{"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":"

GUERNSEY INTERNATIONAL INSURANCE MANAGEMENT COURSE<\/strong><\/span><\/h1>

To view the PDF documents click on the green headline for each unit to download the PDF.<\/p>\n<\/div><\/div><\/div><\/div>

MODULE A<\/h4>\n

INTRODUCTION<\/h2>\n

UNIT 1<\/span><\/p>\n

\n\tForeword and acknowledgments<\/a>\n<\/h3>\n

List of contributors<\/p>\n<\/div>

MODULE B<\/h4>\n

WHY, WHAT AND WHERE<\/h2>\n

UNIT 2<\/span><\/p>\n

\n\tCaptives<\/a>\n<\/h3>\n

Definition- What is a captive insurance company
\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>

UNIT 3<\/span><\/p>\n

\n\tDomiciles<\/a>\n<\/h3>\n

Onshore
\nOffshore
\nEU captive domiciles
\nFeatures of most popular domiciles
\nGuernsey<\/p>\n<\/div>

MODULE C<\/h4>\n

ESTABLISHING AND EXITING<\/h2>\n

UNIT 4A<\/span><\/p>\n

\n\tFeasibility study<\/a>\n<\/h3>\n

Who should consider a captive
\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>

UNIT 4B<\/span><\/p>\n

\n\tInitial decisions in setting up a captive<\/a>\n<\/h3>\n

Own staff or Management company
\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>

UNIT 4C<\/span><\/p>\n

\n\tStep plan for company formation and licencing<\/a>\n<\/h3>\n<\/div>

UNIT 4D<\/span><\/p>\n

\n\tExit strategies<\/a>\n<\/h3>\n

Reasons for exit
\nMethods for exit
\nMethods of closure<\/p>\n<\/div>

MODULE D<\/h4>\n

LAW & REGULATORY FRAMEWORK<\/h2>\n

UNIT 5<\/span><\/p>\n

\n\tGuernsey Insurance Law<\/a>\n<\/h3>\n

Authorisation
\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>

UNIT 6A<\/span><\/p>\n

\n\tThe Regulatory Environment<\/a>\n<\/h3>\n

Guernsey Financial Services Commission
\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>

UNIT 6B<\/span><\/p>\n

\n\tSolvency<\/a>\n<\/h3>\n

Rules
\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

UNIT 7<\/span><\/p>\n

\n\tThe Insurance Manager<\/a>\n<\/h3>\n

Role of the manager
\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

UNIT 8A<\/span><\/p>\n

\n\tUnderwriting - General Business<\/a>\n<\/h3>\n

Property Insurance & Business Interruption
\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>

UNIT 8B<\/span><\/p>\n

\n\tUnderwriting - Employee Benefits<\/a>\n<\/h3>\n

Typical structure
\nWhy some groups may not use a captive
\nDeterminants for success of an employee benefits captive
\nAlternatives<\/p>\n<\/div>

UNIT 8C<\/span><\/p>\n

\n\tCredit Ratings - use and applications<\/a>\n<\/h3>\n

How credit rating add value
\nRating agencies and advisors
\nInitial rating and monitoring service
\nMultiple credit ratings
\nRating agency regulation<\/p>\n<\/div>

UNIT 9<\/span><\/p>\n

\n\tInsurance policy administration<\/a>\n<\/h3>\n

Direct writing
\nRate setting
\nPolicy wordings
\nRole of Fronting
\nFronting fees
\nFronting reinsurance agreement
\nSecurity for fronting company
\nSecurity for the reinsured<\/p>\n<\/div>

UNIT 10<\/span><\/p>\n

\n\tReinsurance Protection<\/a>\n<\/h3>\n

Basics of the reinsurance market
\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>

UNIT 11<\/span><\/p>\n

\n\tClaims and reserving<\/a>\n<\/h3>\n

Claims handling -direct writing
\nFronted
\nClaims reserving<\/p>\n<\/div>

MODULE G<\/h4>\n

ACCOUNTING AND FINANCE<\/h2>\n

UNIT 12<\/span><\/p>\n

\n\tAccounting<\/a>\n<\/h3>\n

Income and expense sources
\nTechnical accounts
\nDifference between financial accounts and underwriting statistics
\nProfit and Loss account
\nBalance sheet
\nBudgets
\nBank accounts
\nCurrency risks<\/p>\n<\/div>

UNIT 13<\/span><\/p>\n

\n\tInvestments and Loans<\/a>\n<\/h3>\n

What is the source of an insurance company assets
\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

UNIT 14<\/span><\/p>\n

\n\tFiscal matters<\/a>\n<\/h3>\n

Types of tax
\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

UNIT 15<\/span><\/p>\n

\n\tCompliance<\/a>\n<\/h3>\n

Role of the compliance officer
\nCompliance framework – Three lines of defence
\nAML\/CFT
\nData protection (GDPR)
\nCyber Security
\nAnnual schedule and meeting checklist<\/p>\n<\/div>

