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The Assurance Educational Council was set up in 1932 by member offices of the Industrial Life Offices Association, following a report to the Executive of the Association on the perceived usefulness of "educational propaganda" about industrial assurance. The Council's first meetings are recorded in the minute book of the Executive Committee of the Association (Ms 29802/12) until 4 Jan 1933, when the Council resolved to keep its own minutes. The establishment of the Council reflected the industrial assurance business's unease at the investigations of the Departmental Committee of Inquiry (Cohen Committee), and accusations of malpractice. The Assurance Educational Council changed its name to the Industrial Assurance Council in 1949; and its records cease in 1964.
The Council generally met in the offices of its chairman; the chair rotating between the Industrial Life Offices Association and the Prudential Assurance Company Limited.