Phoenix==The Insurance Education Foundation, which educates teachers and students about the industry, presented its 2005 Lifetime Achievement Award to Stan McNaughton, chief executive officer of Seattle-based PEMCO Insurance at today's session of the National Association of Mutual Insurance Companies convention.
The award is presented to an industry leader who champions the mission of the IEF. Mr. McNaughton said IEF was founded in the 1980′s after the passage of Proposition 103 in California. The proposition, mandating prior approval by the state's insurance commissioner on rate increases, won approval because of the electorate's misunderstanding of the insurance industry, which failed to promote itself properly with the public, he said.
Currently, he said, there is a need for the industry "to continue to step up to rebuild the levees of IEF" and he called on NAMIC members to continue their support of the organization.
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