Coleman D. Ross

Professional Designation
Examination, Experience, Ethics,
and Education Requirements

AICPA logoNCSBCPA logo
Certified Public Accountant

CPA logoIn 1967, I attained my Certified Public Accountant license and certificate (no. 2959) from the North Carolina State Board of Certified Public Accountant Examiners, after passing the AICPA’s Uniform CPA Examination in 1966 and completing two years of audit experience with Price Waterhouse. In connection with the annual renewal of my North Carolina license, I complete at least 40 hours of continuing professional education, including professional ethics study. The topics of the four examinations that comprised the Uniform CPA Examination that I completed follow:

Certified Public Accountant certificate
Certified Public Accountant certificate
  • Accounting Theory
  • Accounting Practice
  • Auditing
  • Business Law

In addition to my North Carolina license, I also maintain an active New York license (no. 071446) in support of my audit committee role for two New York domiciled insurers. Also, in connection with my prior role as a Price Waterhouse audit partner, I held the following additional CPA licenses during time periods that those licenses were required because of client responsibilities: Connecticut (no. 2881; October 1977 – December 1999), Florida (no. ACR001177; January 1976 – March 1977), Louisiana (no. B-12542; January 1978 – December 1980), Massachusetts (no. 15596; April 1993 – June 1994), and Vermont (no. 001-0898; September 1990 – July 1999).

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NACD logoNACD Board Leadership Fellow
NACD Governance Fellow

BLF logoIn support of my roles as an independent director, I completed the National Association of Corporate Directors' two-day Advanced Director Professionalism course in June 2015. The NACD is a membership organization dedicated to serving the corporate governance needs of corporate directors and boards. To attain its Board Leadership Fellow designation, I was further required to complete another ten hours of NACD-approved continuing education, which I also did in July 2015. To maintain this designation, I am required to annually complete ten hours of NACD-approved continuing education. The organization's advanced professionalism course that I completed covered the following curriculum topics:

  • NACD's Key Agreed Principles to strengthen corporate governance
  • A Price Worth Paying: case study on governance crises facing boards
  • Dynamic or Dysfunctional: having the right boardroom culture and dynamics in place to allow the board to function at its highest level
  • A Year in the Life of Your Board: how to make the most of one's time with one's fellow directors
  • Audit Committee: small group peer exchange
  • Winning with mergers and acquisitions
  • Small-cap governance hot topics
  • Transitioning from private to public company governance
  • Cyber risk
  • The future of shareholder activism
  • Strategy from a board perspective
  • Lead director training

GF logoPreviously, in support of my role as an independent director, I completed the NACD's two-day Director Professionalism course and earned the NACD Governance Fellow designation in April 2012. I had completed a previous version of a similar program and received the Certificate of Director Education in June 2008 (see Education page). To maintain this designation, I am required to annually complete four hours of NACD-approved continuing education. The organization's professionalism course that I completed covered the following curriculum topics:

Governance Fellow certificate
Governance Fellow certificate
  • Board excellence: responsibilities in the current governance environment
  • Fiduciary duties of corporate boards
  • Strategy from a board perspective
  • New Era Faces the Future: case study on newly-appointed board member addressing her concerns
  • Utilizing financial statements to drive value: a guide for directors
  • Nonprofit governance: notable trends and best practice
  • Audit Committee: effectiveness in the new environment
  • The Nominating and Governance Committee: new challenges and opportunities in board composition
  • Board / C-Suite relations
  • Adding value through the Compensation Committee

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NACD logo 
 
Audit Committee Financial Expert

In connection with my audit committee role on the Syncora Holdings Ltd. board of directors, I am designated as an Audit Committee Financial Expert. The term is defined by the U.S. Securities and Exchange Commission (Regulation S-K, Item 401(h)), and each public company registrant is required to have at least one Audit Committee Financial Expert on its audit committee.

The attributes that the SEC requires of me, as an Audit Committee Financial Expert, follow:

  • An understanding of generally accepted accounting principles and financial statements;
  • The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;
  • Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of issues that are generally comparable to the breadth and complexity of issues expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;
  • An understanding of internal controls and procedures for financial reporting; and
  • An understanding of audit committee functions.

Also as required by the SEC, these attributes would be acquired through any one or more of the following:

  • Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve performance of similar functions;
  • Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;
  • Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or
  • Other relevant experience.

