of Law Faculty SIC S OF M INSURANCE THE BA HORT-TER S SHORT-TERM INSURANCE ACT 53 PROGRAMME FORMAT OF 1998 AND DURATION Short-term insurance business means The short programme is presented bi- the business of providing policy benefits annually from January to June and from under defined short-term policies. July to December. Contact tuition is These include engineering policies, compressed into a five day programme guarantee policies, liability policies, (February and July, from 8:30 – 16:30) miscellaneous policies, moor policies, at the University of Johannesburg. accident and health policies, property During these contact sessions, students or transportation policies of contracts will actively engage with the facilitator that provide for a combination of in class discussions. A class test is these policies. Most types of insurance written on the last day of the week. covered by the term “short-term Students are then required to submit insurance” are instances of indemnity an assignment six weeks after the insurance. However, short-term week during which the contact tuition insurance is not necessarily restricted takes place. The final exam is written to indemnity insurance as because an in June for those who have registered accident and health policy belongs to for the first semester and in November the class of capital insurance. for those who opted to register for the second semester. The Financial Services Board published their latest “fit and proper” WHO SHOULD ATTEND requirements on 29 December 2009. From now on, all representatives Representatives who perform financial performing financial services in relation services in relation to Short-term to Short-term Insurance: Personal Lines Insurance, Personal Lines and Short- and Short-term Insurance: Commercial term Insurance, Commercial lines. Lines will be required to write a second Those who are obliged to write the level regulatory examination based on compulsory statutory exam on these certain qualifying criteria. two subjects in order to comply with the “Fit and Proper” requirements will THE SHORT PROGRAMME find the course extremely beneficial. Matters pertaining to Short-term This particular programme was Insurance are presented in such a developed in order to assist way as to equip students not only to representatives to master the outcomes prepare for their statutory exams but as prescribed by the Regulator. By also to have a better understanding of aligning the learning outcomes of this their tasks as representatives. programme with those that form part of the latest “fit and proper” requirements, TOPICS we ensure that participants are prepared for their compulsory statutory Topics covered include the following: examination. A further objective is to 1. Introduction, historical background provide an detailed overview of the role and sources of insurance and importance of short-term insurance • historical development of the in South Africa and to discuss matters origins, development and sources pertaining to legal policy, adjudication in of insurance short-term insurance and the role of the • Basic classification of insurance Financial Services Board as regulator. contracts 2. General principles of Short-term • Replacement policy concepts as Insurance defined in Board Notice 43/2008 • Parties to the insurance contract, Amendment of Part X of Schedule insurable interest, insurable of Notice risk, duty to disclose material 6. Claims processing information. • Identification of loss as insured • indemnity, average, peril in terms of the policy compensation, subrogation, • Claims procedure and criteria for proximate cause and contribution claims of the insurer • Determine the client’s insurance • Applicability of third party needs insurance and the procedures for • Explain the different lines of third party insurance claims insurance • Roles of the relevant parties to a • Describe the different types claim of cover and the implications • Different types of compulsory and benefits thereof (e.g. self statutory insurance insurance, aggregate excesses) • Formulas, such as average, • Analyse and understand financial betterment and contribution statements 7. Recovery and mitigation of losses • Describe what is meant by ‘niche • Salvage of goods and recovery of market’ money • Indicate when a client should be • Legal rights of recourse, i.e. referred to a niche specialist subrogation 3. Conclusion of an insurance contract, 8. Liability of intermediaries and dispute content of an insurance contract resolution • Explain the process of offer and • Common law and statutory duties acceptance that are placed on intermediaries • Explain what is meant by • Consequences of failure to consensus properly execute common law • Recognise and interpret certain and statutory duties basic terms of an insurance • Measures that may be employed contract, which includes: by intermediaries to avoid being • - Endorsements (e.g. noting of liable to clients for negligence third party interests) • Dispute resolution procedure • - Restrictions • Role of the office of the Short- • - Exclusions term Insurance Ombud • - Conditions of insurance This unique programme: • - Application • presents an ideal opportunity to 4. Elements of the client/broker representatives to prepare for relationship their statutory exams; • Matching the needs of the client • to engage with other repre- with relevant products sentatives in the field; • Drafting or requesting a quotation • Invites participants to share their for insurance experiences and to debate policy • Reinsurance and the limits of and other issues. retention of the company • Issuing of policies/ fulfillment PROGRAMME LEADER documents 5. Maintaining policies The programme leader is Prof. D • maintaining the policy and Millard, a full-time associate professor retaining the client in Private law at the University of • Renewal or review of policies Johannesburg. Prof. Millard writes and • Conditions of collection and lectures on insurance law, law of delict payment of premiums and social security law. ADMISSION ADMINISTRATIVE ENQUIRIES Applicants should have a National Application forms and more details on certificate (matric) and must also the programme are available from the demonstrate their ability to complete Faculty of Law. Tel: 011 559 3739. the programme successfully. Ideally, Email: firstname.lastname@example.org; applicants should work as representatives who perform financial services in relation PROGRAMMES PRESENTED to Short-term Insurance. IN 2011 FEES 2011 1. Higher Diploma in Tax Law (intake every 2nd year – next intake 2012) 1. Administration fees 2. Higher Diploma in International (non-refundable) Only New applications* R280 Taxation (intake every 2nd year – ICT levy* R390 next intake 2012) Registration* R450 3. Postgraduate Diploma in Drafting 2. Tuition Fee R6000 and Interpretation of Contracts TOTAL: R7120 4. Postgraduate Diploma in Corporate Law * To be confirmed 5. Diploma in Criminal Justice and Forensic Investigation Foreign students need to pay an 6. Diploma in Insolvency Law and additional international levy of R750*. Practice (AIPSA) 7. Postgraduate Diploma in Compliance Tuition fees include access to the University’s library, a copy of the 8. Certificate in Money Laundering textbook and other relevant study Control material. 9. Certificate in Board Governance 10. Certificate in Compliance Students who fail to pay all fees will not Management be permitted to attend classes. 11. Certificate in Sport Law* 12. Certificate in Legislative Drafting APPLICATION 13. Short Course in Environmental Law and Compliance The closing date for applications: 14. Short Course in Entertainment Law* Semester 1: 1 November 2010 Semester 2: 25 May 2011 15. Postgraduate Diploma in Cyber Law* 16. FAIS Act for Key Individuals and The completed application form and Representatives application fee must be sent to: 17. The Basics of Short-term Insurance The Registrar * Please contact the Faculty to confirm University of Johannesburg that the programme will be offered in P O Box 524 2011 Auckland Park Johannesburg, 2006 www.uj.ac.za/law Please attach a certified copy of your ID document /passport and certified copies of your Higher Certificate and other relevant qualifications. Please note that student numbers are restricted in order to ensure maximum class participation.