Overview: IMAC's Education Committee invites personnel in our industry to attend a  'captive basics' course. Certificates will be awarded to successful participants. The course will be presented by recognised leaders in Cayman's Financial Services industry and accordingly offers a unique opportunity to all those who attend and serves as a foundation for the Associate in Captive Insurance (ACI) professional designation which is available through ICCIE - see sidebar.

Several Attendees from the 2009 Course

Course Overview

 Note: Session 1, 2, 3, 4, 5 and 6 Power Point presentations (and reference materials ) may be downloaded from below.

Dates	IMAC Captive Basics Course 2010 – Course Outline	Presenters
April 13	Understanding Risk and Risk Retention Mechanisms Understanding risks. Alternative mechanisms by which risks can be retained/transferred, managed and financed.  Classes of business. The commercial insurance/reinsurance industry and cycle. The captive model: suitability, benefits, alternative captive structures. Captive domiciles.  Cayman captive regulation.   The role of Insurance Manager and other service providers.	Conor Jennings (Caledonian)   Ruwan Jayasekera (CIMA)   Kevin Poole (HSBC)
April 20	Underwriting and Claims Reserving The objective is to understand different types of coverage and exposures, and their impact on underwriting, funding and reserving.  Types of coverage – lines of business, claims made v occurrence, primary versus excess, insurance v reinsurance, direct v fronting, individual and aggregate limits etc.  Coverage documentation – policies, agreements, binders, endorsements.  Premium considerations and funding, including an understanding of exposure calculations.  Claims reserving, including case reserving philosophy and a basic understanding of the actuary’s assumptions, methodology and estimates.	Howard Byrne (Aon)    Alan Morris (KPMG)
April 27	How captives work The objective is to gain an understanding of the steps to be taken in formation, operation, run-off and winding up of a captive.  Incorporation, licensing, corporate secretarial matters, governance, books and records.  The captive’s fiscal reporting cycle, underwriting cycle and meeting cycle. Transactions, assets and liabilities, inputs, outputs and processes.  Reference Materials: - Cayman Islands Companies Law applicable to exempted companies June 2009 - Duties of directors of Cayman Islands Companies June 2009 - Why have Reinsurance - handout UK Insurance Industry Training Council - Session 1 and 2 Recap - by Linda Haddleton	Paul Scrivener (Solomon Harris)   Linda Haddleton (HSBC)
May 4	Accounting for Captives and Audit The objectives are to recognize the accounting policies specific to insurance accounting, with emphasis on claims reserving and investments, under IFRS and US GAAP, and to understand the audit process.	Ben Leung (PKF); Alissa Matthews (MARSH)
May 11	Overview of other areas that impact captives Tax matters for the captive and its insureds and owners Segregated Portfolio Companies Group captives Health Care Captives Compliance matters, including money-laundering deterrence	Doug Harrell(KPMG) Kay Carter(Solomon Harris) Mike Gibbs(Kensington) Linda Haddleton(HSBC) Kevin Poole(HSBC)
May 18	Overview of other areas that impact captives (tba) The captive’s fiscal reporting cycle, underwriting cycle and meeting cycle, transactions, assets and liabilities, inputs, outputs and processes. Regulatory matters for the insured. The litigation environment for the insured. Risk based regulation and Rule on Risk Management. Captives that fail. Capital markets. Course Recap. Overview of developments and challenges facing the captive industry, globally and in Cayman.	Various presenters:  Items 1 to 7 Linda Haddleton (HSBC)   Item 8. Ron Sulisz (SRS)

 Enrolled Students 2010