SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Explain insurance transactions specific to Lloyd's of London 
SAQA US ID UNIT STANDARD TITLE
117135  Explain insurance transactions specific to Lloyd's of London 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03  2 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard intended for learners who administer financial transactions on Lloyd's of London business including underwriting agents, intermediaries and reinsurers.

The qualifying learner is capable of:
  • Explaining the difference between records required for South African underwriters and Lloyd's of London.
  • Indicating the difference in transactions between personal lines and commercial lines.
  • Extracting VAT on Lloyd's transactions.
  • Performing basic financial transactions required by Lloyd's of London. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. Learners should be competent in Communication and Mathematical Literacy at Level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is
  • VAT may be zero rated, exempt or at the current VAT rate. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the difference between records required for South African underwriters and Lloyd's of London. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Quotes from a South African underwriter and Lloyds of London are compared and an indication is given of when business will be placed with Lloyds by a specific client. 

    ASSESSMENT CRITERION 2 
    The accounting records required by South African underwriters and Lloyds of London are identified and an indication is given of why the business is recorded separately. 

    ASSESSMENT CRITERION 3 
    Reasons why domestic and commercial business is recorded separately are explained with reference to risk and VAT. 

    SPECIFIC OUTCOME 2 
    Indicate the difference in transactions between personal lines and commercial lines. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The details of risk accepted are categorised according to Lloyd's requirements for bordereaux purposes. 

    ASSESSMENT CRITERION 2 
    Details of claims paid out are categorised according to Lloyd's requirements for bordereaux purposes. 

    SPECIFIC OUTCOME 3 
    Extract the VAT on Lloyd's transactions. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    VAT required on Lloyd's business is determined in respect of premium. 

    ASSESSMENT CRITERION 2 
    VAT in respect of claims is determined according to the rules of the Income Tax Act. 

    SPECIFIC OUTCOME 4 
    Perform basic financial transactions required by Lloyds of London. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Premium borderaux are compiled in accordance with Lloyd's requirements. 

    ASSESSMENT CRITERION 2 
    Claims borderaux are compiled in accordance with Lloyd's requirements. 

    ASSESSMENT CRITERION 3 
    VAT borderaux are compiled and an indication is given of how Lloyd's VAT returns are different from other VAT returns. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage him/herself and his/her activities responsibly and effectively in applying basic financial transactions required by Lloyds of London. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in determining the VAT on Lloyd's business and compiling borderaux. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-07-30  As per Learning Programmes recorded against this Qual 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2012-06-30  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.