Edgar Filing: North American Insurance Leaders, Inc.

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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3235-0104

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â Butler Paula S

2. Date of Event Requiring Statement (Month/Day/Year)
03/21/2006

3. Issuer Name and Ticker or Trading Symbol
North American Insurance Leaders, Inc. [NAO]

(Last)

(First)

(Middle)

34 1/2 BEACON STREET

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Executive Vice President

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

BOSTON,Â MAÂ 02108

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	669,563	D	Â
Common Stock	57,500	I	By daughter ⁽⁴⁾
Common Stock	57,500	I	By daughter ⁽⁴⁾
Common Stock	57,500	I	By son ⁽⁴⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
D&O Rights ⁽¹⁾	Â ⁽²⁾	Â ⁽³⁾	Common Stock	⁽⁵⁾	$ 6	D	Â
D&O Rights ⁽¹⁾	Â ⁽²⁾	Â ⁽³⁾	Common Stock	⁽⁶⁾	$ 6	I	By spouse ⁽⁴⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Butler Paula S 34 1/2 BEACON STREET BOSTON,Â MAÂ 02108	Â	Â X	Â Executive Vice President	Â

Signatures

/s/ Paula S. Butler		03/21/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The D&O rights will be automatically converted into D&O warrants on the 120th day following the effective date of the offering. The conversion ratio of D&O rights into D&O warrants will be calculated by dividing $1.00 by the conversion price. The conversion price is equal to the weighted average of all sale prices of the warrants as reported on the AMEX or elsewhere during the 20 trading days prior to the conversion date. In no event will a D&O right be converted into more than three D&O warrants.
(2)	The D&O warrants become exercisable on the later of the completion of our initial business or March 21, 2007.
(3)	The D&O warrants expire on March 21, 2010, or earlier upon redemption.
(4)	The reporting person disclaims all beneficial ownership in the above reported Common Stock. The child owns the Common Stock mentioned above. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for any other purpose.
(5)	Up to 784,326.
(6)	Up to 375,000.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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