Associate in Insurance Accounting and Finance (AIAF) Program
Build a foundation to understand insurance accounting and finance. You will gain an understanding of practices, principles, and procedures used to prepare insurer financial statements to comply with the requirements of the NAIC and other regulatory bodies. This understanding benefits not only those who prepare these statements but also those who use information contained in these statements for management or assessment of insurer performance.
Read about recent changes to the AIAF program.
Required Courses
AIAF 111—Statutory Accounting for Property and Liability Insurers: Insurance Accounting/Regulation, Annual Statement Reporting, Assets, Liabilities/Policyholders' Surplus, Earned/Unearned Premiums, Losses/Loss Expenses, Investment Income, Reinsurance Accounting, SEC Reporting Requirements
AIAF 112—Insurance Information Systems: Data & Information Flows, System Planning, Data Administration, Insurance Activity Cycles, Budgeting, Management Reporting, Data Security/Integrity/Quality, System Controls, Auditing
CPCU 520—Insurance Operations, Regulation, and Statutory Accounting
CPCU 540—Finance for Risk Management and Insurance Professionals
Course sequence: This program presumes certain knowledge. If you have limited or noncurrent exposure to GAAP you should consider first taking CPCU 540-Finance for Risk Management and Insurance Professionals before taking the AIAF courses. If you have limited experience in insurance principles, you should consider completing the Program in General Insurance before enrolling in the AIAF program and taking CPCU 520 as your first AIAF course.
Life and Health Insurance Option: The Insurance Institute of America and LOMA jointly sponsor an alternative program designed for people in the life and health insurance fields. The courses that are required under the life and health option are AIAF 112, as well as LOMA 290, LOMA 356, LOMA 371, and LOMA AIAF 400.
For information about the life and health option, call or write to LOMA's office of the registrar, 2300 Windy Ridge Parkway, Suite 600, Atlanta, GA 30339-8443. Phone: (770) 984-3761 or (800) ASK-LOMA (select option 1). Or visit their Web site at www.loma.org.
Exam Type
AIAF 111/112: Eighty-five computer-administered, objective (multiple-choice) questions. Time allotted: 2 hours.
CPCU 520 and 540: computer-administered essay. Time allotted: 3 hours.