Management.
  • National Certificate Short Term Insurance: Level 4.
  • National Certificate Risk Management: Level 4.

    The general structure of the insurance market.

    Objectives:
  • Describe the structure of the insurance market.
  • Identify the different categories of insurance intermediary.
  • Explain the distinctions between the various categories.
  • Distinguish between the different types of insurer.
  • Explain the different distribution channels available.
  • Explain the basis on which the different channels operate.
  • Explain the advantages and disadvantages of the different channels to both insurers and customers.
  • Outline the structure and operation of Lloyd's.
  • Explain the role of the various organisations that represent sections of the insurance market.

    Many of these outcomes are covered in the Level 4 Short Term Insurance Qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. The core Unit Standards in the South African National Certificate: Short Term Insurance: Level 5 have similar competencies embedded in the outcomes, but only the Unit Standard, Manage the relationship between intermediaries and the market in commercial or corporate insurance, relates directly to this Chartered Insurance Institute Module.

    Arranging insurance

    Objectives:
  • Explain how customers search for cover, products, availability and price.
  • Describe the purpose, use, structure and content of proposal forms/statement of facts.
  • Explain the effect of a breach of the above.
  • Explain the remedies available for a breach of the above.
  • Explain the main defenses in tort.
  • Discuss the impact of contributory negligence.
  • Describe the limitation of actions in tort.
  • Explain the relevant periods applicable to contract and tort.
  • Describe the main remedies in tort.
  • Explain the classification of damages and recoverable damages.
  • Explain the nature of contractual liability.
  • Explain how contracts are classified.
  • Identify the rules governing the formation of a contract.
  • Describe how contract terms are classified.
  • Describe the elements which affect the validity of contracts.
  • Explain the circumstances in which a contract may be discharged.
  • Describe the remedies for breach of contract.
  • Explain the doctrine of privity of contract.
  • State the basic principles of assignment of contractual rights and duties.

    The core Unit Standards in the South African National Certificate: Short Term Insurance: Level 5 have similar competencies embedded in the outcomes, but there are no specific Unit Standards relating to this Chartered Insurance Institute Module. Many of these outcomes are however covered in the Level 4 Short Term insurance Qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5.

    Underwriting insurance

    Objectives:
  • Explain the components and operation of the common pool.
  • Distinguish between physical and moral hazard.
  • Outline the main characteristics of each.
  • Describe the role of the underwriting process in the transaction of insurance.
  • Outline the basic principles of underwriting used within the main classes of insurance.
  • Outline the purpose, content and use of risk surveys.
  • Apply the theoretical and practical factors used in the calculation of rates of premium.
  • Outline the purpose and collection of insurance premium tax.
  • State the current rates of Insurance Premium Tax.

    The following South African Unit Standards have various synergies in terms of managing risk through underwriting processes:
  • Underwrite a high risk in Short Term commercial and industrial insurance.
  • Apply technical knowledge and skill to underwrite risk in Short Term corporate insurance.
  • Negotiate a proposal with a Short Term insurer.
  • Underwrite a high risk, high value risk in cross border transportation - it is not clear if and how the Chartered Insurance Institute modules prepare the student for similar outcomes although a European context is implied across the various modules.
  • Apply a researched trend to individual financial risk.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to an insurer or reinsurer.
  • Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to a client.
  • Apply knowledge and insight of insurance to complex commercial and corporate enterprises.
  • Apply knowledge of the Income Tax Act to Short Term insurance options.
  • Negotiate a proposal with a Short Term insurer.
  • Apply technical knowledge and insight to customise a Short Term insurance policy/product for a specialised entity or market.
  • Research the incidence, quantity and severity of an occurrence in order to uncover a trend and anticipate a financial risk.

    Risk sharing and spreading

    Objectives:
  • Outline the main reasons for risk sharing by means of co-insurance.
  • Describe the main procedures for co-insuring risk.
  • Explain the concept of reinsurance.
  • Distinguish between facultative and treaty reinsurance.
  • Describe the main procedures for arranging reinsurance.

