University of Technology SydneyHandbook 2008

25714 Insurance Compliance

Faculty of Business: Finance and Economics
Credit points: 6 cp

Subject level: Postgraduate

Result Type: Grade and marks

Handbook description

This subject develops an understanding of compliance processes operating within the Australian general and life insurance industries. It identifies the nature and scope of contemporary external compliance requirements either from Regulators or from external benchmarks.

Subject objectives/outcomes

On successful completion of this subject, students should be able to:

  1. Understand the insurance compliance and related reporting regimes.
  2. Understand the technical and theoretical processes involved in these regimes.
  3. Understand the available strategies to secure and maintain continued compliance in a dynamic industry environment.

Contribution to graduate profile

This 6-credit-point postgraduate subject introduces students to the concept of compliance within a framework relevant to the insurance industry. Insurance Compliance directs attention to the nature and scope of forces external to insurance industry participants, which have been established as performance benchmarks against which individual and organisational performance may be measured. The focus of the subject is upon contemporary compliance issues.

Teaching and learning strategies

The subject will be taught in a lecture/seminar format and will involve detailed consideration of case studies for each of the principal compliance processes.

Content

  • An introduction to the compliance process – theoretical underpinnings and technical considerations.
  • Application of generic standards as a compliance framework – Australian Standard AS 3806:1998 (Compliance Programs) and AS 4269:1995 (Complaints Handling).
  • Insurance industry specific compliance processes – Trade Practices and the ACCC, General and Life Insurance Codes of Practices, Insurance Broker Code of Conduct and Code of Practice and Privacy Principles. Theoretical issues and technical applications.
  • Elements of strategic compliance planning.

Assessment

Class Test (Individual)25%
The class test is designed to assess students' understanding of the theories and concepts to demonstrate that students have met objective 1 and 2.
Case Study (Individual)25%
This will assess students' understanding of the concepts of insurance compliance in a practical case study. This assignment will allow students to demonstrate that they have met objective 3.
Final Exam (Individual)50%
This exam will test students' understanding of the theory and their ability to apply the theory. This will enable students to demonstrate that they have met objectives 1-3.

Recommended text(s)

Abromovitz,H (1998), Insuring quality: Quality, Compliance, Customer Service and Ethics in the Insurance Industry, St Lucie Press/CRC Press, Boca Raton.

Indicative references

Cialdini,R.B, (1993), Influence: the psychology of persuasion, Morrow, New York

Braithwaite, V.A.(1995), Games of engagement: postures within the regulatory Community, ANU, Canberra

Levi,M., (1993) The construction of consent, ANU, Canberra

Sharpe, B., (1995), Making legal compliance work, CCH Australia, North Ryde

Agnew, R., (1993) Compliance with the Trade Practices Act 1974 Australian Law Reform Commission, Sydney

Australian National Audit Office, (1997), Risk management in commercial compliance: Australian Customs Service, Canberra,

Australian Standard, (1998) AS 3806:1998 (Compliance Programs), Australian Standards Association, Sydney

Australian Standard, AS 4269:1995 (Complaints Handling), Australian Standards Association, Sydney.