Online course: ARA 440 – Reinsurance Administration

LOMA 04 July 2019

Trainer: N/A

Details

ARA 440 shows how reinsurance strengthens the insurance industry and increases the likelihood that insurance companies will have sufficient funds to pay anticipated claims. This course also discusses reinsurance principles, regulation of reinsurance, typical provisions in a reinsurance agreement, the administration of reinsurance business, and the importance of quality control for reinsurance.

This course will be followed by an online exam in order to obtain the designation.

All LOMA courses have been reviewed and updated as appropriate to reflect the DOL Fiduciary Rule.

Language: English

The course is online and can be accessed both from computer and mobile devices.

Target group

Employees of companies from the insurance and financial services industry.

Course objectives

Identify the roles that insurance companies take in a reinsurance transaction and arrangements in which reinsurers combine forces, including reciprocal arrangements and reinsurance pools.
Describe benefits that direct writers and reinsurers can gain – and the costs incurred – when they use reinsurance.
Understand the model laws, regulations and licensing requirements affecting reinsurance in the United States, as well as the regulatory requirements related to reserve credit and risk transfer, privacy, money laundering, and corporate governance in reinsurance transactions.
Compare and contrast the automatic, facultative, and facultative-obligatory methods of transferring reinsurance risk.
Describe the general characteristics of a reinsurance treaty and explain the provisions that define the scope of the agreement, including the parties to the agreement provision, the entire agreement provision, the duration of the agreement provision, and the recapture provision.
Discuss the administration of changes that can affect reinsurance coverage, including recapture of ceded risk, increasing death benefits, continuation of reinsured policies, conversion of reinsured policies, and reinstatement of reinsured policies.
Explain the role that departments such as marketing, actuarial, underwriting, law and compliance, accounting, auditing, and claims play in the insurer’s reinsurance business.
Understand the steps a reinsurer takes to examine, approve, and settle a claim submitted under a reinsured policy.