May 30, 2016
In 2013, the Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas partnered to provide full scholarships for the Associates in Captive Insurance (ACI) designation offered by the International Center for Captive Insurance Education (ICCIE).
The initiative was introduced in collaboration with the Ministry of Financial Services, the Bahamas Insurance Association and the Insurance Institute of The Bahamas, which also participated on the evaluation committee for selecting scholarship recipients. At that time, BFSB announced that it was targetting those persons interested in the captives sector and who intend to work in or to assist the industry. ICCIE was chosen as a partner because it was the first comprehensive captive insurance education program in North America, and its courses were considered relevant to any domicile around the world.
"The ACI designation is recognized and respected globally," BFSB noted.
Anastasia Campbell, then an associate in the corporate & financial services group (including the insurance sector) at Graham Thompson was one of the two scholarship awardees for the introductory program. Now a partner at GT, Anastasia's practice areas include banking & finance, corporate, commercial & securities, immigration & naturalization, insurance, and private clients, trusts & estates. BFSB is delighted to announce that she has completed the process and now is an ACI designee. BFSB and ICB mandated that scholarship recipients complete the Associate in Captive Insurance designation in a maximum of three years and Anastasia came in on target.
She says, "The ICCIE program was comprehensive and, at times, quite rigorous. I am absolutely elated to have completed the program and receive the ACI designation. Apart from the personal achievement, I trust my designation contributes to The Bahamas to enhance expertise within the industry. Certainly as more Bahamians attain the ACI designation, The Bahamas will continue to re-remerge as a top domicile for captives, boasting a well regulated environment and proficient and accessible service providers."
Mitch Cantor, executive director for the International Center for Captive Insurance Education, points out "Here at ICCIE we applaud both Anastasia's achievement and the BFSB's commitment to the highest standard in captive insurance professionalism. The Bahamas' scholarship program for students entering the Associate in Captive Insurance (ACI) program is a clear sign of the domicile's commitment to excellence in the industry."
BFSB has been promoting the insurance sector, inclusive of captives, as part of its strategic and business development efforts for a number of years now. The organization regularly participates in international conferences such as CICA and RIMS, and hosts regular insurance-relevant industry briefings and seminars.
"BFSB commends Anastasia on her accomplishment," BFSB CEO Tanya McCartney says. "The ICCIE scholarship program is indicative of The Bahamas' renewed committed to creating an environment that is conducive to the growth of the captive sector."
Michele Fields, ICB superintendent adds, "I congratulate Anastacia on her achievement. I encourage other professionals who are now involved or wish to be involved in the captive insurance sector to pursue such accreditation that will further inspire confidence regarding the relevant expertise available in The Bahamas."
ICCIE notes that when it was being conceived (in 2004), feedback from industry experts made it clear that a captive insurance education designation should be available through a comprehensive program of study. It was with this in mind that the Associate in Captive Insurance (ACI) designation program was created, and it was intentionally designed to be challenging and complete - to assure professionals that the designation would be meaningful. ICCIE courses are offered online via instructor-led webinars - combined with readings, homework assignments, and chatboard interaction done at the convenience of the student's schedule.
ACI students must complete all core courses (including their respective post-course exams). These are offered on-line and contain instructor-led synchronous and asynchronous components. This blended approach offers students a high degree of engagement and interaction with top-tier industry professionals and the flexibility to complete their studies according to the dictates of their busy lives. Students must also complete a designated number of electives and webinars, and upon earning the Associate in Captive Insurance Designation (ACI) must complete a minimum of 12 continuing education credits in three years.
There currently are four other BFSB/ICB scholarship students completing the designation program, with two other scholarships to be awarded in 2017.
BFSB's CEO confirms, "A key Bahamas advantage always has been our highly skilled professionals. We are committed to increasing capacity as it relates to captives as we see this as a key market opportunity with significant potential for the financial services sector. Further, the Bahamas Financial Services Board will continue to collaborate with the Insurance Commission of The Bahamas and International Center for Captive Insurance Education as we seek to ensure that The Bahamas continues to meet standards of international best practice."
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