N.A.I.C. Foundation Awards First Scholarship
The National Association of Insurance Commissioners (NAIC) is pleased to announce that the N.A.I.C. Foundation has awarded its first scholarship to a student at Troy University in Troy, Alabama.
The $2,500 scholarship is awarded for the 2024 spring semester. The student also will be eligible to participate in an internship program at the Alabama Department of Insurance (DOI).
“This inaugural scholarship marks a milestone step toward the NAIC’s goal under our State Connected strategic plan to introduce to a new generation of students and historically underserved communities career prospects in the field of insurance and insurance regulation,” said NAIC President and Connecticut Insurance Commissioner Andrew N. Mais. “We hope the N.A.I.C. Foundation scholarship and associated internship opportunities with state Departments of Insurance will inspire students to explore pathways to careers as insurance regulators, government leaders, and insurance professionals.”
The New Avenues to Insurance Careers (N.A.I.C.) Foundation was incorporated in 2022 to provide scholarship and internship opportunities to college students in underserved communities to help them obtain skills relevant to the regulation and business of insurance.
Serving as Directors of the N.A.I.C. Foundation are NAIC Past Presidents George Nichols III, Therese Vaughan, and Raymond G. Farmer. During 2023, the directors worked to establish a framework for the scholarship and internship program, identifying prospective college and university partners, as well as exploring internship programs with state insurance departments.
For the 2024–25 academic year, the Foundation intends to expand its scholarship and internship programs with additional colleges, universities, and state insurance departments.
About the N.A.I.C. Foundation
The NAIC announced the creation of the N.A.I.C. 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.