    The following South African Unit Standards have similarities with the Chartered Institute Modules:
  • Demonstrate knowledge and insight into reinsurance in the context of risk finance.
  • Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution with regards to understanding of Risk sharing and spreading and pooling the risk.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to an insurer or reinsurer with regard to understanding of Risk Spreading and reinsurance.
  • Research information in order to assist in conducting a financial risk assessment.
  • Demonstrate knowledge and understanding of the principles and practices of reinsurance.
  • Demonstrate knowledge and insight into regulations and legal requirements that impact on insurance or reinsurance in the international arena.
  • Apply knowledge and understanding of captives as a method of alternative risk transfer.
  • Design a funding model to make provision for financial consequences of loses in an entity.

    Features of claims procedures

    Objectives:
  • Explain the policy requirements in respect of claim notification.
  • Describe the procedures commonly used for the notification of claims.
  • Describe the procedures commonly used by insurers in the settlement of claims.
  • Describe the role of loss adjusters and other professionals used within the claims process.
  • Outline the various ways in which claims may be settled.
  • Describe the use of repairers and other specialist services in the settling of claims.
  • Describe the limits to the amount to be paid as a claims settlement.
  • Perform a calculation to determine the amount of a claim settlement.
  • Explain how insurers seek to detect and reduce fraudulent claims.
  • Explain how and why arbitration is used in claims disputes.
  • State the characteristics of voluntary arbitration schemes.
  • State the role and purpose of alternative dispute resolution.

    Two South African Unit Standards deal directly with competencies relating to fraud handling:
  • Describe the investigation of fraud in Short Term insurance.
  • Demonstrate knowledge and insight into fraudulent activities that impact on the insurance industry.

    Other Unit Standards in the South African National Certificate: Short Term Insurance: Level 5 have similar competencies embedded in the outcomes, but do not relate specifically to the Chartered Insurance Institute Module. The Chartered Institute outcomes are however covered in the Level 4 Short Term insurance qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5.

    Legal and regulatory considerations
  • State why statutory supervision is required.
  • Explain how the FSA obtained its regulatory powers.
  • Outline the role of the FSA in the regulation of insurance.
  • Describe the main provisions of current regulation for the control of insurers, including the financial services and markets act 2000 and the FSA insurance conduct of business rules.
  • Describe and apply the main provisions of current regulation for the control of intermediaries.
  • Outline the main provisions of the act.
  • Apply the main provisions of the Act to the transacting of insurance business.
  • Explain the practicalities of complying with the act whilst conducting insurance business.
  • Outline the main provisions of the current regulations.
  • Apply the main provisions of the current money laundering regulations to the transacting of insurance business.
  • Explain the requirement for and factors affecting the regulations for assessing the solvency of insurers.
  • Outline the calculation of solvency ratios.
  • Explain how the FSA monitors insurers' solvency.

    Application of knowledge of legislation has been included in the Unit Standards in the National Certificate: Short Term Insurance: Level 5 wherever relevant so that knowledge about legislation is integrated rather than taught in isolation. Outcomes similar to those of the Chartered Institute outcomes are covered in the Level 4 Short Term insurance qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. In South Africa Level 4 is required for Short Term Intermediaries for licensing by the Financial Services Board (FSB) in terms of the Financial Advisory and Intermediary Services Act (FAIS).

    Ethical Standards

    Objectives:
  • Describe the impact of ethical standards on the transacting of insurance business.
  • Outline the main purpose and methods of internal complaint handling.
  • Explain the FSA (financial services advise) requirements in relation to complaint handling.
  • Describe the role of the financial ombudsman service.

    Legislated ethical standards are dealt with at Level 4 in the South African Qualifications. The following South African standards have synegies with regards to outcomes of ethics, regulatory issues and business practices.
  • Demonstrate knowledge and application of ethical conduct in a business environment.
  • Demonstrate knowledge and understanding of the responsibilities of directors in terms of corporate governance.
  • Determine the needs and wants of an entity in order to propose an appropriate financial solution.

    (P04) Business practice - Compulsory unit: (based on UK and EU law and practice).

    Objectives: To develop in the candidate:
  • A knowledge and understanding of the objectives of business organizations.
  • A knowledge and understanding of the functions that all business organisations must perform.
  • A knowledge and understanding of the regulatory environment in which business organisations operate.
  • The ability to apply knowledge and skills to simple situations.

