Elements and Performance Criteria
- Determine terms and conditions of risk acceptability
- Risk acceptance information is collected including determining the terms and conditions of risk acceptance, evaluating the response of the customer, negotiating and finalising the cover is identified and reviewed
- Risk acceptability is determined within authority limitations and capacities
- Terms and conditions of risk acceptance are determined in accordance with risk acceptance criteria
- Referrals are determined, where appropriate
- Facultative reinsurance is placed, where appropriate
- Communicate result of risk assessment
- Quotation, if required, is prepared and communicated
- Terms and conditions of risk acceptance, including expiry date of offer and pricing, are advised to client within appropriate timeframes
- Rejection of risk, if applicable, is advised as soon as it is evident that the risk falls outside the guidelines or as soon as a decision is made not to underwrite the risk
- Evaluate client response
- Client response is assessed to determine whether action to modify terms and conditions is required
- Offer is modified as necessary and advice to client is prepared according to operating procedures
- Modified offer complies with underwriting acceptance authorities and criteria, or an appropriate referral approval is sought
- Negotiate agreement
- Negotiation is undertaken on revised offer to reach mutually satisfactory agreement, including charge to reinsurance where applicable
- The client is advised of acceptance or rejection of the risk according to operating procedures
- If conditions are placed on the acceptance of risk, a mechanism is established for checking that the conditions have been met
- Issue interim cover where required
- Disclosure requirements are adhered to in all cases
- Initial documentation is issued to the client in organisation format and according to operating procedures
- Reinsurance cover is confirmed, as appropriate
- Additional information is obtained, as required
- Documents are filed and stored in accordance with organisation operating procedures
- Expiry of interim cover is monitored following standard operating procedures, to ensure that any required terms are met prior to issue of policy