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 QUALIFICATION: 

Higher Certificate in Short Term Insurance 
SAQA QUAL ID QUALIFICATION TITLE
83526  Higher Certificate in Short Term Insurance 
ORIGINATOR
Milpark Education (Pty) Ltd 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Higher Certificate  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Not Applicable  NQF Level 05  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered-data under construction  EXCO 0324/24  2024-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

Registered-data under construction

The qualification content is currently being updated for the qualifications with the status “Registered-data under construction” or showing “DETAILS UNDER CONSTRUCTION” to ensure compliance with SAQA’S Policy and Criteria for the registration of qualifications and part-qualifications on the National Qualifications Framework (NQF) (As amended, 2022). These qualifications are re-registered until 30 June 2027 and can legitimately be offered by the institutions to which they are registered.

 

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.  

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:

The purpose of this qualification is to equip students with the knowledge, skills and values required as a short-term insurance specialist. Learners will be competent to provide short-term insurance advice across the fields of personal and commercial insurance. The elective modules provide students with the opportunity to become experts in specialist areas of short-term insurance.

Learners successfully mastering the competencies in this qualification will be able to contribute to the broader society by providing sound advice to the public regarding short-term insurance.

The qualifying learner will be capable of:
  • Applying knowledge of legislation, compliance and ethics in a short-term insurance context in South Africa.
  • Examining the nature of the short-term insurance environment in South Africa in terms of structure and role-players, regulation and consumer needs.
  • Applying knowledge of legislation, risk management principles, reinsurance practices and underwriting principles to propose a short-term insurance solution to a client.
  • Applying the principles of client relationship management in a compliant manner in the context of short-term insurance.

    Rationale:

    With the introduction of the competency requirements in the Financial Advisory and Intermediary Services Act (FAIS Act) the landscape for the up-skilling of all insurance practitioners in South Africa changed dramatically. This qualification will address the full range of regulatory requirements set for short-term insurance practitioners by the Financial Services Board.

    The typical learners attempting this qualification would migrate from the schooling system with the necessary admission requirements, and/or would already be active in the workplace. This qualification, due to its adherence to the requirements of the HEQF, will allow the learner access to further learning in the same or a related field.

    This qualification is a combination of learning outcomes which have the defined purpose of capacitating the learner with workplace applicable competencies, and which will provide the learner with a solid foundation for any future learning endeavours in the financial planning field. This qualification achieves the objectives of the NQF. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that the learner has the following knowledge and skills:
  • Communication at NQF Level 4.
  • Mathematical Literacy at NQF Level 3.

    Recognition of Prior Learning:

    The structure of this qualification makes the Recognition of Prior Learning possible. This qualification may therefore be achieved in part or completely through the Recognition of Prior Learning, which includes formal, informal and non-formal learning and work experience. Care will be taken that the mechanism used provides the learner with an opportunity to demonstrate competence and is not so onerous as to prevent learners from taking up the Recognition of Prior Learning option towards gaining a qualification.

    If the learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in this qualification the appropriate credits should be assigned to the learner. Recognition of Prior Learning will be done by means of Integrated Assessment.

    Access to the Qualification:

    There is an open access to this qualification for learners who have:
  • Successfully completed the National Senior Certificate with the relevant admission requirements.
    Or.
  • Successfully completed the National Certificate: Vocational, NQF Level 4 with the relevant admission requirements. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    To be awarded the qualification learners are required to obtain a minimum of 120 credits at NQF Level 5. The following rules of combination apply to this qualification:

    Fundamental Component:

    The Fundamental Component of the qualification (40 Credits), which consists of the following learning modules, is compulsory:
  • Legal Framework - 25 Credits.
  • Risk Management - 15 Credits.

    Core Component:

    The Core Component of the qualification (50 Credits), which consists of the following learning modules, is compulsory:
  • Personal Lines Insurance - 25 Credits.
  • Commercial lines insurance - 25 Credits.

    Elective Component:

    In the Elective Component the learner is to select two of the following learning modules to the value of 30 Credits:
  • Reinsurance - 15 Credits.
  • Marine and Aviation Insurance - 15 Credits.
  • Construction and Engineering Insurance - 15 Credits.
  • Business Management - 15 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Apply knowledge of legislation, compliance and ethics in a short-term insurance context in South Africa.

    2. Examine the nature of the short-term insurance environment in South Africa in terms of structure and role-players, regulation and consumer needs.

    3. Apply knowledge of legislation, risk management principles, reinsurance practices and underwriting principles to propose a short-term insurance solution to a client.

