Unit of competency Outline

Date retreived
22/07/2026 2:37 PM AWST

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Negotiate treaty reinsurance

Negotiate treaty reinsurance

Unit of competency
National Code
FNSISV504
State Code
AUS13
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to analyse, prepare and negotiate reinsurance in accordance with organisational guidelines and procedures.It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Prepare reinsurance tender
  • 1.1 Review previous tender arrangements and documents, where they exist
  • 1.2 Prepare and check information relating to treaty reinsurance tender
  • 1.3 Check completeness of information
  • 1.4 Confirm coverage of claim, or series of claims, under specific client, policy or treaty
  • 1.5 Prepare tendering conditions in line with organisational procedures, guidelines and authorities, context, and treaty and facultative obligations
  • 1.6 Prepare and confirm criteria for supplier selection
  • 1.7 Record accurately all tender information
  • 1.8 Pass on tendering information to appropriate staff, where required
2. Select reinsurance supplier
  • 2.1 Notify relevant reinsurers of tender conditions and details under relevant reinsurance tendering arrangements
  • 2.2 Request tender response from reinsurer in line with organisational procedures, guidelines and authorities within accepted timeframes and guidelines
  • 2.3 Review reinsurance supplier tenders and evaluate against set selection criteria
  • 2.4 Record accurately all tender information
3. Manage transactions for treaty
  • 3.1 Calculate recovery of whole claim, including reinstatements for policy terms and conditions, and from which treaty it is to be recovered
  • 3.2 Manage transactions
  • 3.3 Check and accurately record all information
4. Negotiate terms and conditions of agreement
  • 4.1 Negotiate policy terms and conditions with selected reinsurers
  • 4.2 Document and record accurately all information on system
  • 4.3 Pass on reinsurer information to appropriate staff, where required
No information
No information
Replaces
State Code National Code Title Type
D4242 FNSISV504A Negotiate treaty reinsurance Unit of competency
Replaced By
State Code National Code Title Type
OCZ07 FNSISV524 Negotiate treaty reinsurance Unit of competency
State Code National Code Title Type
AWE4 FNS51115 Diploma of General Insurance Qualification
AWB9 FNS51315 Diploma of Life Insurance Qualification