Award in Insurance Accounting and Auditing

MQF/EQF Level 4 (5 ECTS Credits) Blended Intake Opening Soon, 17:00

Updated syllabus!

Accredited by MFHEA and recognised by the MFSA.

First cohort limited to 22 trainees.

Accounting for the insurance industry is a specialist area that requires expertise and an understanding of the sector. This course provides a background of finance operations whilst also providing an overview of the main legislation and regulations relevant to the field. It also discusses the underlying aspects of the financial reporting regime insofar as insurance accounting is concerned and general principles of governance and risk management.

 

Level within the National and European Qualification Framework
The Malta Qualifications Council deems this Award Level 4 on the Malta Qualifications Framework (MQF) (5 ECTS) and on the European Qualifications Framework (EQF) for Lifelong Learning.

Objective

The objective of this course is to enable participants to obtain a specialised and technical understanding of the accounting/financial principles and practices underlying insurance operations as well as an understanding of the regulatory requirements and frameworks.

Learning Outcomes

Upon completion of the programme, the learner will be able to:

  • define the relevant regulations and accounting principles affecting insurance
  • describe the general facts, principles and concepts underlying the financial principles related to an insurance environment
  • apply the principles relating to Solvency II
  • demonstrate knowledge of relative legal documents
  • apply the key requirements in IFRS 17 and IFRS 9 for insurance companies
  • interpret primary statements and disclosures on an insurance company’s financial statements
  • demonstrate knowledge on Principles of Prevention of Money Laundering and Corporate Governance

 

 

Course Duration

The course consists of 35 contact hours specifically 15 sessions, held once a week. A further 88 hours of self-study is required.

Examination will be held between 09:00-11:00hrs.

In person sessions will be held at MITC premises:

MITC
Centris Business Gateway II, Level 4,
Triq is-Salib tal-Imriehel Zone 3,
Central Business District,
Birkirkara, CBD3020

Course Schedule

 

January

 

February

 1517:00-20:00In person 817:00-19:00Online
 1817:00-19:00Online12 17:00-20:00In person
 2217:00-20:00In person1517:00-19:00Online
 2517:00-19:00Online1917:00-19:00In person
 29 17:00-20:00In person2217:00-19:00Online

February

2617:00-19:00In person
117:00-19:00Online2917:00-19:00Online
6 17:00-20:00In person

March

417:00-19:00In person

 

The exam will take place on Thursday 14 March, 09:00-11:00 at MITC Training Centre.

In person sessions will take place at MITC, Mriehel.

Entry Requirements

There are no specific entry requirements however as it is intended for practitioners in the relevant field, it is recommended that the participant has an understanding of financial terms and a good level of accounting knowledge (although not necessarily insurance accounting knowledge).

Participants are expected to have a good working knowledge of the English language.

Student CV will be requested to verify the above. A request for copies of certification and references will be made, if deemed necessary.

 

Intended Audience

This course is suitable for those working or intending to work within an insurance environment for the purpose of accounts and auditing.

This programme will lead successful candidates to perform duties in the financial services Industry, typically in an accounting / auditing environment.

Assessment

The assessment is a written examination of 2 hours duration, during which candidates will be expected to answer 10 questions.

The pass mark is set at 55%

Discounts and Cancellation Policy
  • Companies effecting group bookings (four or more participants) are entitled to a 10% discount. For group bookings kindly send an e-mail to info@mitcentre.com
  • A 25% cancellation fee is payable for cancellations received within 15 days of the start of the programme
  • No refund will be entitled after the commencement date of the programme

Trainers

Rakele Cini, LL.D. (Doctor of Laws)

Dr Rakele Cini is an independent legal consultant with many years of experience in AML/CFT, regulatory and compliance advisory. She primarily advises local & international firms / practitioners operating within the regulated industries on matters relating to the prevention of money laundering & funding of terrorism, due diligence, risk management, good governance, and other compliance areas. She is invited to lecture regularly by private institutions and regulatory bodies on these topics. She was previously head of Risk & Compliance at BDO Malta and, prior to that, formed part of the practice protection group at Deloitte Malta for numerous years. Rakele is an active member of the PMLFT sub-committee at the Malta Institute of Accountants and the Institute of Financial Services Practitioners.
www.linkedin.com/in/rakele-cini-939611b1

Romina Bonnici, B.Com (Honours) Economics; MA Financial Services, ACII

Romina Bonnici is Senior Regulatory Advisor within the insurance and pensions team of Ganado Advocates, with focus on re/insurance and pensions regulation. Romina is an Associate of the Chartered Insurance Institute, UK. She previously worked as Senior Manager in the corporate and insurance law practice group of a local law firm. Romina started her career with the Malta Financial Services Authority in the insurance and pensions supervision unit for ten years and within the authorisation unit for a further period of eight years where she held the position of Deputy Director, leading an analytical and multidisciplinary team whose duties primarily involved the processing of application in the areas of insurance, pensions, trusts and corporate services providers.

