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.
Larry Forrester, chief executive officer and president of IEF, said in a statement that, "Stan and his family have been champions of education. Since his father, Stanley O., passed, Stan has taken a leadership role in establishing new standards for education excellence and serving on community organizations to develop innovative ways to improve the educational system.
IEF created the Lifetime Achievement Award in 2003 to recognize those who contribute to establishing and endorsing insurance education to younger generations.
"The presentation of the award is a way in which we can promote the need and value of educating young people about insurance and risk management, and recognize individuals who are champions of education," Mr. Forrester said.
As a recipient of the Lifetime Achievement Award, Mr. McNaughton received a Waterford Crystal Apple, and his portrait will hang high on the Lifetime Achievement Wall of Fame inside IEF's home office in Indianapolis, Ind.
IEF is a nonprofit charitable organization.
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