Skills Unit
BR3N008-20
General Insurance Law and Regulations for Brokers (New Zealand)
This unit describes the skills and knowledge brokers require to ensure compliance with finance industry regulations and industry codes of practice on an organisational level. It applies to individuals whose work functions are subject to regulatory requirements.
10 CIP Points
General Insurance Law and Regulations for Brokers (New Zealand)
NZD $350
Insurance Broking
5-week Study Period
10 Credit Points
Intermediate
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What you'll learn
- Describe the legal framework, contract law and equity
- Identify the three main regulatory bodies and relevant industry regulators
- Identify the broker’s regulatory obligations, and conduct and behaviour requirements under the Financial Markets Conduct Act 2013
- Identify the relevant professional codes for brokers and their impact on broker obligations
- Describe the training and licencing requirements for financial advisers
- Identify and communicate regulatory changes to the broking organisation.
Competencies
FNSFMK515 Comply with financial services regulation and industry codes of practice
Topics Covered
- Insurance brokers and their services
- Law and legal framework
- Contact law anc determing the validity of a contract
- Equity
- Regulatory bodies
- Legislation and regulations
- The Financial Markets Conduct Act 2013
- Standard conditions and disclosure
- Duty of care and duty of utmost good faith
- Misleading conduct, harassment and coercion
- Service standards
- Privacy
- Present cover to the client
- Maintain records and client files
- Compliance, monitoring and dispute resolution
- Managing legislative and regulatory change
- Implementing changes
- Process a claim and performance review
Assessment
1 Exam and 1 Simulation