NZQA registered unit standard
28372 version 1
Page 1 of 3
Title
Demonstrate understanding of life and health insurance legislation,
regulations, codes of practice, and roles
Level
5
Credits
5
Purpose
People credited with this unit standard are able to:
–
demonstrate knowledge of the key provisions of relevant
legislation, regulations and codes of practice, and
–
demonstrate understanding of roles, responsibilities, and
interrelationships in life and health insurance
organisations.
Classification
Financial Services > Financial Services - Professional Practice
Available grade
Achieved
Explanatory notes
1
References
Consumer Guarantees Act 1993;
Fair Trading Act 1986;
Financial Advisers Act 2008;
Financial Service Providers (Registration and Dispute Resolution) Act 2008;
Health and Safety in Employment Act 1992;
Insurance Law Reform Act 1977;
Insurance Law Reform Act 1985;
Privacy Act 1993;
relevant industry codes of practice;
and all subsequent amendments and replacements.
For detailed information on specific requirements in relation to legislation and
regulations refer to the Legislation Matrix available at www.skills.org.nz/resourcesfor-training-providers/.
2
Definition
Legislation Matrix – a reference list of legislation, regulations, and codes of practice,
including specific sections or areas that candidates need to be familiar with for the
purposes of assessment against this unit standard. It is available at:
www.skills.org.nz/resources-for-training-providers/.
3
Range
Assessments requiring application or demonstration of skills and knowledge may be
performed using workplace evidence or evidence derived from simulation or scenario
based activities.
All activities must comply with legislation, regulations, and best practice, including
any guidance notes published by the agency responsible for the relevant enactment
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
28372 version 1
Page 2 of 3
or code.
Outcomes and evidence requirements
Outcome 1
Demonstrate knowledge of the legislative and regulatory framework applicable to the life
and health insurance sector.
Evidence requirements
1.1
Explain and where relevant apply key provisions of identified legislation,
regulations, and/or codes of practice listed in the legislation matrix that impact
the daily operations of life and health insurance providers.
Range
candidates must identify three daily activities that are constrained
by or required because of the regulatory environment.
Outcome 2
Demonstrate understanding of roles, responsibilities, and interrelationships in life and
health insurance organisations.
Range – key roles include but are not limited to – underwriters, claims processing,
actuaries, complaints handling, product development, brokers and other distributors,
reinsurers, Chief Medical Officer;
Evidence requirements
2.1
Explain the purpose of and interrelationships between key roles in life and
health insurance organisations.
2.2
Explain the responsibilities of key roles in life and health insurance
organisations.
Range
Planned review date
The Skills Organisation
SSB Code 100401
responsibilities may exist in the contexts of business sustainability,
market and business dynamics, demographic and health trends,
customer satisfaction;
particular responsibilities may include – policy pricing, definition of
claimable events, market acceptability of terms and conditions,
determining size of possible market, management of level of
claims.
31 December 2017
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
28372 version 1
Page 3 of 3
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
19 February 2015
N/A
Consent and Moderation Requirements (CMR) reference
0003
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
Comments on this unit standard
Please contact The Skills Organisation reviewcomments@skills.org.nz if you wish to
suggest changes to the content of this unit standard.
The Skills Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016