    This module has synergies with the South African Unit Standards:
  • Demonstrate knowledge and application of ethical conduct in a business environment.
  • Demonstrate insight into current global events and their potential impact on a business sector in South Africa.
  • Interpret the impact of macro economic decisions or indicators on a business environment.
  • Determine the needs and wants of an entity in order to propose an appropriate financial solution.
  • Apply basic economic principles to the financial services sector.
  • Demonstrate knowledge and understanding of the responsibilities of directors in terms of corporate governance.
  • Apply international financial reporting standards (IFRS4) standards to risk finance and insurance.
  • Apply knowledge of accounting practices to Short Term insurance and reinsurance.
  • Examine the assets and liabilities from an organisation's financial statements in order to identify risk financing opportunities.
  • Adapt and verbally communicate financial information to a range of audiences.
  • Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity.
  • Apply insight into the implications of changing financial priorities and attitudes on the value proposition in a financial relationship.
  • Determine the needs and wants of an entity in order to propose an appropriate financial solution.
  • Analyse the dynamics of different interactive styles in client relationships.
  • Evaluate the inherent risk to an organisation in a specific market.
  • Research theories of behavioural economics and behavioural finance to explain the influence of emotion of financial decisions.
  • Devise a marketing strategy for a selected target market.
  • Demonstrate knowledge and understanding of globalisation and its implications for financial services in South Africa.
  • Demonstrate knowledge and insight into how the SA Constitution impacts on the financial services industry.
  • Demonstrate knowledge and understanding of e-business as a competitive tool.
  • Investigate issues of governance that impact on different role players in a selected sub-sector.
  • Explain the basic principles of enterprise wide risk management.

    (P05) Insurance law - Compulsory unit.

    Objective: To develop in the candidate:
  • A knowledge and understanding of the laws which form a background to the operation of insurance.
  • A knowledge and understanding of the system within which these laws operate.
  • The ability to apply knowledge and skills to simple situations.

    While there is not a law-for-law correlation, the Chartered Insurance Institute module covers all laws relating to insurance in the United Kingdom context. Outcomes similar to those of the Chartered Institute outcomes are covered in the Level 4 Short Term insurance qualifications and are therefore assumed knowledge in the National Certificate: Short Term Insurance: Level 5. In South Africa Level 4 is required for Short Term Intermediaries for licensing by the Financial Services Board (FSB) in terms of the Financial Advisory and Intermediary Services act (FAIS). Application of knowledge of legislation has been included in the Unit Standards in the National Certificate: Short Term Insurance: Level 5 wherever it is relevant so that knowledge about legislation is integrated rather than taught in isolation. The following South African Unit Standards deal specifically with aspects of legislation:
  • Apply knowledge of the Income Tax Act to Short Term insurance options.
  • Demonstrate knowledge and understanding of the responsibilities of directors in terms of corporate governance.

    The Chartered Insurance Institute module refers to European Community law and its affect on national systems there is no indication of a learner having to understand and apply international law as is the case with the South African standards: Demonstrate knowledge and insight into regulations and legal requirements that impact on insurance or reinsurance in the international arena and Demonstrate knowledge and understanding of the influence of international conventions on transportation insurance.

    The Chartered Insurance Institute module includes broader outcomes including the nature and sources of law, the courts and laws of precedent, understanding of the legal system, elements of civil procedure, Identifying the status and capacity of legal personas and corporations, Explaining tort, the law of contract, and range of competencies against the insurance contract. Many of these competencies are covered in the South African level 4 insurance and investment qualifications.

    (510) Risk, regulation and capital adequacy.

    Objectives: To develop in the candidate:
  • A knowledge and appreciation of the nature of risk and risk management.
  • A knowledge and understanding of the capital adequacy requirements for insurers and reinsurers.
  • A knowledge and understanding of the impact of regulation on the insurance industry.
  • A knowledge and understanding of basic statistical concepts relating to the insurance.
  • Environment and the estimation of risk.
  • The ability to apply knowledge and skills to practical situations.
  • The ability to synthesise different aspects of the syllabus and apply them to given scenarios.

    The outcomes relating to risk, risk pricing and capital adequacy are included in the following South African Unit Standards:
  • Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution.
  • Apply the risk management process to investigate alternatives for risk transfer.
  • Apply technical knowledge to explain business risk and possible strategies to finance risk.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to a client.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to an insurer or reinsurer.
  • Research information in order to assist in conducting a financial risk assessment.
  • Apply knowledge of technical accounting practices used in Short Term insurance and reinsurance.

