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National Association of Mutual Insurance Companies

The National Association of Mutual Insurance Companies (NAMIC) is the only U.S. trade association representing mutual property/casualty insurance companies. Founded in 1895, NAMIC has been serving its U.S. and Canadian members in areas of advocacy and education.[1]

NAMIC is the largest and most diverse property/casualty trade association in the country, with 1,400 regional and local mutual insurance member companies serving more than 135 million auto, home, and business policyholders and writing in excess of $196 billion in annual premiums. NAMIC member companies account for 50 percent of the automobile/homeowners market share and 31 percent of the business insurance market share. More than 200,000 people are employed by NAMIC member companies.[2]

The association was incorporated in 1920 in Indianapolis, Indiana, where its national headquarters is still located. It also has a Washington, D.C. office located on Capitol Hill. In addition to its advocacy work at the federal level of government, NAMIC also has a network of state managers to represent member companies in every statehouse in the country. NAMIC also provides services that assist member companies, state-based trade associations, and the industry at large through educational programs while increasing public awareness and understanding of the principles of insurance and the many contributions the property/casualty insurance industry makes to society.[3]

The organization supported the National Association of Registered Agents and Brokers Reform Act of 2013 (H.R. 1155; 113th Congress), a bill which would have reduced the regulatory costs of complying with multiple states' requirements for insurance companies, making it easier for the same company to operate in multiple states.[4][5]

ReferencesEdit

  1. ^ Wright, Janet; Virginia Wadsley; Janice Artandi (1994). The History of the National Association of Mutual Insurance Companies, A Century of Commitment, 1895-1995. Indianapolis, IN: National Association of Mutual Insurance Companies. p. 21.
  2. ^ "NAMIC Website". NAMIC. Retrieved 28 March 2013.
  3. ^ "NAMIC HISTORY". NAMIC. Retrieved 24 February 2011.
  4. ^ Kasperowicz, Pete (10 September 2013). "House votes to streamline cross-state insurance sales". The Hill. Retrieved 11 September 2013.
  5. ^ Postal, Arthur D. "NARAB II Bill Passes in the House". Property Casualty 360. Retrieved 11 September 2013.

External linksEdit

  • NAMIC – National Association of Mutual Insurance Companies (NAMIC)