INSU07010 2022 Compliance and Advice 1 (Theory)

Explain the purpose and source of regulation (legal and ethical) within which insurance (general and PMI) regulation takes place.

Demonstrate and convey the impact of this regulation on the provision of advice throughout the insurance process.

Outline and demonstrate the impact of non-insurance specific legislation on insurance organisations - insurers (general and PMI) and intermediaries - and on the protection of consumers.

Demonstrate detailed knowledge of the role of the Central Bank and other regulatory authorities on the insurance profession.

This module is delivered with a blend of self-directed study supplemented by e-learning resources such as online lectures and webinars The teaching and learning modes will include:

Textbook

Dedicated Textbooks for each module in hard copy and downloadable format updated annually to reflect changes in legislation and regulation.  Summaries of each chapter will be provided highlighting key topic areas.

How-To Guides

A range of ‘how to’ guides including a glossary of terminology in Insurance and exam support

Synchronous and Asynchronous Lectures

Online lectures utilise lecture notes with extra reading material. Links from tutorials to textbooks for easy access and review In these sessions.

In-class discussion

The in-class discussion will be used to encourage conversation and debate and to support students to build their networks and apply their learning in their workplace.

Quitch - Gamification App
A gamification app to allow students to test their knowledge on each chapter of the textbook. 

Online Resources

Infographics, videos, and podcasts, Mock Exams and Questions

This module will be assessed 100% by final MCQ examination.

Repeat Assessment will be 100% by MCQ examination

LO1 WHY WE REGULATE

• Identify why government and society seek to regulate financial services firms and distinguish between structural, systemic, prudential and conduct of business regulation.
• Explain the impact of the European Union and its legislation on the regulation and operation of the Irish insurance market.
• Demonstrate the European Union developments that have influenced the provision of advice in relation to general insurance products.

LO2 IMPACT OF REGULATION

• State the requirements for the authorisation of insurers and intermediaries and demonstrate the main supervisory methods used by the Central Bank.
• Identify the system of regulation that applies to the private health insurance market and the regulatory role of the Health Insurance Authority.

LO2 AGENCY AND RELATIONSHIP MANAGEMENT

• Identify the concept of agency, the main duties of an agent to their principal and how an agency may be terminated.
• Explain how agency operates in insurance.
• Explain the scope of a Terms of Business Agreement between a regulated entity and a consumer and outline why regulated entities should conduct regular reviews of customers’ general insurance needs.

LO2 IMPACT OF THE CENTRAL BANK CONSUMER PROTECTION CODE

• Describe and apply the general principles and requirements of the Central Bank Consumer Protection Code.
• Explain the effect of the Central Bank Consumer Protection Code on providing information to a consumer.
• Explain the effect of the Central Bank Consumer Protection Code on knowing the consumer and assessing the suitability of insurance products.
• Demonstrate the effect of the Central Bank Consumer Protection Code on post-sale information and rebates.

LO2 INSURANCE DOCUMENTATION

• Identify and apply the procedures, including the regulatory requirements, regarding general insurance quotations.
• Explain the methods by which material facts are established.
• Explain the insurance documentation required throughout the insurance process and demonstrate the legal requirements applying to insurers when issuing this documentation.

LO3 OTHER LEGAL REQUIREMENTS

• Demonstrate the impact of non-insurance specific legislation on activities of insurers and intermediaries in relation to financial crime, data protection and equality.
• Demonstrate the scope of consumer protection legislation impacting on insurance contracts and the main legal and regulatory requirements regarding the retaining of consumer information.

LO3 ETHICS AND COMPETENCY

• Identify the importance of fitness and probity in the insurance market and demonstrate the effect of the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 and the Central Bank minimum competency requirements.
• Explain the importance of ethical standards in the insurance market, particularly in situations where conflicts of interest arise.

LO3 DISPUTE RESOLUTION

• Demonstrate the effect of the Central Bank Consumer Protection Code on errors and complaint resolution.
• Explain the role of the Financial Services and Pensions Ombudsman in dispute resolution.
• Outline the role of the Insurance Compensation Fund and the Investor Compensation Scheme and demonstrate the limitations of these schemes.

LO4 CENTRAL BANK AND REGULATORY AUTHORITIES

• Outline the main role of the Central Bank.
• Describe the powers of the Central Bank and demonstrate its enforcement options.
• Identify and explain the role of all regulatory authorities relevant to the general insurance profession.