Assessor Resource
FNSIBK302A
Provide general advice in general insurance broking products and services (Tier 2)
Assessment tool
Version 1.0
Issue Date: May 2024
This unit is applicable to individuals working within insurance broking enterprises and in broking adviser job roles. For those brokers seeking to meet ASIC training standards:
General advice is defined by ASIC in its regulatory guide relating to the conduct and training of financial service product advisers. This unit requires the application of skills and knowledge to identify where the client is seeking general rather than personal product advice and to follow the appropriate steps to provide this level of advice. It also requires clarification of the broker's role in providing this service.
Tier 2 products are defined by ASIC as:
General insurance products other than personal sickness and accident. These products:
Do not have any investment component
Are subject to standard terms and conditions except for previously disclosed variations
Are of a limited life, e.g. 12 months
Travel insurance products including where the product covers losses arising due to sickness or accident while travelling; and
Client credit insurance including where the product covers client credit liabilities that cannot be paid due to sickness or accident.
There is a substantial core and specialist general insurance product and insurance broking knowledge component that must be developed by the adviser as part of the requirements to meet ASIC training standards for Tier 2 general advice
The unit may be applied within organisations of various sizes and across a range of customer bases.
This unit describes the performance outcomes, skills and knowledge required to advise retail and wholesale clients and current clients in standard general insurance products.
This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).It covers the functions undertaken by an insurance broker providing general advice in Tier 2 general insurance.
Conditions relating to ASIC training requirements and accreditation should be obtained from ASIC.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)