I acquired and continue to have these attributes that are relevant to the insurance and financial services industries through:

  • My public accounting auditor experience for 34 years, including 22 years as an audit partner;
  • My subsequent public company experience for 3-1/2 years as the chief financial officer for two New York Stock Exchange-listed companies;
  • My subsequent audit committee experience for over 10 years as the committee chairman for four separate companies;
  • My additional experience as a member of the AICPA's senior accounting and financial reporting technical committee and on other AICPA committees and task forces dealing with technical accounting and auditing issues;
  • My undergraduate education in accounting; and
  • My graduate level education in both economics and financial services.

In addition to SEC audit committee requirements:

  • I meet audit committee requirements of the New York Stock Exchange Listed Company Manual (303A.01(a)), by having accounting or related financial management expertise and being financially literate;
  • I meet the requirements of the U.K. Financial Service Authority (Rule DTR 7.1.1 R), by having competence in accounting and/or auditing; and
  • I meet the London Stock Exchange requirements and recommendations, as established through the U.K. Financial Reporting Council's Combined Code (Provision C.3.1) and the Council's Guidance on Audit Committees (Paragraph 2.16), by having both recent and relevant financial experience and a professional qualification from one of the professional accounting bodies.

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American College logoChartered Life Underwriter
Chartered Financial Consultant

CLU and ChFC keysThe Chartered Life Underwriter, as well as the Chartered Financial Consultant, designations are offered by the Solomon S. Huebner School of The American College to candidates with relevant experience who pass required examinations and subscribe to the school’s ethical standards and ongoing continuing education requirements. I attained my CLU designation in 1980, while serving as the audit partner for both Connecticut General and Phoenix Mutual Life, and my ChFC designation in 1992, while serving as the national leader of our firm’s insurance practice and as the audit partner for State Mutual Life. The requirements of the ChFC designation required me to complete three examinations beyond the CLU designation.

The subjects of the thirteen examinations that I completed follow:

Chartered Life Underwriter

Chartered Life Underwriter certificate
Chartered Life Underwriter certificate
  • Economic Security and Individual Life Insurance
  • Income Taxation
  • The Financial System in the Economy
  • Individual Life Insurance
  • Life Insurance Law
  • Group Benefits
  • Planning for Retirement Needs
  • Investments
  • Fundamentals of Estate Planning
  • Planning for Business Owners and Professionals

Chartered Financial Consultant

Chartered Financial Consultant certificate
Chartered Financial Consultant certificate
  • Fundamentals of Financial Planning
  • Income Taxation
  • The Financial System in the Economy
  • Individual Life Insurance
  • Planning for Retirement Needs
  • Investments
  • Wealth Accumulation Planning
  • Fundamentals of Estate Planning
  • Planning for Business Owners and Professionals
  • Financial Planning Applications

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LOMA logo Fellow, Life Management Institute
Associate in Insurance Accounting and Finance

FLMI keyThe Fellow, Life Management Institute designation is offered by the Life Office Management Association to candidates who pass required examinations in general courses and a specialization course. I attained my FLMI designation in 1980 while serving as the engagement partner for Connecticut General Life and Phoenix Mutual Life, after having started the program in 1977. In addition to the requirement for a specialization course, I also completed examinations in two additional specialization courses in 1980 and 1989.

IIA logoAIAF keyI also attained the Associate in Insurance Accounting and Finance designation offered by LOMA (together with the Insurance Institute of America) in 1998 while serving as the engagement partner for Phoenix Home Life.

The subjects of the 14 examinations that I completed follow:

Fellow, Life Management Institute certificate
Fellow, Life Management Institute certificate

Fellow, Life Management Institute general courses

  • Principles of Insurance: Life, Health, and Annuities
  • Life and Health Insurance Company Operations
  • Legal Aspects of Life and Health Insurance
  • Management Principles and Practices
  • Information Management in Insurance Companies
  • Economics and Investments
  • Accounting in Life and Health Insurance Companies
  • Mathematics of Life and Health Insurance

Fellow, Life Management Institute specialization courses

  • Life Insurance Accounting
  • Group Insurance
  • Financial Management
Associate in Insurance Accounting and Finance certificate
Associate in Insurance Accounting and Finance certificate

