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BFSB, ICB partner on captive scholarships

The Bahamas Financial Services Board and the Insurance Commission of The Bahamas are partnering again to provide two full scholarships for the Associates in Captive Insurance designation offered by the International Center for Captive Insurance Education. 

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Date:
Updated:
Bahamas Financial Services Board
Thursday, August 10, 2017
Thursday, August 10, 2017

The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) are partnering again to provide two (2) 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 seven core courses, all of which can be taken via online, instructor-led synchronous learning. The core curriculum includes: An Introduction to Alternative Risk Financing Mechanisms; Business Ethics in the Captive Insurance Industry, Forming and Operating a Captive, Investment Basics for Captives, Predicting Risk and an Introduction to Actuarial Science, Reinsurance and other Risk Transfer Mechanisms and Understanding Risk and Risk Retention Mechanisms. 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).

This 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. 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. While there is no means test involved in consideration, senior executives will not be considered for the scholarship.

The 2017 Scholarship will be awarded to facilitate enrollment in the program for October 2017. Applications can be obtained by contacting info@bfsb-bahamas.com and cc: sdean@bfsb-bahamas.com. The deadline for application submission is August 25th, 2017.

Source: Bahamas Financial Services Board.

Preliminary evidence suggests that domestic economic activity remained mildly positive during the month of June, as output in the construction sector continued to be buoyed by foreign investment projects. Read a report from the Central Bank of The Bahamas here.

Minister of State for Grand Bahama Kwasi Thompson was joined by a number of government and Parliamentary colleagues during a tour of GB Shipyard recently.

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