Unit of competency Outline

Date retreived
23/07/2026 5:19 PM AWST

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Negotiate treaty reinsurance

Negotiate treaty reinsurance

Unit of competency
National Code
FNSISV524
State Code
OCZ07
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
22/04/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to analyse and prepare reinsurance submission, select reinsurance supplier and complete negotiation according to organisational guidelines and procedures.The unit applies to those working in job roles involving specialist knowledge and functions in a range of insurance sectors, in organisations of various sizes and across a range of client bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Prepare reinsurance submission
  • 1.1 Review previous submission arrangements and documents where required
  • 1.2 Prepare information relating to treaty reinsurance submission and check for completeness
  • 1.3 Confirm coverage of claim
  • 1.4 Prepare submission conditions according to organisational policies and procedures, and treaty and facultative obligations
  • 1.5 Prepare and confirm criteria for supplier selection
  • 1.6 Pass on submission information to stakeholders as required
2. Select reinsurance supplier
  • 2.1 Notify reinsurers of submission conditions and details under reinsurance submission arrangements
  • 2.2 Request submission response from reinsurer according to organisational policies and procedures within required timeframes
  • 2.3 Review reinsurance supplier quotations and evaluate against set selection criteria
3. Complete negotiation
  • 3.1 Calculate recovery of whole claim and prepare reinstatements for policy terms and conditions to the required treaty
  • 3.2 Manage transactions
  • 3.3 Negotiate policy terms and conditions with selected reinsurers
  • 3.4 Pass on reinsurer information to required stakeholders as required
No information
No information
Replaces
State Code National Code Title Type
AUS13 FNSISV504 Negotiate treaty reinsurance Unit of competency
State Code National Code Title Type
BFX4 FNS51120 Diploma of General Insurance Qualification