Dear IMSA Friends:

April is gone, and May is on its way.  We continue to be busy, as I am sure all of you are with many issues that impact all of our lives.  IMSA is moving ahead on a number of fronts to add value to company membership.  Please read on. 

Press Releases for Member Companies

Last month we told you about the IMSA membership achievements of 14 companies.  IMSA does a great job of publicizing these, and we try to do our part with publicity here and in our Excelsior newsletter sent to all IMSA Company CEO’s and Senior Officers.  It’s even better when a company puts out a press release, like the one below:

MassMutual Renews IMSA Membership

Company continues commitment to high ethical standards in advertising, sales and servicing of products

SPRINGFIELD, Mass., April 24 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) announced today it has renewed its membership in the Insurance Marketplace Standards Association (IMSA), the premier standards-setting organization for the life insurance marketplace.

IMSA promotes high ethical standards in the sale and service of life insurance, annuity and long-term care products. For insurers to maintain IMSA member status, they must demonstrate that their ongoing business operations abide by IMSA's strict code of ethical market conduct. Every three years, insurers must undergo independent assessment of all business operations by an impartial third party. MassMutual recently completed the rigorous, independent review of its marketing, sales and compliance practices required to maintain IMSA qualification.

"The IMSA seal is a guidepost of excellence and integrity, and MassMutual is proud to comply with IMSA's standards," said Stuart H. Reese, chairman, president and CEO, MassMutual. "MassMutual firmly believes that the marketplace rewards honesty, high ethical standards, and doing what is right for the customer, and we are proud to apply these principles to every aspect of our business."

"IMSA qualification is a tangible demonstration that a company has put into place policies and procedures to help assure honesty and integrity in their business practices," Brian K. Atchinson, executive director of IMSA. "We congratulate MassMutual for its ongoing commitment to IMSA's high standards."

About MassMutual

MassMutual Financial Group is the fleet name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates, with more than $450 billion in assets under management at year-end 2006. Assets under management include assets and certain external investment funds managed by MassMutual's subsidiaries. Securities and investment advisory services offered through MML Investors Services, Inc., a broker-dealer and registered investment advisor.

Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; MML Investors Services, Inc., member NASD and SiPC (http://www.nasd.org/ and http://www.sipc.org/); MassMutual International LLC and The MassMutual Trust Company, FSB. MassMutual is on the Internet at http://www.massmutual.com/.

About IMSA

IMSA is the premier standards-setting organization for the life insurance, annuities and long-term care insurance marketplace for individually sold products. Qualified companies commit to maintaining high ethical standards and to being fair, honest, and open in the way they advertise, sell and service their products. IMSA qualification is for three years. The IMSA seal is a guidepost of excellence and integrity for consumers. For more information, visit http://www.imsaethics.org/.

What a great way to raise consciousness and awareness about IMSA and the value of membership!

Heading Off to Washington

I’m looking forward to the next Standards Devopment Committee meeting on Wednesday, May 16.  Not an organization to rest on its laurels, IMSA is acting proactively to anticipate market and company needs and to be ready to meet them.

ACLI Compliance Section Meeting Set for Florida

I’m looking forward to seeing many of you at ACLI's 2007 Compliance and Legal Sections Annual Meeting at the Marriott Harbor Beach Resort and Spa, in Ft. Lauderdale, Florida, July 11-13.   This year is the first, that the Compliance and Insurance and the Law meetings will be one. 

As usual, the Kenneth J. Kalils Company will have a booth at the Marketplace Forum.  Please mark your calendars with date and time so you can stop by and say “hello.”

We will also be presenting out Excelsior Awards for best practices to the nine companies we certified this year.  I’m looking forward to seeing many of you there.

Best Practices Workshop

IMSA’s Best Practices Workshop is set for Chicago, September 19-20, 2007.  I’ve always enjoyed this great get-together where we can really learn what current best practices are and how companies are using them to build a culture that encourages ethical market conduct.  Hope to see you all there.  For more information, contact John Dohmen, at JohnDohmen@IMSAethics.org.  

  IMSA Strategic Review

I hope you were as please as I was to read Susan Beach’s April 19^th issue of IMSA Today.  It was just full of great information, one of the most exciting being her article saying that  IMSA and its Executive Committee have been working with an ACLI CEO Task Force to explore IMSA’s role in the life insurance industry through a study conducted by McKinsey & Co.  This study is examining IMSA’s current mission, business model and value propositions for its members companies, the life insurance industry and other important stakeholders.  Results will be presented to IMSA’s Board and the ACLI Board in June.  What a great idea!  Can’t wait to hear the results!

(If you didn’t get the IMSA Today email contact SusanBeach@IMSAethics.org.)

Regulator Education

One of the key values added by IMSA membership has been increasing recognition by regulators.  IMSA is moving forward with a presentation at the NAIC/NIPR E-Regulation Conference in May, the largest training event for state insurance regulators.

This follow a recent IMSA training session for Kansas Insurance Department market conduct staff which has triggered invitations from California Ohio, New Hampshire and South Carolina.

IMSA is also working closely with the NAIC to conduct an assessment of the IMSA qualification process, providing in-depth IMSA training for a small team of state regulators and then having them observe an IMSA assessment in process.  This effort, supported by NAIC leadership, is designed to increase the understanding of and appreciation for the IMSA process by the NAIC and state market conduct regulators. This review could lead to future collaborative opportunities between the NAIC and IMSA for regulator training and greater use of IMSA information in the market analysis process.   

 Financial Rating Agencies

In April, IMSA held meeting with all major financial rating agencies to discuss IMSA’s value as part of their analysis regarding companies’ risk management and financial ratings.  For more info, contact Brian Atchinson at BrianAtchinson@IMSAethics.org.

 Best Practice of the Month

Here’s hoping you’ll get done what you need to do!  Have a great May, and let’s hope to meet at the ACLI Compliance Section meeting in July.   

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Count your blessings this month and always.  I’m thankful for all of you and for the noble work we are all engaged in.  Best regards,