    Conclusion Chartered Insurance Institute and South African standards:

    The main differences between the South African and Chartered Insurance Institute qualifications relate to structure and electives. However it is apparent that learners exiting both qualifications will have very similar core competencies relating to an understanding and application of Short Term insurance principles. It appears that the National Certificate: Short Term Insurance: Level 5 requires more in depth knowledge of Short Term insurance and South African learners are required to operate at a higher level of cognitive complexity while many objectives in the Chartered Institute Qualification are tasks or steps in a process.

    Comparison: Australia

    The National Training Packages are integrated sets of nationally endorsed competency standards, assessment guidelines and Australian Qualifications Authority (AQF) qualifications for a specific industry, industry sector or enterprise. The recently registered Diploma in Financial Services (General Insurance) was the most appropriate for the comparison.

    This qualification is designed to reflect the role of employees working in insurance who perform duties such as:
  • Leading a claims team.
  • Leading an underwriting team.
  • Handling complex/non-routine claims.
  • Underwriting complex risk.
  • Initiating and responding to legal action in relation to claims.
  • Surveying risk exposure.
  • Implementing claims recovery.
  • Reviewing portfolio performance.

    To attain the Diploma in Financial Services (General Insurance) 8 elective units must be achieved: 4 core units and 4 elective units. The elective units may be selected as follows:
  • The 4 elective units may be selected from the list given for the core units or from other parts of this Training Package at the Diploma level.
  • Up to 4 units appropriate for Diploma level (AQF level V) may be selected from other endorsed packages.
  • Of the 4 units chosen, 2 must be at the diploma level (AQF level V) and up to 2 units may be at Certificate IV (AQF level IV) or Advanced Diploma (AQF level VI).
  • The choice of electives should be appropriate to the level and integrity of the qualification and to the workplace outcomes it is designed to meet. Elective units are not included for comparison as they could be any units registered on the Australian Qualifications Authority provided they suit the purpose of the qualification.

    Comparison of the industry Australian core units with the FETC: Short Term Insurance, Level 5

    To gain a Certificate IV in Financial Services 4 core units must be achieved.

    FNBGEN06A Survey potential risk exposure:

    The unit describes the skills used in surveying risk exposure including examination of risk, analysis of data, reporting and making recommendations specifying loss control measures. Underpinning skills to be demonstrated may include:
  • Policy interpretation and application.
  • Hazard identification and assessment.
  • Application of technically acquired skills.
  • Price application.
  • Risk assessment.
  • Report writing.
  • Negotiation.
  • Organisation.
  • Data analysis and interpretation techniques.
  • Interpersonal Skills.
  • Basic computer literacy.

    This unit requires high levels of literacy and numeracy. It requires the ability to read and interpret policy documents, legislation and regulations, reports and related documents. It requires the ability to interpret charts, graphs and statistical information and calculate/estimate premiums and claims.

    The following South African Unit Standards have various synergies in terms of managing risk through the underwriting processes (referred to as risk assessment in the critical evidence required of the Australian Qualifications Authority standard):
  • Underwrite a high risk in Short Term commercial and industrial insurance.
  • Apply technical knowledge and skill to underwrite risk in Short Term corporate insurance.
  • Negotiate a proposal with a Short Term insurer.
  • Underwrite a high risk, high value risk in cross border transportation.
  • Apply a researched trend to individual financial risk.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to an insurer or reinsurer.
  • Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to a client.
  • Apply knowledge and insight of insurance to complex commercial and corporate enterprises.
  • Apply knowledge of the Income Tax Act to Short Term insurance options.
  • Negotiate a proposal with a Short Term insurer.
  • Apply technical knowledge and insight to customise a Short Term insurance policy/product for a specialised entity or market.
  • Research the incidence, quantity and severity of an occurrence in order to uncover a trend and anticipate a financial risk.

    FNBGEN17A Implement claim recovery procedures:

    This unit covers the competencies needed to recover money relating to a claim. It includes the complete process from initiating the recovery to finalisation of the claim. Demonstration of ability to identify and assess data relating to losses, analyse it and use the analysis as a basis for development of effective strategies are critical to the judgement of competence in this unit.

    Outcomes include:
  • Establish viability of recovery.
  • Evaluate recovery methods.
  • Implement and monitor recovery progress.
  • Negotiate recovery settlement.
  • Process monies.
  • Record outcome.

    These outcomes are mainly administrative processes and steps in a process included in the FETC: Risk Management and FETC: Short Term Insurance. The Unit Standard, Underwrite a high risk, high value risk in cross border transportation has reference to salvage of transportation/marine insurance recovery.

