inseta fit & proper project. glen edwards:co-ordinator ponie de wet:glen’s manager cheryl...
TRANSCRIPT
Glen Edwards : Co-ordinator
Ponie de Wet : Glen’s Manager
Cheryl Greenslade : Administrator
Plus
Steering Committee
Industry Advisory Workgroup
PROJECT TEAM
Requirements:
1. Honesty & Integrity
2. (a) Competency, and (b) Operational Ability
3. Financial Soundness
WHAT IS FIT & PROPER ?
Long-term Insurance (A, B & C) Short-term Insurance - (Personal
Lines & Commercial Lines) Retail Pension Benefits Pension Fund Benefits Collective Investments Health Service Benefits Friendly Society
INSURANCE SUBCATEGORIES
Measured by EXPERIENCE and ACADEMIC STANDARDS
- Depends on Subcategory
- Specified in Columns 2 and 3 of the FIT & PROPER Tables
WHAT IS COMPETENCY ?
Go to the Fit & Proper Determination on INSETA’s website, and page down to Table A
For example :
Short-term Insurance
EXAMPLES OF TABLES
Column 1 Column 2 Column 3 Column 4
CategoryMin. experience
Minimum qualification Further Requirements
Short term Insurance:Personal lines
1 yearor;relevant SETA learnership
Grade 11 (std 9) or;NQF 4 skills programme, minimum of 12 credits
Within 2 years after licensing, completion of of 30 credits at NQF 4
Short term insurance:Commercial lines
1 year Grade 12 (Matric)or;Further Education and Training Certificate (FETC)or;NQF 4 skills programme, minimum of 30 credits
Within 3 years after licensing, completion of 60 credits at NQF 4or;Any appropriate degree/diploma at minimum NQF 5
New qualifications are registered on the National Qualifications Framework (NQF)
Insurance Qualifications at Levels 2 to 6
Qualifications made up of Unit Standards
Each Unit Standard has a Credit Value
INSURANCE QUALIFICATIONS
Learning Materials for Levels 2 & 3 available on INSETA website -“Site Updates”
Level 4 : November 2003
Level 5 : Under Development
EARNING CREDITS
Existing and historic Insurance qualifications are being investigated for comparison with the new NQF qualifications
NQF Credits will be granted where applicable
Equivalence Matrix available end-November 2003
EQUIVALENCE MAPPING
In-house courses are not registered with an Official Educational Body
THEREFORE …...
Automatic NQF Credits CANNOT be granted
IN-HOUSE TRAINING RECEIVED
BUT!!!
Demonstrate your experience and knowledge at INSETA’s Assessment Exercise in February/March 2004
Credits will be granted through Recognition of Prior Learning (RPL) to successful candidates
MAJOR OPPORTUNITY !!!
Multiple-choice Countrywide Conducted by a recognised
Institution Credits granted to candidates found
“Competent” List of Unit Standards for RPL
Assessment available on INSETA website “FAIS – latest news”
RPL ASSESSMENT 2004
Short Term InsurancePersonal Lines
Definition: Short-term insurance contracts or policies referred to in the Short-term Insurance Act, 1998 (Act 53 of 1998), purchased by natural persons otherwise than in a business capacity.
COLUMN 3MINIMUM ACADEMIC STANDARDS (12 CREDITS AT NQF 4)
Compulsory
•US No. •US Title Level Credit
•10194 Demonstrate knowledge and insight into the Short-term Insurance Act (No53 of 1998) and the accompanying regulations
4 2
•10368 Demonstrate knowledge and understanding of domestic motor insurance 4 3
•10373 Demonstrate knowledge and understanding of insurance of personal domestic household contents and household buildings
4 3
•10375 Demonstrate knowledge and understanding of all risks insurance 4 2
•12164 Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002)
4 2
TOTAL 12
OK for now………………….HOWEVER !!!!!! Column 4 = Continuing Professional
Development (CPD)
TAKE OUR ADVICE :DO THE RPL ASSESSMENT IN 2004 AND OBTAIN YOUR NQF CREDITS
NOWYou’ll be so glad you did !!!
THE SCHOOLING GRADES ALTERNATIVE….
Will there be Columns 5,6,7, etc ? Further academic requirements ?
YES Continuing Professional Development The FSB will raise the bar from time to time
THE FUTURE…..