Higher Certificate in Short-term Insurance

Information

The South African short-term insurance industry is constantly changing with legislative changes being introduced to enhance service delivery and to improve customer protection. The economic landscape presents its own challenges and clients' demands are ever increasing due to access to technology and information. Short-term insurance practitioners therefore need to ensure that they have the required knowledge and skills to deal with this environment.

The Higher Certificate in Short-term Insurance provides students with the required knowledge to navigate within the South African regulatory environment as a short-term insurance specialist within the areas of personal and commercial lines insurance. This qualification will also allow students to apply for professional membership of the Insurance Institute of South Africa (IISA) in the designation category of Licentiate (LIISA).

Once you have completed this programme, you will be able to:

apply knowledge of legislation, compliance and ethics in a short‐term insurance context in South Africa
examine the nature of the short‐term insurance environment in South Africa in terms of structure, role‐players, regulation and consumer needs
apply knowledge of legislation, risk management principles, reinsurance practices and underwriting principles to propose a short‐term insurance solution to a client
apply the principles of a client relationship management in a compliant manner in the context of short‐term insurance.

DESCRIPTION AND PROGRAMME PURPOSE

The primary purpose of the Higher Certificate in Short-term Insurance is to equip students with the knowledge and skills required by short-term insurance specialists operating within the South African insurance environment. Students will be competent and able to provide short-term insurance services and advice across the fields of personal and commercial insurance.

The Higher Certificate in Short-term Insurance appears on the Financial Sector Conduct Authority (FSCA) list of recognised qualifications for FAIS Fit and Proper purposes. On completion of selected* modules**, students may apply to receive a letter of completion for the following Class of Business training as per BN194 of the FAIS Act***:

Module(s) completed	Class of Business Training completed
Personal Lines Insurance and Legal Framework	Short-term Insurance: Personal Lines
* Both Personal Lines Insurance and Legal Framework must be completed in order to qualify for the letter of completion. Please contact [email protected] for the application of the Class of Business Credit Accumulation and Transfer (CAT) form. *Please note: modules completed towards a qualification do not qualify for CPD points.

This qualification will allow students to apply for professional membership of the Insurance Institute of South Africa (IISA) in the designation category of Licentiate of the Insurance Institute of South Africa, provided that all other requirements are met.

Application forms and the requirements for membership are available on the IISA’s website (www.iisa.co.za). This qualification will also allow students to apply for Recognition of Prior learning with the international Charter Insurance Institute (CII), which includes the designation Cert CII, by completing one additional module with the CII. (https://www.ciigroup.org/en/)

WHO SHOULD ENROL

The programme would be suitable for:

Persons wanting to enter the short-term insurance industry.
Persons requiring a full qualification to meet the competency requirements for FAIS Fit and Proper purposes.
Persons wanting to apply for the designation of Licentiate (LIISA) awarded by the IISA.
Persons wanting to apply for the designation Cert CII awarded by the CII.

PROGRAMME OUTCOMES

Successful completion of this qualification should enable the student to:

Apply knowledge of legislation, compliance and ethics in a short-term insurance context in South Africa.
Examine the nature of the short-term insurance
environment in South Africa in terms of structure, role players, regulation and consumer needs.
Apply knowledge of legislation, risk management principles, reinsurance practices and underwriting principles to propose a short-term insurance solution to a client.
Apply the principles of a client relationship management in a compliant manner in the context of short-term insurance.

PROGRAMME STRUCTURE

Module name	Offered in	C/E	Credits
Personal Lines Insurance	Both semesters	Compulsory	25
Legal Framework	Both semesters	Compulsory	25
Commercial Lines Insurance	Both semesters	Compulsory	25
Risk Management	Both semesters	Compulsory	15
Business Management	Both semesters	Electives – select two	15
Construction Insurance	Semester 1		15
Engineering Insurance	Semester 2		15
Marine Insurance	Semester 1		15
Aviation Insurance	Semester 2		15
Introduction to Underwriting	Semester 1		15
Relationship Management in Short-term Insurance	Semester 2		15
Total			120

For entry into the Higher Certificate in Short-term Insurance, candidates require a Senior Certificate (SC) or a National Senior Certificate (NSC), as certified by Umalusi, with a minimum mark of 40% in English, the language of instruction at Milpark Education.

Other certificates

Any applicant who has a certificate other than a South African National Senior Certificate has to provide:

a SAQA Certificate of Equivalence, if they want to enrol for a Higher Certificate, Advanced Certificate, Diploma or Postgraduate qualification (www.saqa.org.za)
or a USAF Exemption Certificate, if they want to enrol for a Bachelor’s degree (https://mb.usaf.ac.za/).

Recognition of Prior Learning (RPL) applications

Milpark admits a small number of students onto its programme via Recognition of Prior Learning (RPL). Applicants interested in applying via RPL will be considered individually by the relevant Head of School.