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Achieve your professional success in the insurance sector with a preparatory program that equips you with the knowledge and skills needed to confidently and competently pass the Insurance Compliance Officer exam.
(4.0/ 5)
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This program aims to prepare participants with the knowledge and skills necessary to pass the Professional Examination for the Compliance Officer in the Insurance Sector. This program is designed to enable participants to efficiently and effectively undertake the duties of the compliance officer in Insurance companies, following an understanding of the compliance function’s role, the risks of non-compliance, and the procedures, controls, and relevant regulations.
Banking
Capital Market
Insurance
Financing
Compliance and Anti-Financial Crimes
Not Exist
Self Learning
Unit Introduction
The Emergence of the Insurance Industry
Definition of Insurance
The Concept of Risk
Types of Risk
Characteristics of Insurable Risk
Risk Managment
Activity
Case Study
The Concept of Insurance
Economic and Social Importance of Insurance
Summry
.
Assessment Instructions
Objectives
Definition of Risk
Introduction
2. Objectives of Supervising and Regulating the Insurance Industry
Historical Background of the Insurance Industry in the Kingdom
Reasons for Regulating the Insurance Sector
Insurance Regulation in the Kingdom of Saudi Arabia
Regulatory and Supervisory Authorities
Cooperative Insurance and Reinsurance Companies
Insurance Companies and Independent Insurance Practitioners
Independent Insurance Professions
Assessment
The Advantages of Insurance Companies in Saudi Arabia
Introduction
2. Key Characteristics of Insurance Products
3. Classification of Insurance Products in the Saudi Insurance Market
Individual Insurance Products
Corporate Insurance Products
Core Principles of Effective Customer Service
General Requirements from the Regulatory Code of Insurance Market Conduct
Market Conduct Standards
Advertising and Marketing
Customer Communication During the Pre-Sale Phase
Post-Sale Customer Services
Assessment
Introduction
Legal Principles and Their Types
Definition of the Insurance Contract
Questions
Introduction
Proposed Organizational Structure of Insurance Companies
Board of Directors
Board Committees
Key Executive Management Roles
Key Insurance Operations Procedures in the Saudi Market
Questions
Introduction
The Concept of Fraud
Types of Product Development Risks
Risks of Exposure to Insurance Fraud
Types of Insurance Fraud
Forms of Fraud Targeting Insurance Companies
Sources of Insurance Fraud
Mitigating Insurance Fraud
Cost of Fraud in the Insurance Sector
Role of the Saudi Central Bank in Combating Insurance Fraud
Challenges Facing Insurance Companies in Saudi Arabia
Reinsurance Risks
Reputational Risk
Compliance Risk
Risks Related to Changes in the Country
Money Laundering and Terrorism Financing Risks
Assessment
Introduction
Objectives
Understanding the Main Rules Governing Insurance Brokerage
Main Rules Governing Insurance Brokerage
Insurance Broker’s Obligations
→ Obligations of the Insurance Broker Toward the Insurance Company
Obligations of the Agent Toward the Insurance Company They Represent
Duties of Insurance Brokers and Agents Toward Policyholders
Regulations Governing Electronic Insurance Brokerage Activities
Key Rules Governing Electronic Insurance Brokerage
Case Study
Activity
Summary
Assessment Instructions
Introduction
Objectives
Freelancers and Freelance Companies
The Role of Compliance Management
General Provisions of the Outsourcing Guidelines for Insurance and Reinsurance Companies and Freelance Professionals
Accountability
Obligations
Review of the Outsourcing Guidelines for Insurance and Reinsurance Companies and Freelance Professionals
Case Study
Activity
Summry
Assessment Instructions
Recognize the roles of the compliance officer in relation to combating financial crimes, AML and CTF to effectively undertake the subject roles.
Acquiring knowledge and skills to pass the professional exam for Compliance Officer in the Insurance Sector.
Understand the means to develop internal policies, procedures, and internal controls to contribute to their development and update.
Understand the penalties and disciplinary action relating to breach of regulatory compliance to avoid non-compliance.
Acquire the necessary knowledge and skills for developing and administering a risk-based regulatory compliance program in Insurance companies, to enable a proper implementation of the program.
Acquire necessary knowledge and skills that enable undertaking the compliance officer’s duties in Insurance companies, in an efficient manner.
Identify the risks of non-compliance with laws, directives, and the requirements of anti-money laundering and terrorist financing to contribute to an effective management of those risks.
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