    4. Apply the principles of client relationship management in a compliant manner in the context of short-term insurance.

    Critical Cross-Field Outcomes:

    Qualifying learners will be required to demonstrate competence in the following Critical Cross-Field Outcomes:
  • Identify, systematically examine, critically evaluates and solves problems in which responses display that responsible decisions have been made, using critical and creative thinking.
  • Organise and manage oneself and one's activities responsibly and effectively.
  • Collect, analyse, organises and critically evaluates information.
  • Demonstrate an understanding of the world as a set of related systems by recognising that problem solving contexts do not exist in isolation.
  • Self manage skills development from the range of experiences and learning opportunities available.
  • Transfer skills and continuous learning to organisational setting. 
    		•

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:

    1.1 Legislation that impacts on the practice of short-term insurance in South Africa is analysed to determine the impact and scope of its application to personal and commercial short-term insurance.
    1.2 The requirements of the Codes of Conduct of FAIS are integrated into the business of determining risk in a short-term insurance context.
    1.3 Own operations are managed within the parameters set by compliance and legislation.
    1.4 The relationship between ethics and compliance legislation is examined against the background of client interaction, responsible business practice and contribution to an ethical business environment in South Africa.

    Associated Assessment Criteria for Exit Level Outcome 2:

    2.1 The role-players in the industry are identified and categorised and the relationship amongst them is explained.
    2.2 The challenges and opportunities in the business environment in South Africa are identified and ways of addressing these in a short-term insurance context are proposed.

    Associated Assessment Criteria for Exit Level Outcome 3:

    3.1 Technical knowledge is applied to advise a client on risk exposure.
    3.2 The risk identified is analysed in order to formulate a risk management solution.
    3.3 Knowledge of classes of short-term insurance and products is applied to select suitable solutions.
    3.4 Underwriting criteria of a selected product are analysed in order to propose an insurance solution.
    3.5 The need for reinsurance is analysed and a solution for reinsurance is sought.

    Associated Assessment Criteria for Exit Level Outcome 4:

    4.1 All relevant information is gathered in order to identify client needs.
    4.2 Solutions are recommended to clients based on their needs as identified and the terms and conditions are explained to clients in order to allow them to make informed decisions.
    4.3 The annual renewal process is conducted in order to ensure that the client needs remain appropriately covered.

    Integrated Assessment:

    Integrated Assessment will be applied extensively across the modules of learning, particularly in the case studies. Summative assessment is integrated into the learning in that it takes place at the end of each of the constituent modules of the programme. Self and formative assessment takes place through case studies and assignments, including the writing of proposals and financial plans. 

    INTERNATIONAL COMPARABILITY 
    It appears that South Africa's legislated requirements in respect of short-term insurers are closest to those of the United Kingdom. There are not many other countries that require full higher education qualifications be obtained in order to operate in the short-term market.

    In the United States of America, several states do offer licensing examinations and there do not appear to be colleges and universities offering certificates at this, entry, level. According to Education-Portal.com the "American Institute for Chartered Property Casualty Underwriter (AICPCU) and the Insurance Institute of America (IIA) jointly offer several certification and designation programmes. The most well-known programme is the Certificate in General Insurance, which covers fundamental insurance principles and types of coverage. Other certifications offered by the two organisations include Chartered Property Casualty Underwriter (CPCU), Associate in Claims (AIC), Associate in Insurance Services (AIS), Associate in Personal Insurance (API) and Accredited Advisor in Insurance (AAI)".

    From research conducted it appears that three to six month courses (100 to 150 hours and often in-house) are required for entry into the insurance sector in India. Some formal employer/education partnerships are in place. For example, the Goa Institute of Management in India offers what is called a Certificate in Insurance in conjunction with ICICI Prudential Life Insurance Company. This certificate is a six month certificate course which includes three months of on-the-job training with Prudential Life.

    The UK appears to align most closely to the South African situation. There is legislation similar to our FAIS legislation in place, and different levels of qualification are required for work/employment in the various insurance streams.

    Accordingly, the Chartered Insurance Institute (UK) offers a one year accredited programme called the Certificate in Insurance which enables practitioners in insurance in the UK to practice and comply with the regulations of their legislation. The Milpark Business School programme as envisaged compares favourably to this programme. 

    ARTICULATION OPTIONS 
    This qualification allows for horizontal as well as vertical articulation to other institutions which may present similar qualifications.

    Horizontal articulation is possible with the following qualifications:
  • Higher Certificate: Financial Planning, NQF Level 5.
  • Higher Certificate: Accounting, NQF Level 5.

    Vertical articulation is possible with the following qualifications:
  • Advanced Certificate: Financial Planning, NQF Level 6.
  • Advanced Certificate: Short Term Insurance, NQF Level 6. 
    		•

    MODERATION OPTIONS 
    Assessors and moderators will be appointed to validate learner assessments. The appointment of individuals in these capacities is governed by the institution's policies and procedures. The selected candidates need:
  • Assessment/moderation experience in the subject field being assessed.
  • An NQF Level 6 qualification in the subject field.
  • To be familiar with the syllabus content and required outcomes of the syllabus.
  • Relevant practical working experience in the field of study. 
    		•

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

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

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    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. Milpark Education (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.