{"id":2468,"date":"2023-02-11T20:32:05","date_gmt":"2023-02-11T20:32:05","guid":{"rendered":"https:\/\/giia.gg\/?page_id=2468"},"modified":"2024-02-29T13:42:01","modified_gmt":"2024-02-29T13:42:01","slug":"guernsey-certificate-and-diploma-in-international-insurance-management","status":"publish","type":"page","link":"https:\/\/giia.gg\/guernsey-certificate-and-diploma-in-international-insurance-management\/","title":{"rendered":"Guernsey Certificate and Diploma in International Insurance Management"},"content":{"rendered":"
To view the PDF documents click on the green headline for each unit to download the PDF.<\/p>\n<\/div><\/div><\/div><\/div>
UNIT 1<\/span><\/p>\n List of contributors<\/p>\n<\/div> UNIT 2<\/span><\/p>\n Definition- What is a captive insurance company UNIT 3<\/span><\/p>\n Onshore UNIT 4A<\/span><\/p>\n Who should consider a captive UNIT 4B<\/span><\/p>\n Own staff or Management company UNIT 4C<\/span><\/p>\n UNIT 4D<\/span><\/p>\n Reasons for exit UNIT 5<\/span><\/p>\n Authorisation UNIT 6A<\/span><\/p>\n Guernsey Financial Services Commission UNIT 6B<\/span><\/p>\n Rules UNIT 7<\/span><\/p>\n Role of the manager UNIT 8A<\/span><\/p>\n Property Insurance & Business Interruption UNIT 8B<\/span><\/p>\n Typical structure UNIT 8C<\/span><\/p>\n How credit rating add value UNIT 9<\/span><\/p>\n Direct writing UNIT 10<\/span><\/p>\n Basics of the reinsurance market UNIT 11<\/span><\/p>\n Claims handling -direct writing UNIT 12<\/span><\/p>\n Income and expense sources UNIT 13<\/span><\/p>\n What is the source of an insurance company assets UNIT 14<\/span><\/p>\n Types of tax UNIT 15<\/span><\/p>\n Role of the compliance officer UNIT 16A<\/span><\/p>\n Board of directors – role, responsibilities and liability UNIT 16B<\/span><\/p>\n Regulation of business conduct UNIT 17A<\/span><\/p>\n Matters that will influence the choice of banks<\/p>\n<\/div> UNIT 17B<\/span><\/p>\n Matters that will influence the choice of auditor<\/p>\n<\/div> UNIT 17C<\/span><\/p>\n Role of the Insurance Manager v’s Investment Manager UNIT 17D<\/span><\/p>\n Role of insurance broker v’s reinsurance broker<\/p>\n<\/div> UNIT 17E<\/span><\/p>\n Role UNIT 17F<\/span><\/p>\n Claims handlers UNIT 18<\/span><\/p>\n Role UNIT 19<\/span><\/p>\n How they came about UNIT 20<\/span><\/p>\n The Law and definition of Long Term business UNIT 21<\/span><\/p>\n Introduction to pensions UNIT 22<\/span><\/p>\n Introduction UNIT 23<\/span><\/p>\n Requirements under a Category 3 licence 2<\/span><\/p>\n 4B<\/span><\/p>\n 4B<\/span><\/p>\n 4C<\/span><\/p>\n 6A<\/span><\/p>\n 6B<\/span><\/p>\n 7<\/span><\/p>\n 9<\/span><\/p>\n 12<\/span><\/p>\n 14<\/span><\/p>\n 16B<\/span><\/p>\n\n\tForeword and acknowledgments<\/a>\n<\/h3>\n
MODULE B<\/h4>\n
WHY, WHAT AND WHERE<\/h2>\n
\n\tCaptives<\/a>\n<\/h3>\n
\nBackground to development
\nWhy not just self-insure
\nBasic features
\nAssociation captives
\nJoint interest captives and Mutual pools
\nProtected Cell companies
\nIncorporated Cell companies
\nBenefits and advantages of captives
\nOther alternatives to traditional insurance<\/p>\n<\/div>\n\tDomiciles<\/a>\n<\/h3>\n
\nOffshore
\nEU captive domiciles
\nFeatures of most popular domiciles
\nGuernsey<\/p>\n<\/div>MODULE C<\/h4>\n
ESTABLISHING AND EXITING<\/h2>\n
\n\tFeasibility study<\/a>\n<\/h3>\n
\nCriteria for a captive
\nWho should do the study
\nPre-feasibility – Identifying the problem
\nChoosing the retention levels
\nContents of the study
\nCost of the study
\nEvaluation the study
\nSelling the concept internally
\nAccess to the feasibility study<\/p>\n<\/div>\n\tInitial decisions in setting up a captive<\/a>\n<\/h3>\n
