Associate In Insurance Accounting And Finance (AIAF) Definition
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.
A Little More on What is an Associate In Insurance Accounting And Finance – AIAF
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:
- 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.
- 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
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
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.