Stefan Lia, ACII, BA(Hons) Fin. Serv., MSc, CRISC

Stefan Lia currently Heads the Governance, Risk and Compliance Function at Betsson Group. His responsibilities include coordinating internal audit, managing the group insurance program, designing, implementing and managing risk management and governance processes and acting as advisor to operational management on various matters.

Stefan started his career working with a Maltese insurer where he was responsible for Commercial Insurance underwriting. This was followed by a stint at the MFSA where he spent over four years as part of the Consumer Complaints Unit. Prior to joining Betsson in his current role, he was part of the team Risk Advisory at Deloitte Malta.

Stefan holds an Advanced Diploma in Insurance from the Chartered Insurance Institute, a BA Hons in Financial Services from University of Edinburgh Napier and MSc in Risk Management from Glasgow Caledonian University and is certified in Risk and Information System Controls by ISACA.

 

 

Edith Satchell, MSc (Melit.), BCom (Melit.)

Edith started working within the motor department of a local insurance company whilst obtaining her B.Com degree and Masters in insurance and risk management degree in 2019 and 2020, respectively. She moved to the reinsurance department within the same company after graduating in 2020. Edith eventually joined the Malta Financial Services Authority in 2022 and currently holds the role of senior analyst within the conduct supervision unit.

Jessica Stivala, B.Com(Honours), FCCA, FIA, CPA

Jessica Stivala is an accountant by profession specialising in Insurance Regulatory as a consultant in her personal capacity, also serving as an Independent Non-Executive Director on the board of a regulated Insurance Company.

She previously worked with the Malta Financial Services Authority within the Insurance and Pensions Supervision function between 2012 and 2021, during which time she held the position of a Senior Manager since 1 January 2018. She has been involved in and led onsite inspections, desktop reviews, analysis and investigations, predominantly as part of the supervision of the insurance market. Additionally, she has served on a number of MFSA cross-sectoral working groups, worked on policy papers and participated in EIOPA’s committees and Expert networks in the areas of Governance, Insurance risk management, reporting, financial quantitative requirements, audit and accounting. Prior to joining the Authority, she held the position of an Assurance Senior with a Big Four firm wherein she has gained professional experience in auditing. Jessica is a Qualified Public Accountant and holds a Bachelor (Honours) degree from the University of Malta as well as a Masters Degree in Accountancy. She is also a Fellow Member of the Malta Institute of Accountants.

 

Erika Bajada, B.Sc., MBA, FCII, FCCA, AIA

Erika embarked on her career in insurance in 2005 and has since occupied various roles within the insurance industry, primarily focused on regulation and compliance. Erika also worked at the Malta Financial Services Authority for a period of six years, in the insurance and pensions supervision unit and within the conduct supervisory unit where she held the position of Senior Analyst.

In 2019, Erika joined Elmo Insurance Ltd as Compliance Officer and DPO. Erika currently chairs the Regulatory Affairs Sector of the Malta Insurance Association.

Erika is a Fellow of the Chartered Insurance Institute and of the Association of Chartered Certified Accountants respectively. She has also read for an Executive MBA and B.Sc. Business and Computing with the University of Malta.

Renzo Bugeja, CPA, MIA, M.Accty (Melit.), B.Com.

Renzo is a certified public accountant and currently holds the position of a Manager within the Corporate Accounting Advisory Services team at KPMG. Within the KPMG network, Renzo specialises in International Financial Reporting Standards (IFRS) where he is primarily dedicated to servicing insurance clients both locally as well as within the KPMG Islands Group region. Renzo is actively involved in providing a wide range of accounting advisory services to his clients ranging from technical advice, project management, accounting change services and CFO advisory. In parallel, he also forms part of KPMG’s pool of insurance audit specialists. Renzo also delivers IFRS lectures on a variety of topics, ranging from specific IFRS matters to local GAAP, fiscal unity and Companies Act requirements.

Joanna Aquilina, B. Accty (Hons.), CPA, FIA

Joanna Aquilina has over twenty years’ experience in the financial and regulatory environment. She held the position of CEO and Executive Director of Gossmann & Cie. Insurance PCC Ltd. offering structured solutions through segregated cells. Previous to Gossmann & Cie. she was CEO of DARAG Insurance and Reinsurance PCC Ltd. and member of its Investment Committee providing run-off cell solutions to carriers interested in finality of discontinued insurance.  Joanna worked for Aon Captive Insurance Managers in Guernsey and Gibraltar as Finance Manager. She moved to become director of Aon Insurance Managers in Malta and part of the leadership team of Aon Captive Insurance Managers for EMEA. She provided advisory and support on insurance licensing, risk management and Solvency II for a wide range of clients whilst being responsible for operations and business development.  Joanna has experience in company restructuring across various domiciles, defining strategies and new processes.

Joanna, a Certified Public Accountant by profession, is currently a non-executive director for HSBC Life Assurance (Malta) Ltd. and member of its Audit and Risk Committee. Joanna is also a visiting lecturer at the University of Malta and at MITC

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