FNSISV524 — Negotiate treaty reinsurance

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What an assessment for FNSISV524 must cover

44 assessable components: 3 elements (13 performance criteria), 3 performance evidence and 19 knowledge evidence requirements, plus 9 foundation skills. An audit-defensible tool maps every question and task back to these — that mapping is the coverage matrix Auditori generates alongside the assessment.

Elements & performance criteria

1 Prepare reinsurance submission

1.1Review previous submission arrangements and documents where required
1.2Prepare information relating to treaty reinsurance submission and check for completeness
1.3Confirm coverage of claim
1.4Prepare submission conditions according to organisational policies and procedures, and treaty and facultative obligations
1.5Prepare and confirm criteria for supplier selection
1.6Pass on submission information to stakeholders as required

2 Select reinsurance supplier

2.1Notify reinsurers of submission conditions and details under reinsurance submission arrangements
2.2Request submission response from reinsurer according to organisational policies and procedures within required timeframes
2.3Review reinsurance supplier quotations and evaluate against set selection criteria

3 Complete negotiation

3.1Calculate recovery of whole claim and prepare reinstatements for policy terms and conditions to the required treaty
3.2Manage transactions
3.3Negotiate policy terms and conditions with selected reinsurers
3.4Pass on reinsurer information to required stakeholders as required

Performance evidence

negotiate the reinsurance of at least two different treaties
document and record required submission information at each stage of the process
compile a submission document, including collection of data and selection of methods of protection

Knowledge evidence

key features of legislative and regulatory requirements and industry sector codes of practice applicable to negotiating treaty reinsurance
organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to: best underwriting guides (BUG)
organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to: loss control guides
organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to: organisational information technology systems used in assessing reinsurance submission responses
organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to: preparation of submission conditions
organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to: insurance contracts
organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to: consumer protection
organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to: financial services
organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to: corporations
key principles and methods of documenting submission information
types of submissions
key considerations of wording of insurance policies in keeping with organisational or industry sector approaches
reinsurance terminology and concepts, including: limits
reinsurance terminology and concepts, including: excess
reinsurance terminology and concepts, including: premium terms
reinsurance terminology and concepts, including: net retained lines
reinsurance terminology and concepts, including: reinstatements
reinsurance terminology and concepts, including: terms and conditions of reinsurance arrangements
techniques to analyse financial data and statistics to value insurance contracts

Foundation skills

Numeracy: Performs mathematical calculations to analyse financial data and statistics to effectively value insurance contacts
Oral communication: Participates in verbal exchanges to convey complex information using vocabulary appropriate to audience
Reading: Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing: Records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Planning and organising: Plans and sequences complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving: Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem rather than the symptom
Self-management: Follows policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Makes critical decisions quickly in complex situations, taking into consideration a range of variables including the outcomes of previous decisions
Teamwork: Implements communication strategies to build rapport, foster strong relationships and negotiate positive outcomes with a diverse range of colleagues and clients
Technology: Uses digital technologies to access, enter and store information required to complete work tasks

Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.

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Real, unedited Auditori output (RIIHAN201E shown), branded for a sample RTO:

Questions about assessing FNSISV524

What does an assessment tool for FNSISV524 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSISV524 needs to address all 44 unit components: 3 elements with 13 performance criteria, 3 performance evidence requirements, 19 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSISV524?

Auditori pulls the current release of FNSISV524 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSISV524 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSISV524 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSISV524, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.

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