In 2021, the National Association of Insurance Commissioners (NAIC) will celebrate its 150th anniversary. Since 1871, the NAIC has worked together with state insurance commissioners to regulate the industry. The NAIC touts its success as a protector of consumers while developing and streamlining processes to make the U.S. insurance market one of the strongest and most resilient in the world in a Jan. 14 media release.
To mark this milestone, the NAIC has several communications programs planned, as well as celebrations as part of its national meetings. The NAIC has launched a banner timeline on its website that highlights key historical moments, including developing model bills for life insurance in 1906; adopting the Unfair Trade Practices Act in 1947; and responding to COVID-19 in 2020.
As part of its commitment to educating consumers, the NAIC will share 150 insurance tips during this anniversary year and will also feature historical photos and trivia on social media on #ThrowbackThursdays. Later this year, the organization plans to launch a new logo and brand identity.
The NAIC began in May 1871, when the insurance commissioners of 18 states met in New York to create a way to facilitate the regulation of insurance between states. For a century and a half, the organization has laid claim to protecting consumers and ensuring the stability of the industry, working with states to oversee how insurance is priced, sold and administered. Currently, the NAIC is addressing long-term issues, including climate change and emerging risks, big data and artificial intelligence, and race and diversity in insurance.
“Created in 1871, the NAIC has survived wars, two global pandemics, the Great Depression, the Great Recession, numerous natural disasters and countless other challenges. Our strength comes from our members who come from diverse backgrounds and all share the same commitment to protect consumers and ensure fair, competitive markets,” said Mike Consedine, CEO of NAIC. “We are proud of our past, and excited to evolve and grow the organization addressing emerging risks and continuing to strengthen the state-based insurance regulatory system as we adapt to a changing world.”