\nChoosing a manager
\nManagement company criteria
\nChoosing the domicile
\nChoosing the board of directors
\nName of the company
\nLawyers
\nBanking and investment
\nAuditors
\nCapitalisation
\nInitial Business plan
\nFirst board meeting<\/p>\n<\/div>\n\tStep plan for company formation and licencing<\/a>\n<\/h3>\n<\/div>
\n\tExit strategies<\/a>\n<\/h3>\n
\nMethods for exit
\nMethods of closure<\/p>\n<\/div>MODULE D<\/h4>\n
LAW & REGULATORY FRAMEWORK<\/h2>\n
\n\tGuernsey Insurance Law<\/a>\n<\/h3>\n
\nMinimum criteria for licensing
\nDirectors and General representative
\nSupervised roles
\nFinancial requirements
\nAppointment of actuary
\nAnnual accounts
\nAuditors
\nAnnual return
\nSignificant shareholding<\/p>\n<\/div>\n\tThe Regulatory Environment<\/a>\n<\/h3>\n
\nThe Insurance Business Rules and Guidance 2021
\nThe Cyber Security Rules and Guidance 2021
\nRegulations
\nCodes
\nGuidance note on Reinsurance
\nProducer owned (re)insurance companies (PORC and POIC)
\nGuidance note on notifications to the GFSC<\/p>\n<\/div>\n\tSolvency<\/a>\n<\/h3>\n
\nLicense Categories 1 to 6
\nCapital adequacy
\nMCR
\nPCR
\nLife business
\nInternal model
\nValuation
\nInvestment
\nRisk management & Own Risk Solvency Assessment (ORSA)
\nGreen assets
\nOSCA methodology
\nSupervisory ladder of intervention<\/p>\n<\/div>MODULE E<\/h4>\n
MANAGEMENT SERVICES<\/h2>\n
\n\tThe Insurance Manager<\/a>\n<\/h3>\n
\nAccounting and finance
\nUnderwriting
\nReinsurance
\nClaims handling
\nBoard meetings
\nCompany secretarial services
\nAnti money laundering
\nStatutory returns
\nCorporate governance
\nCompliance
\nGeneral representative
\nThe management agreement<\/p>\n<\/div>MODULE F<\/h4>\n
INSURANCE<\/h2>\n
\n\tUnderwriting - General Business<\/a>\n<\/h3>\n
\nPublic and Products Liability
\nEmployers liability \/ Workers compensation
\nProfessional Indemnity
\nMarine
\nMotor
\nCredit and Political Risk
\nMortgage Indemnity Guarantee
\nBankers Blanket bond
\nGuarantee bonds
\nFidelity guarantee
\nDirectors and Officers
\nHandling uninsurable risk<\/p>\n<\/div>\n\tUnderwriting - Employee Benefits<\/a>\n<\/h3>\n
\nWhy some groups may not use a captive
\nDeterminants for success of an employee benefits captive
\nAlternatives<\/p>\n<\/div>\n\tCredit Ratings - use and applications<\/a>\n<\/h3>\n
\nRating agencies and advisors
\nInitial rating and monitoring service
\nMultiple credit ratings
\nRating agency regulation<\/p>\n<\/div>\n\tInsurance policy administration<\/a>\n<\/h3>\n
\nRate setting
\nPolicy wordings
\nRole of Fronting
\nFronting fees
\nFronting reinsurance agreement
\nSecurity for fronting company
\nSecurity for the reinsured<\/p>\n<\/div>\n\tReinsurance Protection<\/a>\n<\/h3>\n
\nWhy do captives reinsure
\nMethods of reinsuring
\nWho makes up the market
\nHow to approach the reinsurance market
\nCriteria for selection of reinsurers
\nReinsurers considerations regarding captives
\nUnderwriting criteria applied by reinsurers<\/p>\n<\/div>\n\tClaims and reserving<\/a>\n<\/h3>\n
\nFronted
\nClaims reserving<\/p>\n<\/div>MODULE G<\/h4>\n
ACCOUNTING AND FINANCE<\/h2>\n
\n\tAccounting<\/a>\n<\/h3>\n
\nTechnical accounts
\nDifference between financial accounts and underwriting statistics
\nProfit and Loss account
\nBalance sheet
\nBudgets
\nBank accounts
\nCurrency risks<\/p>\n<\/div>\n\tInvestments and Loans<\/a>\n<\/h3>\n
\nLiquidity
\nWhy does an insurance company invest it assets
\nWhy not leave all funds in cash deposits
\nMoney brokers
\nInvestments other than fixed deposits,CDS or FRNS
\nCorporate and Government bonds
\nEquities
\nMark to market
\nRisk versus reward