Associate in Insurance Accounting and Finance

  • Statutory Accounting for Life and Health Insurers
  • Insurance Information Systems
  • Insurance Company Finance
  • Life and Health Insurance Company Operations
  • Mathematics of Life and Health Insurance

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Chartered Property Casualty Underwriter
Associate in Reinsurance
Associate in Insurance Accounting and Finance
AICPCU IIA logo Associate in Regulation and Compliance
Associate in General Insurance

CPCU logoThe Chartered Property Casualty Underwriter designation is offered by The American Institute of Chartered Property Casualty Underwriters to candidates with three years or relevant experience who pass required examinations and subscribe to the AICPCU’s ethical standards. I attained my CPCU designation in 1999 while serving as the audit partner for XL Capital, a large Bermuda-based property-casualty insurer, and Trenwick Group, a property-casualty reinsurer, after having started the program several years earlier. As a CPCU, I participate voluntarily in the AICPCU’s Continuing Professional Development program.

ARe & AIAF keysIn addition to the CPCU designation, I also attained the Associate in Reinsurance, Associate in Insurance Accounting and Finance, Associate in Regulation and Compliance, and Associate in General Insurance designations from the Insurance Institute of America, which is a companion organization to the AICPCU. These are offered to candidates who pass examinations in four, four, three, and four respectively, property and liability insurance-related courses in each program (twelve examinations in total and ten examinations beyond the CPCU requirements). I attained the ARe designation in 2004 during my “second” retirement and after years of service on the AICPA’s Reinsurance Auditing and Accounting Task Force and working with and for reinsurers. I also attained the ARC designation during my "second" retirement, as Syncora Guarantee was facing regulatory oversight in 2009 during its financial difficulties. I had previously attained the AIAF designation in 1998 while serving as the engagement partner for XL Capital and Trenwick Group. I attained my AINS designation in 2010.

In conjunction with two of the above certificate programs, I also earned the IIA's Certificate in General Insurance in 1998 and Certificate in Regulatory Compliance in 2009.

The subjects of the 20 examinations that I completed follow:

Chartered Property Casualty Underwriter certificate
Chartered Property Casualty Underwriter certificate
Associate in Reinsurance certificate
Associate in Reinsurance certificate
Associate in Insurance Accounting and Finance certificate
Associate in Insurance Accounting and Finance certificate
Associate in Regulation and Compliance certificate
Associate in Regulation and Compliance certificate
Associate in General Insurance
Associate in General Insurance

Chartered Property Casualty Underwriter

  • Ethics, Insurance Perspectives, and Insurance Contract Analysis
  • Personal Property and Liability Insurance and Risk Management
  • Commercial Property Insurance and Risk Management
  • Commercial Liability Insurance and Risk Management
  • Insurance Operations
  • Legal Environment of Insurance
  • Management
  • Accounting and Finance
  • Economics
  • Insurance Issues and Ethics

Associate in Reinsurance

  • Principles of Reinsurance
  • Reinsurance Practices
  • Accounting and Finance
  • Insurance Operations

Associate in Insurance Accounting and Finance

  • Statutory Accounting for Property and Liability Insurers
  • Insurance Operations
  • Insurance Information Systems
  • Insurance Company Finance

Associate in Regulation and Compliance and
Certificate in Regulatory Compliance

  • Insurance Regulation
  • Statutory Accounting for Property and Liability Insurers
  • Insurance Operations

Associate in General Insurance and
Certificate in General Insurance

  • General Principles of Insurance
  • Personal Insurance
  • Commercial Insurance
  • Ethical Guidelines for Insurance Professionals

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CII logo Fellow of the Chartered Insurance Institute
Chartered Insurance Practitioner

Chartered Insurance Practitioner certificate
Chartered Insurance Practitioner certificate
Associate in the Chartered Insurance Institute certificate
Associate in the Chartered Insurance Institute certificate

ACII logoCIP logoConcurrent with earning the Chartered Insurance Institute's Advanced Diploma in Insurance in 2005 (see Education page), I also received the Associate in the Chartered Insurance Institute (ACII) as well as the Chartered Insurance Practitioner designations. These two designations are held by individuals who have completed the Advanced Diploma program and who meet educational, experience, and ethical requirements.

