Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to negotiate treaty reinsurance in accordance with organisation guidelines and procedures. It encompasses analysing, preparing and negotiating treaty insurance with a supplier. This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC). |
Application of the Unit
Application of the unit |
This unit applies to 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 customer bases. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Prepare reinsurance tender |
1.1. Previous tender arrangements and documents, where they exist, are reviewed 1.2. Information relating to treaty reinsurance tender is prepared and checked 1.3. Completeness of the information is checked 1.4. Coverage of a claim, or series of claims, under a specific client, policy, or treaty is confirmed 1.5. Tendering conditions are prepared in line with organisation procedures , guidelines and authorities, context and treaty and facultative obligations 1.6. Criteria for supplier selection is prepared and confirmed 1.7. All tender information is accurately recorded 1.8. Where required, tendering information is passed on to appropriate staff |
2. Select reinsurance supplier |
2.1. Relevant reinsurers notified of tender conditions and details under relevant reinsurance tendering arrangements 2.2. Tender response is requested from reinsurer in line with organisation procedures, guidelines and authorities within accepted timeframes and guidelines 2.3. Reinsurance supplier tenders are reviewed and evaluated against set selection criteria 2.4. All tender information is accurately recorded |
3. Manage transactions for treaty |
3.1. Recovery of the whole claim is calculated, including reinstatements for policy terms and conditions, and what treaty it is to be recovered from 3.2. Transactions are managed 3.3. All information is checked and accurately recorded |
4. Negotiate terms and conditions of agreement |
4.1. Policy terms and conditions are negotiated with selected reinsurers 4.2. All information is accurately documented and recorded on the system 4.3. Where required, reinsurer information is passed on to appropriate staff |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Types of treaty reinsurance may include: |
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Organisation procedures may include: |
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Context may include: |
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Criteria for supplier selection may include: |
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Unit Sector(s)
Unit sector |
Insurance services |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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