BFSB and the Insurance Commission of The Bahamas once again are partnering to provide two full scholarships for the Associates in Captive Insurance (ACI) designation offered by the International Center for Captive Insurance Education (ICCIE).
ICCIE was developed in response to a need expressed by captive insurance professionals for in-depth educational offerings, information on current topics, and a professional designation. Despite a strong pattern of expansion in captive insurance companies, research showed that there was a critical lack of education and training in the industry that, if not corrected, could affect its continued growth and professionalism. The courses offered are relevant to any domicile around the world, and faculty members are recognised for their expertise in various captive insurance specialties. The professional designation is the first and only comprehensive captive insurance education programme in North America. ICCIE’s mission is “To be the premier provider of captive insurance education and to offer the pre-eminent professional designation in captive insurance.”
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. Learners can enter the programme at designated periods.
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. Alternatively, students may take approved elective courses with the American Institute of Chartered Property Casualty Underwriters (AICPCU) and/or the Insurance Education Association (IEA).
BFSB CEO Aliya Allen points out that the initiative is being undertaken in collaboration with the Bahamas Insurance Association and the Insurance Institute of The Bahamas, who also will participate on the evaluation committee for selecting scholarship recipients. The scholarship outreach is targetting practitioners who are interested in the captives sector and who intend to work in or to assist the industry. Senior executives will not be considered for the scholarships.
Application forms can be collected from BFSB’s offices in the Montagu Sterling Centre, East Bay Street, or downloaded below. Deadline for application submission is April 30, for a June startup date, when the core course “An Introduction to Alternative Risk Financing Mechanisms” will be offered, followed by the other core courses and electives. The two scholarships are for the full programme, which extends over a 2-3 year period. Click here to view the scholarship offering on the ICCIE website.
Scholarship Details & Application Form