    FNBGEN18A Undertake post loss risk management:

    This unit describes the high level competencies needed to review the effect of losses on the portfolio, identify problems and develop remedial risk management strategies. Learners are required to demonstrate ability to identify and assess data relating to losses, analyse it and use the analysis as a basis for development of effective strategies.

    The following South African Unit Standards all have various synergies relating to understanding and applying risk management strategies to prevent losses.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to an insurer or reinsurer.
  • Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution.
  • Research information in order to assist in conducting a financial risk assessment.
  • Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity.
  • Identify and analyse risk information that could impact on underwriting and pricing in the Short Term insurance industry.

    FNBGEN19A Review claims settlement policies and procedures:

    This unit describes the skills needed to review claims settlement policies and procedures including preparing reports on claims and monitoring trends in claims settlement and making changes to minimise losses. The ability to collect and interpret data from a wide range of sources and analyse the causes of trends and the effects on claims settlement policies and procedures are critical to the judgement of competence in this unit.

    The following South African standard have similar outcomes to the Australian Qualifications Authority standard, viz. communicate information to decision-makers in the management structure and make changes to policy and procedures and to minimise claims losses in similar circumstances.
  • Review a claims department to determine whether a business is protected by an organisation's business practices.
  • Apply a researched trend to refine non-medical risk assessments in terms of occupation and avocation.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to a client.
  • Adapt and verbally communicate financial information to a range of audiences.
  • Demonstrate knowledge and understanding of the financial consequences of a large claim to an insurer or reinsurer.

    FNBGEN20A Review operational performance of portfolio:

    The unit describes the competencies needed to conduct an operational review of the portfolio, including identifying problems and determining remedial action. Critical aspects of evidence include understanding of the industry sector and all legal obligations and company policy and procedures, criteria and methodology for conducting a review of portfolio performance and ability to analyse data and propose remedies for problems are critical to the judgement of competence in this unit.

    The competencies in the following South African Unit Standards are evident in the Australian Qualification:
  • Present a well-structured argument derived from qualitative and/or quantitative data to generate a competitive advantage.
  • Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity.
  • Review a claims department to determine whether a business is protected by an organisation's business practices.
  • Apply a researched trend to refine non-medical risk assessments in terms of occupation and avocation.
  • Apply technical knowledge and understanding of the origin and use of technical market data in the insurance industry.

    FNBGEN21A Resolve insurance disputes:

    This unit describes the competencies involved in resolving disputes lodged by customers who may have a dispute with the insurer or external service provider. The skills will be applied as part of a formal internal dispute resolution (IDR) process. Critical aspects of evidence may include: knowledge of the relevant legislation and company obligations in relation to dispute resolution, including appropriate processes and time frames, ability to resolve disputes successfully in line with legislative requirements and company procedures and processes.

    There are no specific Unit Standards in the South African Qualification relating to client disputes, but the learner exiting the qualification will have customer service competencies and the regulatory understanding comparable to the exiting Australian learner through the outcomes of the following Unit Standards:
  • Demonstrate knowledge and insight into how the SA Constitution impacts on the financial services industry.
  • Demonstrate knowledge and understanding of the responsibilities of directors in terms of corporate governance.
  • Adapt and verbally communicate financial information to a range of audiences.
  • Analyse the dynamics of different interactive styles in client relationships.
  • Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers.
  • Demonstrate knowledge and insight into current affairs in the Financial Services Sector.
  • Apply the principles of ethics to a business environment.
  • Apply insight into the implications of changing financial priorities and attitudes on the value proposition in a financial relationship.
  • Research the influence of culture and diversity on attitudes to creating and managing.

    FNBGEN22A Issue contracts of insurance covering non routine situations:

    This unit describes the competencies used in undertaking the processes related to a contract of insurance in a non-routine situation. This includes identifying the necessary information, reviewing the request against the company guidelines and procedures and issuing a new policy/contract of insurance in response to requests for quotes, new policies, or interim cover (cover note) in non-routine situations. Compliance with industry Codes of Practice, consistent application of underwriting guidelines and authorities, a thorough approach to detail and dealing with non-routine situations appropriately are critical to the judgement of competence in this unit.

