What Is an Associate In Premium Auditing (APA)?
Associate In Premium Auditing (APA) is a professional designation awarded by the Insurance Institute of America (IIA). An Associate in Premium Accounting will have a comprehensive education in insurance contracts, auditing procedures, principles of insurance accounting, casualty insurance company accounting and the relationship of premium auditing to other insurance operations.
Understanding an Associate In Premium Auditing (APA)
The Associate in Premium Auditing (APA) designation is intended for those professionals who are required to perform premium audits in an organized and professional manner. An APA is a CPA whose specialty is the insurance industry. To gain the status of Associate in Premium Auditing, a series of exams must be passed successfully.
The Insurance Institute of America, which oversees the Associate In Premium Auditing designation, was founded in 1978 primarily to educate risk managers, insurance agents/brokers, underwriters, and other insurance professionals by conducting seminars. Since then, the scope and reach of the International Risk Management Institute has grown significantly. Today, according to the association, they produce the most comprehensive and practical risk and insurance library of any publisher available.
Individuals who have achieved the APA designation are widely believed to be experts in analyzing contracts with an eye for parsing financial data. Their collective skills are not limited to but often center on the ability to inject accounting and auditing methodologies with the many nuances of insurance products and insurance contracts. Among many other functions, individuals with the APA designation help strengthen the accounting and control protocols necessary for insurers to get more competitive with their pricing and products while maintaining high standards of fiscal management.