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: 

Demonstrate knowledge and insight into the Policyholder protection legislation 
SAQA US ID UNIT STANDARD TITLE
12332  Demonstrate knowledge and insight into the Policyholder protection legislation 
ORIGINATOR
SGB Financial Services 
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 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2001-12-05  2004-12-02  SAQA 0639/01 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2005-12-02   2008-12-02  

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 is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
117129  Apply the regulations for disclosure that are required as part of the financial sales process  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This unit standard requires detailed knowledge of the Policyholder Protection legislation. It is intended for learners who give financial advice.

The qualifying learner is capable of:
  • Explaining why policyholder protection legislation was implemented.
  • Indicating the intended purpose of particular provisions in the rules.
  • Explaining how the policyholder protection rules achieve their purpose.
  • Demonstrating knowledge and insight into the meaning of terminology used in the policyholder protection rules. 

  • 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 3. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:

    1.Rules contained in the proposed legislation. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain why policyholder protection was implemented. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The stated purpose of the legislation is known and explained in own words. 

    ASSESSMENT CRITERION 2 
    2. Reasons for the implementation of the policyholder protection rules are given with examples of past prejudice to consumers. 

    ASSESSMENT CRITERION 3 
    3. The need for disclosure is explained in terms of customer education and empowerment. 

    SPECIFIC OUTCOME 2 
    Indicate the intended purpose of particular provisions in the rules. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The reasons for the inclusion of commission disclosure are given with reference to the benefits to the consumer. 

    ASSESSMENT CRITERION 2 
    2. The effect of the requirements of commission disclosure on the broker and the market are analysed and debated and a decision is made that offers a personal point of view and substantive argument. 

    ASSESSMENT CRITERION 3 
    3. The contents, format and manner of issue of the statutory notice are explained and an indication is given of the responsibilities of the client, the intermediary and the insurer. 

    ASSESSMENT CRITERION 4 
    4. Requirements regarding the use of language in disclosure and other documents are indicated with reference to actual documents. 

    ASSESSMENT CRITERION 5 
    5. Disclosure and other related policy documents are analysed for contraventions and compliance and reasons are given to motivate changes if necessary. 

    SPECIFIC OUTCOME 3 
    Explain how the policyholder protection rules achieve their purpose. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. An indication is given of what is required to be disclosed, what constitutes disclosure and who must disclose. 

    ASSESSMENT CRITERION 2 
    2. Compulsory disclosure documents are analysed for compliance. 

    ASSESSMENT CRITERION 3 
    3. Consequences of contravening the rules are indicated with reference to a particular sub sector. 

    ASSESSMENT CRITERION 4 
    4. The way in which the policyholder protection rules is monitored is explained with reference to the role of Financial Services Board and ombudsman. 

    ASSESSMENT CRITERION 5 
    5. The role of the insurers in the accreditation process of intermediaries is explained with reference to competency and compliance. 

    SPECIFIC OUTCOME 4 
    Demonstrate knowledge & insight into the meaning of terminology. 
    OUTCOME NOTES 
    Demonstrate knowledge and insight into the meaning of terminology used in the policyholder protection rules. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concept of a policyholder is explained in own words as defined in the policyholder protection rules. 

    ASSESSMENT CRITERION 2 
    2. The concept of an insurance transaction is explained in own words as defined in the policyholder protection rules. 

    ASSESSMENT CRITERION 3 
    3. The concept of an intermediary is explained in own words as defined in the policyholder protection rules. 

    ASSESSMENT CRITERION 4 
    4. The concept of variations to a policy explained in own words as defined in the policyholder protection rules. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, - INSQA framework for assessment and moderation. 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO ORGANISING 
    Learners are able to organise and manage themselves effectively in implementing the requirements of the policyholder protection legislation. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are able to communicate effectively using visual, mathematics and language skills to explain concepts and aspects of the proposed legislation and analysing documents for compliance. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are able to demonstrate an understanding of the world as a set of related systems when explaining the implications of non-compliance, and the need for legislation to regulate the industry and the responsibilities of clients, intermediaries and insurers. 

    UNIT STANDARD CCFO CONTRIBUTING 
    Learners are able to act as responsible citizens in the organisation and local community when implementing the rules. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by 117129, which is 'Apply the regulations for disclosure that are required as part of the financial sales process', Level 4, 2 Credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  20773   National Certificate: Long Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 
    Elective  48494   National Certificate: Financial Services Management  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  48640   National Certificate: Financial Services Management  Level 4  Level TBA: Pre-2009 was L4  Reregistered  2023-06-30  INSETA 
    Elective  48493   National Certificate: Financial Services: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2007-02-11  Was INSETA until Last Date for Achievement 
    Elective  20639   National Certificate: Healthcare Benefits Administration: Claims Assessing  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  INSETA 
    Elective  20774   National Certificate: Insurance: Long Term: Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  Was INSETA until Last Date for Achievement 
    Elective  24396   National Certificate: Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2006-10-08  Was INSETA until Last Date for Achievement 
    Elective  21796   National Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2005-06-12  Was INSETA until Last Date for Achievement 


    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. Discovery Life Ltd 
    2. Faisit (Pty) Ltd 
    3. Intec College 
    4. Invuya Institute of Learning (Pty) Ltd 
    5. Umfolozi FET College - Central Office 



    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.