    The competencies in the following South African Unit Standards are evident in the Australian Qualification:
  • Underwrite a high risk in Short Term commercial and industrial insurance.
  • Demonstrate knowledge and insight into reinsurance in the context of risk finance.
  • Investigate issues of governance that impact on different role players in a selected sub-sector.
  • Apply technical knowledge and insight to customise a Short Term insurance policy/product for a specialised entity or market.
  • Apply knowledge and insight of insurance to complex commercial and corporate enterprises.

    FNBGEN23A Settle non-routine claims:

    This unit describes the competencies needed to settle non-routine claims including the identification of non-standard issues, accessing all required information to allow a decision to be made, negotiation, and finalisation of claims. Application of company policy and procedures and compliance with legislation and regulations and industry codes of practice in identifying non-routine aspects of the claim and effecting an acceptable settlement are critical to the judgement of competence in this unit.

    There are no claims specific Unit Standards in this Qualification although thorough knowledge of the underwriting informs the assessment of claims. This is a gap in the Qualification that should be filled in the proposed National Diploma: Short Term Insurance: Level 5.

    FNBGEN24A Process facultative and treaty reinsurance claims:

    This unit describes the functions for processing facultative and treaty reinsurance claims in accordance with the company guidelines and procedure Full compliance with company operating procedures, legislative requirements and industry, Code of Practice, where applicable, compliance with terms and conditions of company reinsurance arrangement. The South African Unit Standard, Demonstrate knowledge and insight into reinsurance in the context of risk finance requires similar knowledge and competence.

    The following Australian Qualifications Authority core standards are "imported" standards therefore similarities are inferred from the Unit Standard titles.

    BSBFLM507A Manage quality customer service:

    It is inferred that there are similarities with the South African Unit Standards:
  • Adapt and verbally communicate financial information to a range of audiences.
  • Analyse the dynamics of different interactive styles in client relationships.

    There appear to be no South African equivalents for the Unit Standards:
  • BSBFLM504A Facilitate work teams.
  • BSBFLM506A Manage workplace information systems.

    Teamwork and use of technology as Critical Cross-field Outcomes in the South African Qualification and Learners in Short Term Insurance, especially at this level, all make use of computers so it can be assumed that the competencies are dealt with in an integrated manner. Unit standards relating to information systems and team work are included in the Level 3 and 4 insurance qualifications.

    Conclusion:

    The main difference between the South African, United Kingdom (UK) and Australian qualifications relates to structure and choice of electives. It appears that the Australian Qualifications Authority qualification is more focused on administrative claims and underwriting processes in a Short Term insurer than the Chartered Insurance Institute and National Certificate: Short Term Insurance: Level 5. In general the Australian and South African Qualifications have the most obvious similarities although the South African Qualification allows for a greater choice of electives and appears to be more strategic in nature. However, learners achieving competence in all three qualifications will have general competencies relating to managing risk in Short Term insurance environments with various other areas of specialisation depending upon the electives.

    Comparison of the South African Qualification and those of UK and Australia is difficult as the UK and Australian Qualifications are at a similar level on their National Qualifications Frameworks to the National Certificate: Short Term Insurance: Level 5, but learners in South Africa require similar competencies for lisencing purposes at Level 4. The National Certificate: Short Term Insurance: Level 5 requires a higher level of cognitive complexity than is required for tasks and processes that may be routine and administrative in nature and would usually be associated with learners at Level 4 in the South African system. 
    		•

    ARTICULATION OPTIONS 
    This Qualification articulates horizontally with:
  • The National Certificate: Financial Services: Long-Term Risk Assessment: Level 5, SAQA ID: 49834.
  • The National Diploma: Financial Services: Long-Term Risk Assessment: Level 5, SAQA ID: 49860.
  • The National Certificate: Wealth Management: Level 5, SAQA ID: 57608.

    This Qualification articulates vertically with:
  • Bachelor of Commerce: Insurance Science Level 6, SAQA ID: 7075. 
    		•

    MODERATION OPTIONS 
    This Qualification will be internally assessed and externally moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA.
  • Moderators, competent at the level of the Qualification, are registered by a relevant accredited ETQA to ensure that the standard across assessors is consistent.
  • Moderators must be registered as assessors with the relevant ETQA.
  • Moderators are required to report to a relevant accredited ETQA.
  • A relevant accredited ETQA will monitor and quality assure moderation and assessment according to guidelines in the Qualification. 
    		•

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    This Qualification will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA.
  • Assessors must be registered as assessors with a relevant accredited ETQA.
  • Moderators, competent at the level of the Qualification are registered by a relevant accredited ETQA to ensure that the standard across assessors is consistent.
  • Providers must be accredited as providers with a relevant accredited ETQA.
  • Assessors should be in possession of a relevant insurance Qualification at NQF level 5 or higher. 
    		•

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2012; 2015. 

