Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

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

Skill 

Performance Criteria 

Description 

Reading

1.1, 2.1, 2.2, 4.1, 5.1-5.4

• Organises, interprets and critiques material from a range of sources and identifies relevant and key information relating to legislation, codes of practice and policy

Writing

1.2, 2.1, 2.2, 3.1, 4.2, 5.1

• Develops procedural material for a specific audience using clear, detailed language to convey explicit information and requirements

Navigate the world of work

1.1, 2.2, 3.2, 4.1, 4.2, 5.1-5.4

• Modifies or develops policies and procedures that comply with legislative requirements and meet organisational goals
• Develops and implements strategies that ensure organisational policy, procedures and regulatory requirements are being met
• Sources information required to develop knowledge and understanding relevant to work role

Get the work done

2.1, 3.2, 5.4

• Plans, sequences and implements complex activities, aiming to achieve them efficiently
• Makes high impact decisions in a complex and diverse environment, using input from a range of sources
• Evaluates the effectiveness of systems and processes to inform decisions on how to implement improvements
• Uses digital technologies to access, organise and analyse complex data

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

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

FNSIBL603A Manage contractual obligations for insurance and insurance broking products

Updated to meet Standards for Training Packages

Wording changes to title, elements and performance criteria to clarify intent and to better reflect industry practice

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.