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.