September 20, 2010
National Association of Mutual Insurance Companies Recognizes Taylor, First Wisconsin Legislator to be Recognized
(SAN DIEGO, CA) Senator Lena C. Taylor (D-Milwaukee) was named the Legislator of the Year by the National Association of Mutual Insurance Companies (NAMIC) at the association’s annual convention in San Diego, California this morning. Taylor is the first ever recipient of the award from Wisconsin and chairs the Senate Committee on Judiciary, Corrections, Insurance, Campaign Finance Reform, and Housing. Taylor received the award with recognition for her advocacy for the economic development spurred by the insurance industry is Wisconsin and the values of policyholder ownership of mutual insurance companies.
“In Wisconsin, the insurance industry imports 20 billion dollars of revenue to the state and employs over 17,000 people in quality jobs,” Taylor commented on receiving the award. “Mutual insurers, who are owned by and benefit their policyholder members, have a long tradition of investment and job growth in Wisconsin. I am humbled to have received a national honor for the time I spent this session working alongside this important Wisconsin industry.”
On receiving the award, Taylor was praised for her advocacy with the federal delegation to maintain state regulation of insurance, which is important to protecting the viability of small and regional town mutual companies and other mutual insurers. Successfully, the Congress and President adopted the Title V provisions in the Dodd-Frank Act that limited the powers of the Federal Insurance Office.
“Working together, just like the members of a mutual company do, my colleagues and I were helpful advocates for this important industry,” Taylor noted. “Wisconsin has a long history of mutual and cooperative creations by citizens. It is common sense that Wisconsin take action to preserve and defend the rights of our citizens to pool resources for the greater good – including the coverage of risk.”
The first mutual insurance company was founded in American by Benjamin Franklin in March of 1752. The Philadelphia Contributorship was formed to provide coverage from fire loss in the early city. Franklin’s company continues to operate to this day. Taylor’s award from NAMIC is a statute of the industry icon, Benjamin Franklin.
In Wisconsin, there are over 250 insurance companies domiciled in Wisconsin that serve all lines of insurance. Of that number over 100 are mutual insurance companies, with 65 being town mutuals across the state. Taylor thanked the Wisconsin companies for their diligence and commitment to the state, noting the success of general and niche companies to domicile and grow in Wisconsin.