KJKC - News Update

It’s hard to believe that August is over, but it is. School is starting, and the students are looking forward to a new school year. I’m excited too about continuing work with new companies and stalwart renewing companies as IMSA moves into its second decade. Here’s a short rundown of some news items you may be interested in:

See You in Scottsdale?

IMSA has a great workshop planned for us on Senior issues. The Kenneth J. Kalis Company is proud to be among these fine sponsors of this event:

Register Now!

2008 Compliance Best Practices Workshop – Senior Protection

Date / Time: September 10-12, 2008

Duration: 3 Days

Location: Camelback Inn, Scottsdale, AZ

SEC & FINRA to Address "Senior Protection" Insurance Issues at Compliance Best Practices Workshop

BETHESDA, MD, Aug 29, 2008 (MARKET WIRE via COMTEX) -- U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) representatives will address senior suitability and seminar selling at the IMSA Compliance Best Practices Workshop in Scottsdale, AZ on September 10 - 12, 2008.

Lawrence Kosciulek, FINRA Director, and Cindy Wong, Assistant Regulatory Director of the SEC Los Angeles Regional Office, will also answer questions about the SEC proposed Rule 151A (which would extend the SEC's federal jurisdiction to include indexed annuity products that have historically been regulated by the states).

Ryan Wilson of AARP's Public Policy Institute will speak on senior protection, and compliance experts from leading IMSA-qualified companies will present compliance best practice solutions, including Nicholas C. Gerhart from American Equity Investment Life; Andrew Shainberg from Prudential; and Jo Ellyn Reimers from Allstate Financial.

Florida Deputy Insurance Commissioner Mary Beth Senkewicz, Joel Laucher of the California Department of Insurance, and Erin Klug of the Arizona Department of Insurance will share regulatory views on senior protection and discuss with attendees the current compliance issues from a state and NAIC perspective. Among the topics to be tackled will be "annuity sales suitability" and other senior issues that are confronting companies and their selling partners in today's market.

"By gathering leading compliance professionals, state regulators, and representatives from the SEC, FINRA and AARP, workshop attendees will get a comprehensive picture of senior protection issues and can walk away with real-world compliance solutions," said IMSA CEO Brian Atchinson. "The participation and perspective of these experts will be of great value to compliance managers who need to stay on top of regulatory needs and expectations."

While ethical sales to seniors are of current concern, IMSA emphasizes high, verifiable standards of ethical market conduct for all consumers, who, regardless of age, deserve to be treated fairly. Online registration is available at www.IMSAethics.org.

Items of Interest from IMSA Today August 22, 2008

AARP Changes Advertising Policy for Annuity Products

AARP has implemented a new annuities policy for companies trying to reach the organization's 40 million members through AARP The Magazine, AARP Bulletin, AARP Sequnda Juventud, and their online properties. Their flagship publication, AARP The Magazine, is the world's largest circulation magazine and the only lifestyle publication geared specifically to the 50+ individual. For the first time, AARP now requires that advertisers of indexed and variable annuity products must be IMSA-qualified companies, and all advertisements must carry the IMSA logo!

IMSA thanks AARP for its recognition of IMSA qualification as a true market distinction, as well as AARP's continued involvement in and support of our Board of Directors and Standards Advisory Committee.

Requalification and Reinstatement Procedure Training

An in-person training session regarding the updated Requalification and Reinstatement procedures will be held on the morning of September 10, 2008 at the Camelback Inn in Scottsdale, AZ, prior to the Compliance Best Practices Workshop.

Two IMSA Working Groups have developed new Templates and Sample Attestations that will be presented at the training session. Attendees will also receive the updated version of the IMSA Assessment Handbook. Contact Margie Lopez at 240-744-3025 or margielopez@IMSAethics.org for more information.

NAIC Cites IMSA Suitability Initiative in Letter to SEC

In a recent letter to the SEC regarding proposed Rule 151A, the NAIC cited IMSA's Annuity Supervision & Monitoring Initiative as an example of the life insurance industry's pro-active compliance efforts regarding annuities. This initiative was undertaken at the request of Pennsylvania, Illinois, Ohio, Oregon, Iowa, Missouri and New Hampshire to identify leading practices for the sale, supervision and monitoring of annuity transactions.

September is Life Insurance Awareness Month

IMSA is proud to join many of its member companies and other trade associations in support of an industry-wide effort to promote life insurance awareness led by The LIFE Foundation throughout the month of September. 68 million adult Americans have no life insurance and those with insurance have far less than they need, so the resources at www.LifeHappens.org for insurance companies and their selling partners are invaluable in getting consumers to focus on their need for coverage.

Agent’s Sales Journal Piece by IMSA’s President and CEO

Go to IMSA’s website at www.imsaethics.org for access to a great article by Brian Atchinson called, Are You Being Ethical? 6 Steps to Countering Industry’s Negative Media Attention .

IMSA’s leader shares with agents his views on how to use ethical market conduct as a competitive edge via these six points:

#1: The best defense is a great offense

#2: Combat the ‘fast-talking agent’ stereotype

#3: Create ethical policies and procedures for your practice

#4: Maintain a sound approach with seniors.

#5: Shout it out

#6: Lastly, remember that every good house starts with a solid foundation

Don Walters Interview on Compliance, Suitability and Senior Issues

Also on the IMSA website is a Senior Market Advisor interview with IMSA’s Senior Vice President, Don Walters. As only he can, Don answers some tough questions with thorough answers that you find worth your while.

Did You Know…..

The Kenneth J Kalis Company has worked with over 50 companies to help them attain IMSA membership? Four of the 25 Qualified Independent Assessors are on the Kalis teams we construct to meet your company’s product lines and distribution systems so that we can help you leverage your IMSA assessments into a continuous improvement advantage for your Company. You can find a wealth of information about IMSA and our company and its services at the site. http://kkalis.com/

Best Practice of the Month - August

Process mapping. In its mandatory indicators, IMSA requires every company to have a written policy and procedure for each of its standards. All member companies do, of course. But the next step of putting them is a flow chart is a best practice that can be of enormous benefit. This approach lays out the role of every participant in a way that can clarify responsibilities and offer insights into opportunities for improvement.

This is especially useful when it comes to the root cause analysis of complaints, and IMSA standard that if often the first step towards realizing the benefits of continuous improvement. You will learn more about your organization and how it works and will end up by pinpointing block points and trouble spots you can correct and improve your processes and success.

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