Education Foundation focuses on fund raising,
ASLI, scholarships and grants
Before I started this year’s message, I had to reflect on some of the trying moments that confronted us all over the past year. We were beginning to see a turn in the market as rates and underwriting firmed, but it all was spun seemingly out of control with the attacks of September 11. Not only the property and casualty side of the business, but also the benefits side are being impacted with the economic consequences of these attacks. The benevolence of our people is amazing and what makes my report easy to write each year as the Foundation continues to grow.
Campaign 21
Campaign 21 is doing great as we near our target of $3 million. The generosity of the people in the surplus lines side of the industry is truly remarkable. The annual report reflects total assets in the $2.8 million range, but at calendar year end we are much closer to the goal set in early 2000. Marcus Payne and Max Williamson have done a marvelous job of fund raising and are to be commended for their efforts. The rest of the Board and several volunteers have had a hand in helping as well, but the accolades go to Marcus and Max. Thanks! One more push and we should be over the top in 2002.
Lecture Series
With the disruption of the 2001 NAPSLO Annual Convention, the Foundation did not have the honor of hosting the next guest speaker in the Lecture Series. We will resume the Lecture Series with the annual convention next October. We have enjoyed some very interesting speakers and look forward to the resumption of this series.
ASLI Program
The ASLI program continues to draw interest from many students of insurance. We have seen a slowdown from the early pace when the designation was first announced, but we continue to have a good showing of book sales and test takers. I would encourage insurance company management as well as agency management to tout the importance of this educational designation. Career paths that do not include such an educational effort are lacking as far as the Surplus Lines insurance industry is concerned. The Board of Directors asked that the content of the program be reviewed with some significant changes to be considered. The program is now automated for testing purposes, so the exams can be given more frequently with results known much sooner. Sign up today for a class and order your books online through the Insurance Institute of America at www.aicpcu.org.
Scholarships & Grants
The Scholarship and Grants Committee had an overwhelming response this year to scholarship requests. Unfortunately, many of the requests were from students who were not really involved in the insurance industry, so the committee is making some changes in the application process to help streamline the system of consideration. Additionally, we have two more scholarship funds that are being endowed, one in honor of Herbert Kaufman, and another devoted to survivors of the September 11 attacks. The proceeds from the annual golf tournament at the Mid-Year meeting have been designated to start the 9/11 Survivor Scholarship. We are getting enough contributions in the scholarship funds to begin considering an increase in the amount being granted.
The Grant Committee has received several inquiries, but to date we have not had any serious research requests that we felt merited some funding. The committee is open to requests from universities or even suggestions from the insurance industry for topics to be researched and results to be published. As we approach our financial goals, the Board is interested in funding worthwhile projects and would welcome an opportunity to review some proposals.
Education
My final area of this annual report deals with our effort to educate the insurance industry about the role of the surplus lines market. We hope to make an impact in educating, not only insurance practitioners but, regulators, legislators, and the insuring public. We have had great success, especially with the A.M. Best Annual Review of the Excess & Surplus Lines Industry. But there is more to do in this regard thus the need to continue working with scholarships, grants, the ASLI program and additional projects yet to be developed.
Your support is graciously acknowledged. I also want to say a hearty thanks to the dedicated Board of Directors that make the Foundation a success. We have a little more fund raising to finish, some updating on the ASLI and we are open for business on scholarships and grants.
Respectfully submitted,
Joseph D. Timmons, CPCU, ASLI
President
