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RISK MANAGER STANDARDS

Posted On: Feb. 18, 2007 12:00 AM CST

Under the Nonadmitted and Reinsurance Reform Act, H.R. 1065, a "qualified risk manager" must meet all of the following requirements: Be an employee of, or third-party consultant retained by, the commercial policyholder; provide "skilled services in loss prevention, loss reduction or risk and insurance coverage analysis and purchase of insurance"; and meet one of the following criteria:

  • Hold a bachelor's degree from an accredited college or university in risk management, business administration, economics or "any other field" determined by state regulators "to demonstrate minimum competence in risk management" and have three years' experience in insurance.

  • Meet the bachelor's degree requirement plus hold at least one of several professional designations: Chartered Property and Casualty Underwriter, Associate in Risk Management, Certified Risk Manager, RIMS Fellow, or "any other designation or license determined" by state insurance regulators "to demonstrate minimum competency in risk management."

  • Meet the professional designation degree plus have seven years' experience.

  • Have 10 years' experience.

  • Hold a graduate degree in risk management, business administration, finance, economics or any other field determined by state regulators "to demonstrate minimum competence in risk management."