National Association of Mutual Insurance Companies Inc

“Namic members elect directors and approve significant transactions involving the organization.”

“Directors are elected by the membership and may not be removed except by the members. The officer positions of chair elect, vice chair, secretary, and treasurer require the vote of the membership each year and may not be removed from office except by the membership.”

“Changes to the articles of incorporation require affirmative vote of a majority of the members.”

“The form 990 is made available to all namic board members for review and comment. The audit/finance committee of the board is authorized to approve the report before form 990 is filed with the internal revenue service.”

“The directors and officers are required to complete a disclosure each year. In addition, during board member orientations there is a review of the conflict/disclosure policy. The board agenda is reviewed each quarter with the express purpose of identifying potential conflicts involving directors. Individual directors will abstain from discussions and voting on any item or matter under discussion which presents the appearance of a conflict. Also, the chairman of the board is authorized to identify potential conflicts and address them on his/her own initiative. Any identified conflicts (and resulting abstentions) are noted in the minutes of the meeting.”

“Relevant salary surveys are consulted and a memo is provided to the compensation committee regarding appropriate market value salary ranges. The committee reviews salaries annually and sets the president's salary and sets up bonus plans.”

“The namic compensation committee reviews the entire compensation budget for the association. Internally, human resources and upper management review and establish officer and key employee salaries.”

“Namic makes all required documents available to its members and to the general public.”

“Namic organizes and leads association member efforts to improve the health and performance of the property casualty insurance through its government affairs (advocacy, lobbying, issue management, public affairs, and federal and state grassroots efforts including political action); education/certification (board, executive, management; technical); and insurance business support services (professional liability insurance, compliance, and employee benefit programs). Namic's efforts are directed through its 501(c)6 parent organization and within related subsidiaries and other entities as described herein.”

“Current year income from subsidiaries 1,587,266 equity in income of affiliates 53,625 recognition of periodic pension cost 9,520 total 1,650,411”