Founded in 1959, the Society of Insurance Financial Management (SIFM), known as the Society of Insurance Accountants until 1995, earned IRS non-profit status in May 1961.  The name was changed to better reflect the broader financial roles held by many of its members.  Executives from insurance companies and service providers volunteer their time to run the organization and ensure that the four meetings held each year address timely and relevant topics.

Membership is granted to individuals working for insurance companies and organizations providing services to the insurance industry.  SIFM was formed to provide its members a forum for the discussion of technical matters and associated issues that pertain to the insurance industry, so that they can keep abreast of current events and trends.  Although the topics have changed over the years, this key objective has not.

Up until 1999, a member attending all four meetings in a year would have earned eighteen CPE credits.  Starting in 2000, the leadership of the organization, in response to greater demands being placed on financial personnel and a desire to provide more value to its membership, increased the number of CPE credits available each year to thirty and that continues to the present day.