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EFG Companies and Northwood University Tackle Industry Deficit of Reinsurance Knowledge

Students learn dealer reinsurance strategies around wealth creation, family trust planning and business expansion

EFG Companies, the innovator behind the award-winning Hyundai Assurance program,  taught Northwood University’s inaugural reinsurance class at the university’s Michigan campus on Apr. 20 and 21.  Northwood University is home to the only accredited retail automotive marketing and management program in the U.S. 

The two-part curriculum took students from the most basic definitions of traditional insurance (e.g. premium, commission, reserve, etc); to an overview of reinsurable F&I products like service contracts. This included global reinsurance domiciles all the way through to a comparative analysis of Controlled Foreign Corporations (CFC) and Non-Controlled Foreign Corporations (NCFC), as well as tax implications and reporting.  The course consisted of instructor-led lectures and discussions, with a final exam that is a component of the students’ final semester grade.  The course instructor, EFG’s Karen Klees, who is a reinsurance and certified consumer credit compliance specialist, will act as an ongoing professional resource for Northwood’s faculty and students.

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Enterprise Financial News – Volume 5

Hot Off the Press!

MagazineGet a new perspective on how to maximize your dealership profitability while staying compliant with the experts from EFG Companies.

Download the 5th volume of Enterprise Financial News Magazine.

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F&I

Automotive News – Consistent F&I Pricing Key to Compliance

Jim-Henry

 

Contributing Author: Jim Henry, Automotive News Special Correspondent

As regulators scrutinize auto lending practices, companies in the F&I space have made compliance with state and federal rules a priority too.

F&I product administrator EFG Cos., of Dallas, is one such company. About a year ago, it appointed Karen Klees to fill the new role of compliance specialist. Klees recently amended her title to certified consumer credit compliance specialist after completing the Consumer Credit Compliance Certification Program from the National Automotive Finance Association.

Klees explained to Automotive News Special Correspondent Jim Henry how she would put her training to work at dealerships in 2015.

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The talk at auto finance industry conferences centers on compliance as the growing arena in the CFPB era. Is that your experience, too?

Everyone I’ve come into contact with recently has identified … stresses they are under from the Consumer Financial Protection Bureau and other regulators. It’s been a huge kind of coordinating task.

At the same time, the industry says it didn’t just discover compliance, right?