The life insurance industry is gearing up to provide money for victims of the tsunami disaster.
Besides the millions of dollars in contributions by life insurers that already have been made and are planning to be made, the entire industry is also establishing two further mechanisms for channeling donations to the needy, according to officials at the American Council of Life Insurers and the National Association of Insurance and Financial Advisors. These officials say the money will be used to provide ongoing relief through donations to major charities for such things as medical care, food, clothing and shelter.
First, a group of organizations have decided to channel their donations through the Million Dollar Round Table Foundation, based in Chicago.
Besides life insurance companies, those groups that will be funneling donations through this foundation include the MDRT, ACLI, NAIFA, the National Association of Independent Life Brokerage Agencies, the Life and Health Insurance Foundation for Education, the Society of Financial Service Professionals, the Association for Advanced Life Underwriting, the Association of Health Insurance Advisors, GAMA International, the American College, and LIMRA International.
In addition, the ACLI also is seeking to use an existing nonprofit group as a further means for life insurance companies to channel donations, according to an ACLI staff official.
–Arthur D. Postal
Reproduced from National Underwriter Edition, January 6, 2005. Copyright 2005 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.