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American Association of Insurance Services

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American Association of Insurance Services
Company typePrivately held
Founded1936
HeadquartersLisle, Illinois
Area served
United States
Key people
Werner E. Kruck, CEO
ProductsInsurance
Websitewww.aaisonline.com

The American Association of Insurance Services (AAIS) is the only national not-for-profit insurance advisory organization in the United States.

AAIS offers details on product creation, statistical research, compliance, administrative paperwork, and technical preparation to more than 700 Member insurance agencies.[1] AAIS has been a licensed statistical agent in more than 50 jurisdictions, collecting data that helps Members meet regulatory statistical reporting responsibilities. AAIS also serves as an intermediary between carriers and insurance regulators. Since its inception, AAIS has evolved into the modern insurance advisory community governed by its Members.

Background

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AAIS was founded in 1936 as The Mutual Marine Conference, focused exclusively on inland marine insurance. In 1947, The Mutual Marine Conference became the Transportation Insurance Rating Bureau (TIRB). Its company practices focused primarily on tariff and regulatory declarations concerning travel insurance risks. The activities of the Rating Bureau slowly expanded to involve all threats of property.

In 1975, TIRB became the American Association of Insurance Services (AAIS), broadening its scope to include all insurance products.[2]

In 1984, AAIS was incorporated in Delaware as a 501(c)(6) non-profit organization.[3]

In 2018, AAIS gained approval from the California Department of Insurance for CannaBOP, the first-of-its-kind Businessowners Policy designed for cannabis dispensaries, storage facilities, processors, manufacturers, distributors, and other cannabis-related businesses operating in California.[4]  

In 2018, AAIS collaborated with IBM to introduce openIDL (open Insurance Data Link), the first open blockchain platform focused on the collection and sharing of statistical data between insurance carriers and regulators.[5]

In 2023, AAIS announced Werner E. Kruck as President and CEO.[6]

References

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  1. Kagan, J. (2022, August 30). American Association of Insurance Services (AAIS). Investopedia. https://www.investopedia.com/terms/a/american-association-insurance-services-aais.asp
  2. admin. (2011, December 16). Fact or Fiction? Insurance Tidbits of Known and Little-Known Information. Insurance Journal. https://www.insurancejournal.com/magazines/features/2011/12/16/227481.htm
  3. REPORT ON EXAMINATION OF THE AMERICAN ASSOCIATION OF INSURANCE SERVICES, INC. (p. 16). (2005). Delaware Insurance Department.
  4. AAIS. (2018, June 4). AAIS Announces Approval of CannaBOP…the First Cannabis Businessowners Insurance Policy. https://www.prnewswire.com/news-releases/aais-announces-approval-of-cannabopthe-first-cannabis-businessowners-insurance-policy-300658644.html
  5. AAIS. (2018, August 15). AAIS collaborates with IBM to transform insurance regulatory reporting using blockchain. https://www.prnewswire.com/news-releases/aais-collaborates-with-ibm-to-transform-insurance-regulatory-reporting-using-blockchain-300697598.html
  6. AAIS. (2023, June 21). AAIS Announces Werner E. Kruck as President and CEO. GlobeNewswire News Room. https://www.globenewswire.com/en/news-release/2023/06/21/2692207/0/en/AAIS-Announces-Werner-E-Kruck-as-President-and-CEO.html
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