In 2015, I completed the final steps beyond the ACII designation, becoming a Fellow of the Chartered Insurance Institute. The Fellowship designation is regarded by the CII as the premier qualification for those working in the insurance industry. The most significant requirements in my Fellowship process were recording a major qualification achievement (in my case, a graduate degree), completing a business ethics programme of case studies involving insurance ethical dilemmas, and undertaking continuing education specific to my role in the insurance industry.

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Health Insurance Associate
AHIP logo Fellow, Health Insurance Advanced Studies
Health Care Anti-Fraud Associate

HIA logoCIP logoThe Health Insurance Associate; Fellow, Health Insurance Advanced Studies; and Health Care Anti-Fraud Associate programs are offered by America's Health Insurance Plans, a national association representing member companies providing health insurance coverage to groups and individuals. I attained the HIA, FHIAS, and HCAFA designations in 2015 in the process of refreshing and expanding my health insurance knowledge, based primarily on changes created by the Affordable Care Act, and to support my directorship role with Pan-American Life Insurance Group, a major health insurance underwriter. The three programs required the completion of nine examinations and two fraud-related webinars. In the process of attaining the HIA designation, I also attained AHIP's Professional, Health Insurance Advanced Studies designation for passing one of the examinations. The subjects of the nine examinations and two webinars that I completed follow:

Health Insurance Associate certificate
Health Insurance Associate certificate
Fellow, Health Insurance Advanced Studies certificate
Fellow, Health Insurance Advanced Studies certificate

Health Insurance Associate

  • Basics of Health Insurance
  • Health Insurance Company Operations
  • Supplemental Health Insurance
  • Health Insurance Advanced Studies, Part A
  • Disability Insurance (elective)
  • Introduction to Health Insurance Fraud (elective)

Fellow, Health Insurance Advanced Studies and
Professional, Health Insurance Advanced Studies

  • Health Insurance Advanced Studies, Part A
  • Health Insurance Advanced Studies, Part B
  • Understanding Medicare (elective)

Health Care Anti-Fraud Associate

  • Introduction to Health Insurance Fraud
  • Health Insurance Fraud: Key Products
  • New Areas of Legal Risk under the Affordable Care Act, the False Claims Act, and Related Laws (webinar elective)
  • Medical Identity Theft: The Stakes and Consequences for Health Plans (webinar elective)

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CFA Institute logo
Chartered Financial Analyst Program

The Chartered Financial Analyst program is offered by the CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to candidates who meet experience, ethical, and educational requirements. I enrolled in the CFA program because I thought it would be difficult and challenging and I haven’t been disappointed. I have completed two of the three CFA examinations and am not certain if I will work to complete the program, given my current focus as an independent director. The designation program requires the completion of three examinations, offered annually, covering these topics:

  • Portfolio Management
  • Portfolio Performance Presentation
  • Analysis of Equity, Debt, Derivative, and Alternative Investments
  • Corporate Finance
  • Financial Statement Analysis
  • Economics
  • Quantitative Methods
  • Ethical and Professional Standards

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IIA logoCertified Internal Auditor
Certified Financial Services Auditor
Certification in Risk Management Assurance

IIA logoThe Certified Internal Auditor program is offered by The Institute of Internal Auditors to candidates who meet experience, educational, and ethical standards. I completed the program in 2007, having started it during my "second" retirement to support my service as an independent director and financial expert serving on audit committees. The four examinations in the CIA program cover these topics:

Certified Financial Services Auditor certificate
Certified Financial Services Auditor certificate
Certified Financial Services Auditor certificate
Certified Financial Services Auditor certificate
Certification in Risk Management Assurance certificate
Certification in Risk Management Assurance certificate
  • Conducting the Internal Audit Engagement
  • The Internal Audit Activity’s Role in Governance, Risk, and Control
  • Business Analysis and Information Technology
  • Business Management Skills

CFSA logoI also attained the Certified Financial Services Auditor designation from the IIA in 2002. The institute requires qualified CFSA candidates complete an examination covering audit practices and methodologies for banking, insurance, and securities industries.

CRMA logoIn 2014 I also attained the Certification in Risk Management Assurance from the IIA after passing an examination covering organizational governance related to risk management, principles of risk management processes, and assurance and consulting role of the internal auditor and having previously passed an examination on conducting the internal audit engagement.

As a member of The Institute of Internal Auditors, I am subject to the IIA's Code of Conduct. As a CIA, CFSA, and CRMA in non-practicing status, I have no continuing education requirements for these designations, although I do meet my continuing education requirements as a CPA.

