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Program Outline 2018
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Program Outline | Fundamentals of Accounting Course 2018

How will this course help me?

This course is designed to:

  • Provide an understanding of property and casualty insurance accounting and build on the expertise of individuals for current and future responsibilities within the organization
  • Bring out the awareness of the reporting requirements for various regulatory authorities and other interested parties
  • Combine a diverse topic list to optimize the learning opportunity
  • Foster the exchange of information among people and provide the opportunity to network
  • Share relevant changes that impact regulatory reporting requirements

Objectives:

  • To assist insurers and re-insurers in training their accounting and statistical staff
  • To provide personalized tutoring and lectures
  • To ensure continuity of qualified insurance accounting staff
  • To assist non-financial staff in gaining further insight into property and casualty insurance accounting and reporting requirements

Are you a CPA?

  • This course qualifies for your professional development/continuing education requirements. Contact your association for more information.

The Experience

This is a unique week of learning and it demands one's full attention. It is intensive and involves plenty of collaboration, study and preparation. Attendees dine together and and make it as relaxing as possible. Dress code is casual.

Course Material - Be Prepared!
Materials have been developed in cooperation with the industry, public accounting firms and regulatory staff. Registrants receive the course material in advance of the course. Students and their employers should be aware that a considerable amount of preparatory study is required. Students should read the course material and complete all tests prior to their arrival. It is also recommended that attendees complete summary study notes when reading the course material in order to enhance one's learning experience.
Course instructors and tutors include experienced professionals from public accounting firms and senior industry leaders.

Certificate
Upon successful completion of the program, participants receive a Certificate from the Canadian Insurance Accountants Association. Students are graded by examinations, attendance and participation.

Topics

Introduction

  • Concept of Insurance
  • Financial reporting in the insurance industry
  • Overview of financial statements
 

Reinsurance

  • Concepts of reinsurance
  • Types of reinsurance
  • Basic accounting for reinsurance transactions
     

Premiums

  • Overview of the premium cycle
  • Basic accounting for premiums
  • Premiums receivable
  • Unearned premiums
  • Deferred policy acquisition expenses
  • Unearned commissions
  • Premium deficiencies
 

Claims

  • Overview of the claims cycle
  • Basic accounting for claims
  • Paid and unpaid claims
  • IBNR and adverse claims development
  • Internal and external adjustment expenses
  • Salvage and subrogation
  • Net claims incurred and claims ratios
     

Annual Return

  • Overview of the legislative environment
  • Financial and statutory reporting
  • Reserves
  • Minimum Capital Test preparation
 

Investments

  • Basic accounting for investments
  • Fair-value reporting requirements