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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Analyse the impact of the South African Constitution and other legislation on ethical Long-Term risk assessment principles and practices in South Africa 
SAQA US ID UNIT STANDARD TITLE
120062  Analyse the impact of the South African Constitution and other legislation on ethical Long-Term risk assessment principles and practices in South Africa 
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 5  Level TBA: Pre-2009 was L5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 is intended for Long Term Underwriters, Reinsurers, Intermediaries, Claims Assessors and learners in Pricing and Tendering who are required to apply knowledge of legislation to ensure that assessment decisions are compliant.

The qualifying learner is capable of:
  • Interpreting aspects of legislation that impact on Long-Term risk assessment decisions.
  • Analysing the impact of ethical principles enshrined in the South African Constitution on Long-Term risk assessment policies.
  • Analysing the impact of good corporate governance on Long-Term risk assessment policies.
  • Analysing the impact of current legislation on market positioning within the financial services industry. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should be competent in Communication and Mathematical Literacy at Level 4. It is assumed that learners are competent in the Unit Standards in the FETC: Long-Term Risk Assessment. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is all legislation that applies to the Long-Term insurance industry including Group Benefits, Healthcare Benefits Administration and Life Insurance and specific target markets. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Interpret aspects of legislation that impact on Long-Term risk assessment decisions. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Sections of the relevant legislation that impact on Long-Term risk assessment principles and practices are identified with examples of how each section impacts on assessment decisions. 

    ASSESSMENT CRITERION 2 
    Legal case studies and recent judgements are examined to determine the potential impact on future underwriting decisions. 

    ASSESSMENT CRITERION 3 
    The principles that are the basis of Long-Term risk assessment are interpreted in the light of current legislation and an indication is given of how legislation has changed practice. 

    SPECIFIC OUTCOME 2 
    Analyse the impact of ethical principles enshrined in the South African Constitution on Long-Term risk assessment policies. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The ethical principles in the Constitution are identified and applied to policy conditions. 

    ASSESSMENT CRITERION 2 
    Definitions used in policy documents are compared to the limitations imposed by legislation with reference to exclusions, transparency, misrepresentation and fairness. 

    ASSESSMENT CRITERION 3 
    Underwriting practices that are discriminatory are identified and an indication is given of when discrimination is justifiable. 

    SPECIFIC OUTCOME 3 
    Analyse the impact of good corporate governance on Long-Term risk assessment policies. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of good corporate governance is explained with reference to current codes of good practice. 

    ASSESSMENT CRITERION 2 
    Requirements of good corporate governance in terms of transparency and communication are explained and an indication is given of how these impact on Long-Term risk assessment and gaining competitive advantage. 

    ASSESSMENT CRITERION 3 
    The cost implications of compliance and non-compliance are analysed for three case studies. 

    SPECIFIC OUTCOME 4 
    Analyse the impact of current legislation on market positioning within the financial services industry. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The implications of legislation for determining target markets are explained with examples. 

    ASSESSMENT CRITERION 2 
    The impact of the Financial Charter on Long-Term risk assessment practices is explained with reference to access to financial services. 

    ASSESSMENT CRITERION 3 
    Positioning in the market and product design are discussed in terms of the implications for Long-Term risk assessment and distribution channels. 


    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 COLLECTING 
    Learners are able to collect, organise and critically evaluate information in analysing the impact of legislation on ethical assessment practices. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are able to communicate effectively using visual, mathematics and language skills in analysing the cost of compliance and discussing the implications for Long-Term risk assessment, distribution channels, positioning in the market and product design. 

    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
    Core  49860   National Diploma: Financial Services: Long-Term Risk Assessment  Level 5  NQF Level 05  Reregistered  2023-06-30  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.
     
    1. CKP Development Agency (Pty) Ltd. 



    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.