    NOTES 
    N/A 

    UNIT STANDARDS: 
      ID UNIT STANDARD TITLE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
    Core  242608  Apply technical knowledge to explain business risk and possible strategies to finance risk  Level 5  Level TBA: Pre-2009 was L5  10 
    Core  242602  Apply the risk management process to investigate alternatives for risk transfer  Level 5  Level TBA: Pre-2009 was L5  5 
    Core  242615  Demonstrate knowledge and understanding of the financial consequences of a large claim to a client  Level 5  Level TBA: Pre-2009 was L5  3 
    Core  243168  Demonstrate knowledge and understanding of the financial consequences of a large claim to an insurer or reinsurer  Level 5  Level TBA: Pre-2009 was L5  5 
    Core  242562  Demonstrate knowledge and understanding of the fundamental principles of risk finance in order to propose an insurance solution  Level 5  Level TBA: Pre-2009 was L5  5 
    Core  242554  Research information in order to assist in conducting a financial risk assessment  Level 5  Level TBA: Pre-2009 was L5  7 
    Core  230078  Apply the principles of ethics to a business environment  Level 6  Level TBA: Pre-2009 was L6  10 
    Fundamental  230071  Apply basic economic principles to the financial services sector  Level 5  Level TBA: Pre-2009 was L5  5 
    Fundamental  243173  Apply technical knowledge and understanding of the origin and use of technical market data in the insurance industry  Level 5  Level TBA: Pre-2009 was L5  4 
    Fundamental  120075  Demonstrate insight into current affairs in the Financial Services sector  Level 5  Level TBA: Pre-2009 was L5  10 
    Fundamental  230075  Demonstrate knowledge and insight into the changing nature of the financial services industry and its consumers  Level 5  Level TBA: Pre-2009 was L5  6 
    Fundamental  230070  Present an informed argument on a current issue in a business sector  Level 5  Level TBA: Pre-2009 was L5  5 
    Elective  242614  Adapt and verbally communicate financial information to a range of audiences  Level 5  Level TBA: Pre-2009 was L5  2 
    Elective  242559  Analyse and interpret qualitative and quantitative data from relevant reports in order to make a recommendation or inform a decision for an entity  Level 5  Level TBA: Pre-2009 was L5  5 
    Elective  242585  Analyse the dynamics of different interactive styles in client relationships  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  114206  Analyse the strategic impact of a successful wellness programme  Level 5  Level TBA: Pre-2009 was L5  5 
    Elective  242601  Apply a researched trend to individual financial risk  Level 5  Level TBA: Pre-2009 was L5  5 
    Elective  120010  Apply a researched trend to refine non-medical risk assessments in terms of avocation and occupation  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  242569  Apply insight into the implications of changing financial priorities and attitudes on the value proposition in a financial relationship  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  243159  Apply International Financial Reporting Standards (IFRS4) to risk financing and insurance  Level 5  Level TBA: Pre-2009 was L5  8 
    Elective  243169  Apply knowledge and insight of insurance to complex commercial and corporate enterprises  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  242599  Apply knowledge and understanding of captives as a method of alternative risk transfer  Level 5  Level TBA: Pre-2009 was L5  5 
    Elective  243158  Apply knowledge and understanding of SASRIA and similar insurances to mega corporate and global accounts  Level 5  Level TBA: Pre-2009 was L5  4 
    Elective  243176  Apply knowledge of accounting practices to Short Term insurance and reinsurance  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  243172  Apply knowledge of the Income Tax Act to short term insurance options  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  242580  Apply scenario planning to explain potential risk in a specified financial services context  Level 5  Level TBA: Pre-2009 was L5  6 
    Elective  243165  Apply technical knowledge and insight to customise a Short Term insurance policy/product for a specialised entity or market  Level 5  Level TBA: Pre-2009 was L5  5 
    Elective  243171  Apply technical knowledge and skill to underwrite risk in short term corporate insurance  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  243161  Demonstrate knowledge and insight into fraudulent activities that impact on the insurance industry  Level 5  Level TBA: Pre-2009 was L5  5 
    Elective  243174  Demonstrate knowledge and insight into regulations and legal requirements that impact on insurance or reinsurance in the international arena  Level 5  Level TBA: Pre-2009 was L5  8 