UNIT 16A<\/span><\/p>\n

\n\tGovernance<\/a>\n<\/h3>\n

Board of directors – role, responsibilities and liability
\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>

UNIT 16B<\/span><\/p>\n

\n\tBusiness conduct, ethics and ESG<\/a>\n<\/h3>\n

Regulation of business conduct
\nRetail insurance business
\nESG and the GIIA framework<\/p>\n<\/div>

MODULE J<\/h4>\n

OTHER SERVICE PROVIDERS<\/h2>\n

UNIT 17A<\/span><\/p>\n

\n\tBanking<\/a>\n<\/h3>\n

Matters that will influence the choice of banks<\/p>\n<\/div>

UNIT 17B<\/span><\/p>\n

\n\tAuditors<\/a>\n<\/h3>\n

Matters that will influence the choice of auditor<\/p>\n<\/div>

UNIT 17C<\/span><\/p>\n

\n\tAsset management<\/a>\n<\/h3>\n

Role of the Insurance Manager v’s Investment Manager
\nCash management \/money broker<\/p>\n<\/div>

UNIT 17D<\/span><\/p>\n

\n\tInsurance and Reinsurance brokers<\/a>\n<\/h3>\n

Role of insurance broker v’s reinsurance broker<\/p>\n<\/div>

UNIT 17E<\/span><\/p>\n

\n\tActuaries<\/a>\n<\/h3>\n

Role
\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>

UNIT 17F<\/span><\/p>\n

\n\tClaims handlers , lawyers and loss adjustors<\/a>\n<\/h3>\n

Claims handlers
\nLawyers
\nLoss adjustors
\nReinsurers interests<\/p>\n<\/div>

UNIT 18<\/span><\/p>\n

\n\tCompany Secretary<\/a>\n<\/h3>\n

Role
\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

UNIT 19<\/span><\/p>\n

\n\tInsurance Linked Securities<\/a>\n<\/h3>\n

How they came about
\nCat bonds
\nCollateralised reinsurance
\nSidecars
\nILS – Key actions for Guernsey Insurance Manager
\nRegulation<\/p>\n<\/div>

UNIT 20<\/span><\/p>\n

\n\tLong Term business<\/a>\n<\/h3>\n

The Law and definition of Long Term business
\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>

UNIT 21<\/span><\/p>\n

\n\tPension longevity hedging<\/a>\n<\/h3>\n

Introduction to pensions
\nHow longevity hedging contracts work
\nTransaction structure and service providers
\nInsurance managers operational role and issues
\nExit strategies
\nFuture developments<\/p>\n<\/div>

UNIT 22<\/span><\/p>\n

\n\tManaging General Agent's and Delegated Authority Underwriting<\/a>\n<\/h3>\n

Introduction
\nWhat is an MGA
\nDelegated authority agreement
\nRegulation<\/p>\n<\/div>

UNIT 23<\/span><\/p>\n

\n\tCommercial General Insurance<\/a>\n<\/h3>\n

Requirements under a Category 3 licence
\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

2<\/span><\/p>\n

\n\tGIIA paper A century of captives in Guernsey<\/a>\n<\/h3>\n

4B<\/span><\/p>\n

\n\tRisk Gap Matrix<\/a>\n<\/h3>\n

4B<\/span><\/p>\n

\n\tNarrative Business Plan<\/a>\n<\/h3>\n

4C<\/span><\/p>\n

\n\tStep plan for company formation and licencing<\/a>\n<\/h3>\n

6A<\/span><\/p>\n

\n\tInsurance Business Rules and Guidance<\/a>\n<\/h3>\n

6B<\/span><\/p>\n

\n\tGFSC solvency calculations PCR \/ MCR<\/a>\n<\/h3>\n

7<\/span><\/p>\n

\n\tManagement Agreement<\/a>\n<\/h3>\n

9<\/span><\/p>\n

\n\tFronting Agreement<\/a>\n<\/h3>\n

12<\/span><\/p>\n

\n\tAnnual Report and Financial Statements<\/a>\n<\/h3>\n

14<\/span><\/p>\n

\n\tEconomic and Tax Substance<\/a>\n<\/h3>\n

16B<\/span><\/p>\n

\n\tGIIA ESG Framework<\/a>\n<\/h3>\n

17A<\/span><\/p>\n

\n\tBank Mandate<\/a>\n<\/h3>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-blank-1.php","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/giia.gg\/wp-json\/wp\/v2\/pages\/2468"}],"collection":[{"href":"https:\/\/giia.gg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/giia.gg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/giia.gg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/giia.gg\/wp-json\/wp\/v2\/comments?post=2468"}],"version-history":[{"count":35,"href":"https:\/\/giia.gg\/wp-json\/wp\/v2\/pages\/2468\/revisions"}],"predecessor-version":[{"id":3253,"href":"https:\/\/giia.gg\/wp-json\/wp\/v2\/pages\/2468\/revisions\/3253"}],"wp:attachment":[{"href":"https:\/\/giia.gg\/wp-json\/wp\/v2\/media?parent=2468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}