Unit of competency Outline
Date retreived
22/07/2026 3:49 PM AWST
22/07/2026 3:49 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Manage contractual, legislative and code of practice obligations and requirements
Manage contractual, legislative and code of practice obligations and requirements
Unit of competency
National Code
FNSIBK603
FNSIBK603
State Code
AUR58
AUR58
TGA Status
Deleted
Deleted
DTWD Status
Deleted
Deleted
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
70
Description
This unit describes the specialist skills and knowledge required to manage compliance requirements, including legislative and code of practice obligations relating to the life or general insurance products offered by an insurance brokerage.It applies to individuals who work methodically and have well-developed analytical skills that are applied to the interpretation and management of product related compliance requirements. 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. 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
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4198 | FNSIBK603A | Manage contractual obligations for insurance and insurance broking products | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWE0 | FNS60115 | Advanced Diploma of Insurance Broking | Qualification |