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IMA logoCertified Management Accountant
Certified Financial Manager

CMA logoCMA logoThe Certified Management Accountant program is offered by the Institute of Management Accountants (formerly the National Association of Accountants), as was a companion Certified Financial Manager program, prior to its discontinuance. Each of the designations required the completion of four examinations (five examinations in total). I started these programs during my ‘second’ retirement to support my service as an independent director, and I completed the last examinations in each program in 2007. As an active CMA and CFM, I complete at least 30 hours of qualifying continuing professional education each year, including two hours on ethics, and also comply with the IMA's Statement of Ethical Professional Practice. The five examinations required in total for these designation programs cover these subjects:

Certified Management Accountant certificate
Certified Management Accountant certificate
Certified Financial Manager certificate
Certified Financial Manager certificate

Certified Management Accountant

  • Economics, Finance, and Management
  • Financial Accounting and Reporting
  • Management Reporting, Analysis, and Behavioral Issues
  • Decision Analysis, Information Systems, and Management Controls

Certified Financial Manager

  • Economics, Finance, and Management
  • Corporate Financial Management
  • Management Reporting, Analysis, and Behavioral Issues
  • Decision Analysis, Information Systems, and Management Controls

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AFP logo
Certified Treasury Professional

CTP logoThe Certified Treasury Professional program is offered by the Association for Financial Professionals (formerly the Treasury Management Association) to candidates who meet experience, ethical, and education requirements. Recipients of the designation are required to complete at least 36 hours of qualifying continuing professional education every three years. I enrolled in the program to support my service as an independent director and financial expert serving on audit committees, and I completed the program's examination in 2008. The examination covered the following topics:

Certified Treasury Professional certificate
Certified Treasury Professional certificate
  • Background and Environment of Treasury Management (The Role of Treasury Management; Treasury Organizational Structure; and Financial Environment)
  • General Financial Analysis (Financial Accounting and Financial Planning and Analysis)
  • Liquidity Management (Working Capital Management; Working Capital Tools; Payment Systems; Cash Management; and Short-term Investing and Financing Decisions)
  • Treasury Technology (Treasury Management Systems and Electronic Commerce)
  • Long-term Finance (Sources of Capital and Capital Structure and Dividend Policy)
  • Global Finance (Global Treasury Environment and Global Treasury Organization and Liquidity Management)
  • Other Areas of Treasury Management (Financial Risk Management; Operational and Insurance Risk Management; Corporate Governance and Ethics; Retirement Fund Management; and Relationship Management)

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AICPA and CIMA logos Chartered Global Management Accountant

Certified Global Management Accountant certificate
Certified Global Management Accountant certificate

CGMA logoThe Chartered Management Accountant designation is granted by the Association of International Certified Professional Accountants, a joint venture between the American Institute of CPAs and the UK-based Chartered Institute of Management Accountants. The designation was awarded to me and other AICPA members who were CPAs and met management accounting experience requirements.

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BAI logo  
Certified Bank Auditor

CBA logoThe Certified Bank Auditor designation is offered by the Bank Administration Institute to candidates who meet educational, experience, and ethical requirements. I attained my CBA designation (which was then the Chartered Bank Auditor designation) in 1982 while serving as the audit partner for Hartford National (which was subsequently renamed Shawmut National and now is part of Bank of America) and beginning my study at The School of Banking at Louisiana State University. To maintain the active status of my CBA designation, I completed at least 60 hours of qualifying continuing professional education during a two-year period and also complied with the CBA Code of Ethics. I did not renew my CBA certification in 2008 as my current activities as an independent director do not involve banking.

The four examinations that I completed to receive my CBA designation covered the following topics:

Certified Bank Auditor certificate
Certified Bank Auditor certificate
  • Accounting
  • Auditing Principles and Practices
  • Banking Law and Regulation
  • General Business

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AICPA logo
Personal Financial Specialist

Personal Financial Specialist certificate
Personal Financial Specialist certificate

PFS logoIn addition to earning the Certified Public Accountant designation, I also attained the AICPA’s Personal Financial Specialist credential in 2006. This credential is earned by institute members who have the requisite years of experience and education in financial planning and have passed a comprehensive financial planning examination. I did not renew my PFS certification in 2008 as my role as an independent director does not involve financial planning.

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