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Published byErnest Sherman Modified over 9 years ago
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INSETA FIT & PROPER PROJECT
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Glen Edwards:Co-ordinator Ponie de Wet:Glen’s Manager Cheryl Greenslade:Administrator Plus Steering Committee Industry Advisory Workgroup PROJECT TEAM
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Requirements: 1.Honesty & Integrity 2.(a) Competency, and (b) Operational Ability 3. Financial Soundness WHAT IS FIT & PROPER ?
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… TO GUIDE AND ASSIST FINANCIAL ADVISORS IN RESPECT OF THE COMPETENCY REQUIREMENTS INSETA PROJECT
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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
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Not included in the INSETA project Securities Foreign Currency Deposits OTHER SUBCATEGORIES
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Measured by EXPERIENCE and ACADEMIC STANDARDS - Depends on Subcategory - Specified in Columns 2 and 3 of the FIT & PROPER Tables WHAT IS COMPETENCY ?
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Go to the Fit & Proper Determination on INSETA’s website, and page down to Table A For example : Short-term Insurance EXAMPLES OF TABLES
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Plus PROJECT TEAM
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Column 1 Column 2 Column 3 Column 4 Category Min. experience Minimum qualificationFurther Requirements Short term Insurance: Personal lines 1 year or; 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 yearGrade 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 4 or; Any appropriate degree/diploma at minimum NQF 5
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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
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INSETA WEBSITE www.inseta.org.za INVESTIGATING QUALIFICATIONS AND UNIT STANDARDS
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Plus
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PROJECT TEAM
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Plus PROJECT TEAM
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Plus PROJECT TEAM
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Learning Materials for Levels 2 & 3 available on INSETA website - “Site Updates” Level 4:November 2003 Level 5:Under Development EARNING CREDITS
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Accredited Learning Providers on INSETA Website “INSQA – Quality Assurance” LEARNING PROVIDERS
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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
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In-house courses are not registered with an Official Educational Body THEREFORE …... Automatic NQF Credits CANNOT be granted IN-HOUSE TRAINING RECEIVED BUT!!!
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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 !!!
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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
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Short Term Insurance Personal 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 3 MINIMUM ACADEMIC STANDARDS (12 CREDITS AT NQF 4) Compulsory US No.US TitleLevelCredit 10194 Demonstrate knowledge and insight into the Short-term Insurance Act (No53 of 1998) and the accompanying regulations 42 10368 Demonstrate knowledge and understanding of domestic motor insurance43 10373 Demonstrate knowledge and understanding of insurance of personal domestic household contents and household buildings 43 10375 Demonstrate knowledge and understanding of all risks insurance42 12164 Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002) 42 TOTAL12
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OK for now ………………….HOWEVER !!!!!! Column 4 = Continuing Professional Development (CPD) TAKE OUR ADVICE : DO THE RPL ASSESSMENT IN 2004 AND OBTAIN YOUR NQF CREDITS NOW You’ll be so glad you did !!! THE SCHOOLING GRADES ALTERNATIVE….
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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…..
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GOOD LUCK ! www.inseta.org.za
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