IMSA?…….
           Ken Kalis!

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How can you help us?

Our mission is to help companies with IMSA issues. We believe in the strategic importance of ethical conduct in building trust in the marketplace. We help you use the IMSA assessments to build a business culture that encourages effective marketing, greater customer satisfaction, and increased sales and revenue
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Are You Ready for IMSA 2010?

As IMSA begins its fifth 3-year cycle in 2010, you’ll need to know about the changes in the process. Some of you may want to read the whole list, but there are items of special interest for companies in three categories:

 If you are already an IMSA member, you will want to be sure you use the Topic Based Approach in 2010 as described in point #1 below.  You will also be interested in seeing that Independent Assessors may now work with you on your self-assessment as well as during your independent assessment; point #3 below.  You may also qualify for an alternative approach to renewing your IMSA membership that is the Attestation Alternative Approach described in point # 5 below.

If you are not now an IMSA member but interested in qualifying for membership, you will be interested in using the templates IMSA is now provided to facilitate the self-assessment process in point #2 below.  You will also need to engage an Independent Assessor to work with you as described in point #3 and in more detail as described in the IMSA Assessment Handbook referenced in point #6.

If you are a former IMSA member seeking to requalify for membership, you will be very interested in point #4 below and a following article called Streamlined Reinstatement Extended Through 2010

Please read on.  If you have questions please let us know.  We are pleased to discuss all your concerns and to work with you on all IMSA related issues.  We are the only full time IMSA services firm and are committed to helping you and sharing our expertise and deep experience. Continue

Frequently Asked Questions:

What is IMSA?

IMSA stands for Insurance Marketplace Standards Association. IMSA promotes high ethical standards in the sale and service of life insurance, annuity and long-term care products.  IMSA is the mark of excellence in the life insurance industry.  IMSA is the premier market conduct and compliance
organization serving the life insurance marketplace.

What Are the IMSA Standards?

Each IMSA-member life insurance company commits itself in all matters affecting the sale of individually-sold life, annuity, and long-term care products.  There are 25 specific standards organized under the following 6 principles:

1. To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.
2. To provide competent and customer-focused sales and service.
3. To engage in active and fair competition.
4. To provide advertising and sales materials that are clear as to purpose and honest and fair as to content.
5. To provide for fair and expeditious handling of customer complaints and disputes.
6. To maintain a system of supervision and review that is reasonably designed to achieve compliance with these Principles of Ethical Market Conduct.   

Who are its members?

Around 100 companies ranging from small through medium sized to very large, representing about 50% of new business premium sales for individual life and annuity products.  According to the July issue of Best’s Review, 14 of the top 25 life and annuity writers are members.  Another 8 were recent drop out eligible for streamlined reinstatement.  

How does the membership process work?

Companies seeking IMSA membership are required to demonstrate that they are committed to becoming IMSA qualified by adopting IMSA standards.  IMSA qualification is a two-step process:

Step 1. The company conducts a self-assessment by comparing its current policies and procedures to IMSA standards (found within the Elements of Compliance chapter of the IMSA Assessment Handbook). In order to comply with IMSA standards, the company may establish new policies and procedures and/or make modifications to current policies and procedures, as appropriate. Once the company concludes that it can demonstrate compliance with IMSA standards, it moves to the next stage.

Step 2. A Qualified Independent Assessor, selected from a list of IMSA-approved Qualified Independent Assessors, reviews the company's self-assessment evidence and performs an independent assessment to evaluate whether there is a reasonable basis for the company's determination that it has complied with IMSA standards.

Satisfactory conclusion of the two-step assessment process will allow IMSA, upon the company's completion of the application process, to confer membership in IMSA for a period of three years. During the three-year membership period, members are encouraged to review, modify and improve their market conduct practices consistent with IMSA's "continuous improvement" concept. At the end of the three-year period, members must repeat both the self and independent assessments to renew their IMSA qualification. 

FAQs Continued. . . .

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