The Tribune

The Bahamas Financial Services Board (BFSB) and the Insurance Commission of the Bahamas have teamed up to provide full scholarships for the Associates in Captive Insurance (ACI) designation.

The course, offered by the International Centre for Captive Insurance Education (ICCIE), is the first and only comprehensive captive insurance education programme in North America.

The courses offered are relevant to any jurisdiction, and faculty members are recognised for their expertise in various captive insurance specialties. The professional designation was developed in response to a need identified by captive insurance professionals, and has been acknowledged as the standard in the industry.

The ACI designation includes five core courses, all of which can be taken via online, instructor-led asynchronous learning.

The core curriculum includes: An Introduction to Alternative Risk Financing Mechanisms; Understanding Risk and Risk Retention Mechanisms; Protecting the Captive: Predicting Risk; Reinsurance and Other Transfer Mechanisms; Forming and Operating a Captive; and Business Ethics in the Captive Insurance Industry.

In addition to the core courses, ACI designation students take two electives, and three ‘hot topic webinars.’

The ICCIE elective courses are included in the designation and are taught via instructor-led scheduled online classes. Students may take approved elective courses with the American Institute of Chartered Property Casualty Underwriters (AICPCU) and/or the Insurance Education Association (IEA).

The BFSB’s chief executive, Aliya Allen, said the initiative is being undertaken in collaboration with the Bahamas Insurance Association and the Insurance Institute of the Bahamas, who will participate on the evaluation committee for selecting scholarship recipients.

“Especially targeted are those persons who are interested in the captives sector and who have an intention to work in or to assist the industry,” she said.

Senior executives will not be considered for the scholarships.