1. INSETA FIT & PROPER PROJECT

2. Glen Edwards:Co-ordinator Ponie de Wet:Glen’s Manager Cheryl Greenslade:Administrator Plus Steering Committee Industry Advisory Workgroup PROJECT TEAM

3. Requirements: 1.Honesty & Integrity 2.(a) Competency, and (b) Operational Ability 3. Financial Soundness WHAT IS FIT & PROPER ?

4. … TO GUIDE AND ASSIST FINANCIAL ADVISORS IN RESPECT OF THE COMPETENCY REQUIREMENTS INSETA PROJECT

5.  Long-term Insurance (A, B & C)  Short-term Insurance - (Personal Lines & Commercial Lines)  Retail Pension Benefits  Pension Fund Benefits  Collective Investments  Health Service Benefits  Friendly Society INSURANCE SUBCATEGORIES

6. Not included in the INSETA project  Securities  Foreign Currency  Deposits OTHER SUBCATEGORIES

7.  Measured by EXPERIENCE and ACADEMIC STANDARDS - Depends on Subcategory - Specified in Columns 2 and 3 of the FIT & PROPER Tables WHAT IS COMPETENCY ?

8. Go to the Fit & Proper Determination on INSETA’s website, and page down to Table A For example :  Short-term Insurance EXAMPLES OF TABLES

9. Plus PROJECT TEAM

10. Column 1 Column 2 Column 3 Column 4 Category Min. experience Minimum qualificationFurther Requirements Short term Insurance: Personal lines 1 year or; relevant SETA learnership Grade 11 (std 9) or; NQF 4 skills programme, minimum of 12 credits Within 2 years after licensing, completion of of 30 credits at NQF 4 Short term insurance: Commercial lines 1 yearGrade 12 (Matric) or; Further Education and Training Certificate (FETC) or; NQF 4 skills programme, minimum of 30 credits Within 3 years after licensing, completion of 60 credits at NQF 4 or; Any appropriate degree/diploma at minimum NQF 5

11. New qualifications are registered on the National Qualifications Framework (NQF)  Insurance Qualifications at Levels 2 to 6  Qualifications made up of Unit Standards  Each Unit Standard has a Credit Value INSURANCE QUALIFICATIONS

12. INSETA WEBSITE www.inseta.org.za INVESTIGATING QUALIFICATIONS AND UNIT STANDARDS

13. Plus

14. PROJECT TEAM

15. Plus PROJECT TEAM

16. Plus PROJECT TEAM

17.  Learning Materials for Levels 2 & 3 available on INSETA website - “Site Updates”  Level 4:November 2003  Level 5:Under Development EARNING CREDITS

18. Accredited Learning Providers on INSETA Website “INSQA – Quality Assurance” LEARNING PROVIDERS

19. Existing and historic Insurance qualifications are being investigated for comparison with the new NQF qualifications  NQF Credits will be granted where applicable  Equivalence Matrix available end-November 2003 EQUIVALENCE MAPPING

20. In-house courses are not registered with an Official Educational Body THEREFORE …... Automatic NQF Credits CANNOT be granted IN-HOUSE TRAINING RECEIVED BUT!!!

21.  Demonstrate your experience and knowledge at INSETA’s Assessment Exercise in February/March 2004  Credits will be granted through Recognition of Prior Learning (RPL) to successful candidates MAJOR OPPORTUNITY !!!

22.  Multiple-choice  Countrywide  Conducted by a recognised Institution  Credits granted to candidates found “Competent”  List of Unit Standards for RPL Assessment available on INSETA website “FAIS – latest news” RPL ASSESSMENT 2004

23. Short Term Insurance Personal Lines Definition: Short-term insurance contracts or policies referred to in the Short-term Insurance Act, 1998 (Act 53 of 1998), purchased by natural persons otherwise than in a business capacity. COLUMN 3 MINIMUM ACADEMIC STANDARDS (12 CREDITS AT NQF 4) Compulsory US No.US TitleLevelCredit 10194  Demonstrate knowledge and insight into the Short-term Insurance Act (No53 of 1998) and the accompanying regulations 42 10368  Demonstrate knowledge and understanding of domestic motor insurance43 10373  Demonstrate knowledge and understanding of insurance of personal domestic household contents and household buildings 43 10375  Demonstrate knowledge and understanding of all risks insurance42 12164  Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002) 42 TOTAL12

24.  OK for now ………………….HOWEVER !!!!!!  Column 4 = Continuing Professional Development (CPD) TAKE OUR ADVICE : DO THE RPL ASSESSMENT IN 2004 AND OBTAIN YOUR NQF CREDITS NOW You’ll be so glad you did !!! THE SCHOOLING GRADES ALTERNATIVE….

25.  Will there be Columns 5,6,7, etc ?  Further academic requirements ? YES  Continuing Professional Development  The FSB will raise the bar from time to time THE FUTURE…..

26. GOOD LUCK ! www.inseta.org.za