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NAIC Foundation Board Members Share Update at NAIC 2022 Fall National Meeting
During the National Association of Insurance Commissioners’ (NAIC) 2022 Fall National Meeting last week, the board members of the New Avenues to Insurance Careers Foundation reported to state insurance regulators on their progress in setting up the Foundation.
NAIC Past President and former South Carolina Insurance Director Ray Farmer, NAIC Past President and former Kentucky Insurance Commissioner George Nichols III, and NAIC Past President, former NAIC CEO, and former Iowa Insurance Commissioner Dr. Terri Vaughan shared the Foundation has:
- Completed its bylaws and operations plan and is currently working on a communications plan for the Foundation’s official kickoff that it will share with students, states, and industry.
- Developed a graphic and logo to use on its materials.
- Created a goal of providing students with summer internships with both an insurance company and a state insurance department. Following successful completion of the internships, the Foundation would offer the students a scholarship.
- Sent a survey to states to learn more about state insurance departments’ internship programs and assess their interest in partnering with the Foundation and industry to co-host interns.
The Foundation, which is expected to formally launch its programming in the first quarter of 2023, is also working with outside counsel to finish its application for IRS tax-exempt status.
About the NAIC Foundation
The NAIC announced the creation of the NAIC Foundation at its Spring National Meeting in Kansas City, Missouri, in April 2022. The Foundation exists to help individuals in underrepresented communities obtain skills relevant to the regulation and business of insurance and will enable students to pursue a fulfilling career either in government or the insurance industry.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.