\nLoans
\nSolvency<\/p>\n<\/div>MODULE H<\/h4>\n
TAXATION<\/h2>\n
\n\tFiscal matters<\/a>\n<\/h3>\n
\nTax issues to consider in the feasibility study
\nTax and commercial reasons for a captive
\nTax consequences to be investigated
\nTax essentials
\nInsurance Premium tax
\nCurrent tax issues that impact captives
\nControlled Foreign Companies (CFC)
\nDiverted profits tax
\nOECD Transfer pricing
\nBase erosion and profit sharing (BEPS)
\nEconomic and Tax Substance<\/p>\n<\/div>MODULE I<\/h4>\n
BOARD OVERSIGHT AND CONTROLS<\/h2>\n
\n\tCompliance<\/a>\n<\/h3>\n
\nCompliance framework – Three lines of defence
\nAML\/CFT
\nData protection (GDPR)
\nCyber Security
\nAnnual schedule and meeting checklist<\/p>\n<\/div>\n\tGovernance<\/a>\n<\/h3>\n
\nStrategy, risk appetite and oversight
\nComposition, conduct and remuneration of the board
\nReporting and governance framework
\nRisk management framework
\nControl functions, – Risk management, Compliance, Actuarial and Internal audit
\nOutsourcing<\/p>\n<\/div>\n\tBusiness conduct, ethics and ESG<\/a>\n<\/h3>\n
\nRetail insurance business
\nESG and the GIIA framework<\/p>\n<\/div>MODULE J<\/h4>\n
OTHER SERVICE PROVIDERS<\/h2>\n
\n\tBanking<\/a>\n<\/h3>\n
\n\tAuditors<\/a>\n<\/h3>\n
\n\tAsset management<\/a>\n<\/h3>\n
\nCash management \/money broker<\/p>\n<\/div>\n\tInsurance and Reinsurance brokers<\/a>\n<\/h3>\n
\n\tActuaries<\/a>\n<\/h3>\n
\nAnalysis of data
\nPresentation of results
\nReserves and audit review
\nSetting premium rates
\nInternal and external appointment of actuaries
\nLimitations on the use of actuaries
\nRole of actuaries for Life business<\/p>\n<\/div>\n\tClaims handlers , lawyers and loss adjustors<\/a>\n<\/h3>\n
\nLawyers
\nLoss adjustors
\nReinsurers interests<\/p>\n<\/div>\n\tCompany Secretary<\/a>\n<\/h3>\n
\nMinutes
\nAGM,EGM and board meetings
\nWritten resolutions
\nShareholder special resolutions
\nCompany records
\nReturns
\nResident agent<\/p>\n<\/div>MODULE K<\/h4>\n
INTERNATIONAL INSURANCE OPERATIONS OTHER THAN CAPTIVES<\/h2>\n
\n\tInsurance Linked Securities<\/a>\n<\/h3>\n
\nCat bonds
\nCollateralised reinsurance
\nSidecars
\nILS – Key actions for Guernsey Insurance Manager
\nRegulation<\/p>\n<\/div>\n\tLong Term business<\/a>\n<\/h3>\n
\nPolicyholder protection
\nAML\/CFT
\nThe Licensed Insurers (Conduct of Business) Rules 2018
\nChannel Islands Financial Ombudsman (CIFO)
\nGuidance notes for Life and Pension business
\nORSA<\/p>\n<\/div>\n\tPension longevity hedging<\/a>\n<\/h3>\n
\nHow longevity hedging contracts work
\nTransaction structure and service providers
\nInsurance managers operational role and issues
\nExit strategies
\nFuture developments<\/p>\n<\/div>\n\tManaging General Agent's and Delegated Authority Underwriting<\/a>\n<\/h3>\n
\nWhat is an MGA
\nDelegated authority agreement
\nRegulation<\/p>\n<\/div>\n\tCommercial General Insurance<\/a>\n<\/h3>\n
\nRegulation
\nSolvency
\nORSA
\nConduct of business (COB)
\nChannel Islands Financial Ombudsman (CIFO)
\nConstruction of the board
\nExternal legal advice<\/p>\n<\/div>APPENDICES<\/h2>\n
\n\tGIIA paper A century of captives in Guernsey<\/a>\n<\/h3>\n
\n\tRisk Gap Matrix<\/a>\n<\/h3>\n
\n\tNarrative Business Plan<\/a>\n<\/h3>\n
\n\tStep plan for company formation and licencing<\/a>\n<\/h3>\n
\n\tInsurance Business Rules and Guidance<\/a>\n<\/h3>\n
\n\tGFSC solvency calculations PCR \/ MCR<\/a>\n<\/h3>\n
\n\tManagement Agreement<\/a>\n<\/h3>\n
\n\tFronting Agreement<\/a>\n<\/h3>\n
\n\tAnnual Report and Financial Statements<\/a>\n<\/h3>\n
\n\tEconomic and Tax Substance<\/a>\n<\/h3>\n
\n\tGIIA ESG Framework<\/a>\n<\/h3>\n