    Elective  243164  Demonstrate knowledge and insight into reinsurance in the context of risk financing  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  119997  Demonstrate knowledge and understanding of risk in a Financial Services environment  Level 5  Level TBA: Pre-2009 was L5  5 
    Elective  243162  Demonstrate knowledge and understanding of the influence of international conventions on transportation insurance  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  243166  Demonstrate knowledge and understanding of the principles and practices of reinsurance  Level 5  Level TBA: Pre-2009 was L5  6 
    Elective  242598  Demonstrate knowledge and understanding of the responsibilities of directors in terms of corporate governance  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  230077  Describe the financial life cycle of an individual and how this influences financial decisions  Level 5  Level TBA: Pre-2009 was L5  8 
    Elective  243170  Describe the investigation of fraud in short term insurance  Level 5  Level TBA: Pre-2009 was L5  2 
    Elective  242583  Design a funding model to make provision for financial consequences of losses in an entity  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  242573  Determine the needs and wants of an entity in order to propose an appropriate financial solution  Level 5  Level TBA: Pre-2009 was L5  4 
    Elective  119996  Evaluate the inherent risk to an organisation in a specific market  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  242588  Examine the assets and liabilities from an organisation's financial statements in order to identify risk financing opportunities  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  242618  Explain the basic principles of enterprise wide risk management  Level 5  Level TBA: Pre-2009 was L5  12 
    Elective  243167  Identify and analyse risk information that could impact on underwriting and pricing in the short term insurance industry  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  243160  Manage the relationship between intermediaries and the market in commercial or corporate insurance  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  243157  Negotiate a proposal with a short term insurer  Level 5  Level TBA: Pre-2009 was L5  6 
    Elective  242581  Research the incidence, quantity and severity of an occurrence in order to uncover a trend and anticipate a financial risk  Level 5  Level TBA: Pre-2009 was L5  7 
    Elective  242566  Research the influence of culture and diversity on attitudes to creating and managing wealth  Level 5  Level TBA: Pre-2009 was L5  3 
    Elective  120065  Review a claims department to determine whether a business is protected by an organisation's business practices  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  243175  Underwrite a high risk in short term commercial and industrial insurance  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  243163  Underwrite a high risk, high value risk in cross border transportation  Level 5  Level TBA: Pre-2009 was L5  10 
    Elective  230072  Demonstrate insight into current global events and their potential impact on a business sector in South Africa  Level 6  Level TBA: Pre-2009 was L6  10 
    Elective  230074  Demonstrate insight into how the South African Constitution impacts on the financial services industry  Level 6  Level TBA: Pre-2009 was L6  6 
    Elective  230069  Demonstrate knowledge and insight into the impact of HIV/AIDS on financial products, markets and the workforce  Level 6  Level TBA: Pre-2009 was L6  6 
    Elective  230076  Demonstrate knowledge and understanding of e-business as a competitive tool  Level 6  Level TBA: Pre-2009 was L6  8 
    Elective  230080  Demonstrate knowledge and understanding of globalisation and its implications for financial services in South Africa  Level 6  Level TBA: Pre-2009 was L6  7 
    Elective  242604  Devise a marketing strategy for a selected target market  Level 6  Level TBA: Pre-2009 was L6  5 
    Elective  230073  Explain how the life cycle of a business entity affects investment and insurance decisions  Level 6  Level TBA: Pre-2009 was L6  6 
    Elective  230079  Interpret the impact of macro economic decisions or indicators on a business environment  Level 6  Level TBA: Pre-2009 was L6  5 
    Elective  242610  Investigate issues of governance that impact on the different role players in a selected sub-sector  Level 6  Level TBA: Pre-2009 was L6  10 
    Elective  230081  Present a well-structured argument derived from qualitative and/or quantitative data to generate a competitive advantage  Level 6  Level TBA: Pre-2009 was L6  10 
    Elective  242557  Research theories of behavioural economics and behavioural finance to explain the influence of emotion on financial decisions  Level 6  Level TBA: Pre-2009 was L6  4 


    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


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