South Carolina training innovation
South Carolina’s captive department has a new training method to specialise employees in captives.
The department is training Quincy Robinson to be a captive financial analyst.
Robinson will initially be working as an administrative coordinator for the Alternative Risk Transfer Services of South Carolina’s Department of Insurance.
Jeff Kehler, programme manager at the South Carolina department of insurance, said: “It may seem odd to hire a person with an accounting degree to do administrative work, but there is a method to my madness.”
Kehler says he is putting together a talent pool to better serve the industry. Whilst performing administrative duties, Robinson will learn about captive financial analysis, business plans, financial reviews and pro formas.
“He is also pursuing educational programs from the NAIC and the Society of Financial Examiners (SOFE),” said Kehler.
Industry figures previously noted that US domiciles need trained captive examiners, rather than commercial insurance company examiners turning their hand to captives.
Robert Kasinow, director of Examination Resources LLC, says examiners used to commercial examinations are very rigid.
US captives use Generally Accepted Accounting Principles (GAAP) but commercial insurers use Statutory Accounting Principles and captive investments are less restricted than traditional insurers.