The International Center for Captive Insurance Education (ICCIE) has confirmed that yet another professional within The Bahamas’ insurance sector has attained the Associates in Captive Insurance (ACI) designation, having successfully completed the very comprehensive training programme. The third designee since January is Sanchez Brooks, Business Support Manager at NUA Insurance Agents and Brokers.
Sanchez says, *”I am pleased to have earned the ACI designation as a result of completing the ICCIE programme. Though Captive Insurance was a new and interesting challenge for me, my ten years of experience in the General Insurance arena made the decision to pursue this goal a little easier due to being exposed during my Associate of Chartered Insurance Institute (ACII) studies. Preliminary research cued me to the fact that our local market was once a Captive Insurance hub – and this piqued my interest. As determined as I was to understand why the Captive Insurance market faded, I was even more interested in understanding the complexities of the industry. I look forward to what the future has in store for the Captive Insurance industry in The Bahamas.”*
Since 2013, the Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) has partnered to provide full scholarships for the ACI designation offered by ICCIE. This training initiative was introduced in collaboration with the Ministry of Financial Services, the Bahamas Insurance Association and the Insurance Institute of The Bahamas, who all also participate in the selection of scholarship recipients.
The ACI designation is recognised and respected globally and BFSB has been delighted to add this project as a vital component in its ongoing programme to create an environment that is conducive to the growth of the captives sector. ICCIE has applauded BFSB and its partners on the commitment to the highest standard in captive insurance, while ICB Superintendent Michele Fields continues to encourage other professionals to pursue the accreditation. She notes that this will further inspire confidence in the relevant captive expertise resident in The Bahamas.
In a post designation interview with BFSB, Sanchez said, *”Though the two disciplines are quite different, the parallels between Captive and General Insurance are similar. The knowledge gained from the ICCIE, along with the interaction with other practicing professionals around the world created an invaluable opportunity that has enhanced my reach in my current career. The excellent facilitators coupled with the vast knowledge base of individuals allowed for thought-provoking and interactive learning which is a highly recommended starting point for anyone interested in gaining a wealth of knowledge on the intricacies of Captive Insurance.”*
Other ACI designees in The Bahamas are Anastasia Campbell (Partner at Graham Thompson) and Yolanda Moss (Account Executive at J.S. Johnson & Co.) – both BFSB/ICB scholarship recipients, as is Sanchez Brooks. After earning the ACI, designees must complete a minimum of 12 continuing education credits in three years – promoting the culture of ongoing learning.
BFSB and partners plan to award at least two more scholarships for the ACI programme in 2017, a sign of enduring commitment to meet standards of international best practice in the industry.