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What is an Associate In Insurance Accounting And Finance?

The Associate in Insurance Accounting and Finance is a professional designation given to an individual who successfully completes a number of exams on insurance accounting and finance. The designation award is by the Insurance Institute of America. The program provides further training to professionals making them more efficient when it comes to preparing financial statements for firms in the insurance industry.

What Does an Associate In Insurance Accounting And Finance Do?

Generally, the AIAF title is an undisputed professional credential, especially to those individuals with responsibilities in insurance accounting and regulation. An individual earns the designation after completing four national examinations from the Insurance Institute of America. Out of the four exams, three are designed for the AIAF program, while one is for a Chartered Property Casualty Underwriter program course. Those individuals who undergo this training program to earn the AIAF designation are expected to have knowledge in the insurance and accounting basics. The AIAF builds on the previous exposure working knowledge of insurance principles, general accounting principles, and coverage. The Associate in Insurance Accounting and Finance program offers applicants the opportunity to master the following:

Statutory accounting principles
Reporting procedures
Financial management concepts

The AIAF program also covers the following expertise areas in the insurance industry:

Insurance companies operations such as marketing, underwriting, rate making, claims, adjusting, reinsurance, loss control
Statutory accounting for property and liability insurers
Information for software and information systems
Insurance information accounting
Insurance company finance

The AIAF program is for individuals working in the following areas:

Accounting
Statistical
Financial areas in an insurance firm

AIAF Program Requirements

The AIAF program requirements entail an applicant taking a course and doing exams for him or her to be accredited with the AIAF designation. Courses Offered

AIAF program requires an individual to study the following courses:
Insurer Accounting Management
Insurer Risk and Capital Management
Insurance Operations
Finance and Accounting for Insurance Professionals

Ethics Requirement Apart from the course requirements, an applicant is also required to meet the ethics required to be able to earn the AIAF title. The applicant should pass one of the following ethics:

Ethics 311- Guildine for Insurance Professionals
Ethics 312- Ethics and the CPCU Code of Professional Conduct

Other Designations

Apart from the AIAF designation, there are other professional titles that IIA offers. They include:

Associate in General Insurance
Associate in Claims
Associate in Risk Management
Associate in Commercial Underwriting
Accredited Adviser in Insurance
Associate in Reinsurance
Associate in Insurance Data Analytics
Associate in Insurance Services
Associate in Management

The Bottom Line

Financial statements from insurance firms go through thorough scrutiny by regulators. For this reason, accountants for insurance firms that work on the statements must ensure that their work has the highest level of proficiency. This is to ensure that they do not compromise the reputation of their insurance firms. One sure way of ensuring this is by taking the AIAF program. The AIAF program has a reputable rating by insurance firms. Those who hold the AIAF designation are considered to have the most sort after professional credentials in the American insurance industry.

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Associate in Insurance Accounting and Finance - Explained