In terms of Board Notice 194 of 2017, class of business (COB) training forms a compulsory part of the competence requirements for FSPs, Key Individuals and Representatives.
The product categories that an FSP can be licensed for have been divided into 9 broad classes, each with its own subclasses. For example, Short-term Insurance Personal Lines is a class of business with subclasses that include: Accident and health policies; Liability policies; Miscellaneous policies; Motor policies; Property policies; Transportation policies and Short-term reinsurance policies.
What will the training cover?
Learners will be provided with a core knowledge and understanding of characteristics, terms and features of products for individual (non-commercial) clients in the short-term insurance personal lines class of business, including typical fee structures, charges and other costs and risks associated with investing, purchasing or transacting in these products. In addition to this, the module provides knowledge of legislation impacting on short-term insurance personal lines products. The module will also provide learners with the skill to assess the appropriateness of products within the short-term insurance class of business for specific individual client needs.
If you require more information please contact Veronica Grobler via email or on 087 702 6429.
For information on Corporate Packages, please contact Sheila Olckers via email or on 021 883 8000.