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News
March, 2003 Electronic Update on IMSA Issues
Dear
IMSA Friends:
It's time
for another monthly update. We had two distinct poetic verses
to start us off this month.
First,
from Emily Dickinson, a lovely verse that combines  the
uncertainty of the weather with the exhilaration that expectancy
in spring stirs in us:
March
is the month of expectation,
The things we do not know,
The Persons of Prognostication
Are coming now.
We try to sham becoming firmness,
But pompous joy
Betrays us, as his first betrothal
Betrays a boy.
Second,
for those of us of a more down to earth frame of  mind,
we have this from Ogden Nash:
Indoors
or out, no one relaxes
In March, that month of wind and taxes,
The wind will presently disappear,
The taxes last us all the year.
Another thing that will surely last us all year is our preparation
for the third round of IMSA assessments and the enhanced assessment
guidelines and testing standards for Independent Assessors
and Companies. Read on for more information.
Update
on the Independent Assessment Standards Committee
The Independent Assessment Standards Committee held its last
meeting on Tuesday, March 25, 2003 at the IMSA Offices in
Chevy Chase. I was pleased to be there as the group completed
its review of the key issues. IMSA's Deputy Director Don Walters
did a great job presiding over all the meetings and faced
a formidable job in covering the issues faithfully while eliciting
full discussion from groups of stakeholders with very different
interest and viewpoints.
At the
end of the day, we have a slate of proposals and  procedures
that are provocative and challenging. Without doubt they will
make the IMSA process more attractive to regulators in that
they assure more standardization and consistency among independent
assessors. What remains to be seen is the reaction of the
member companies and the rest of the independent assessment
community.
I was
pleased to be at every meeting but surprised to see that interest
from the companies and independent assessors was limited.
This is our livelihood, and IMSA is our only business, so
the Committee's work and decisions have a direct impact on
everything we do here at the Kenneth J. Kalis Company.
Those
who have been involved advanced thoughtful, detailed and extensive
proposals that we can live with, but do not represent my views
on what is best for IMSA. Of course, in the final analysis,
it will be the IMSA membership that will decide how much or
how little of the proposed changes will survive.
All of
the proposed changes are being incorporated into an Independent
Assessor's Manual, described below. I do want to thank IMSA
for inviting me to participate on the Committee and Don Walters,
John Dohmen, the company members and other independent assessors
for putting up with me.
To the
best of my ability, I tried to present the view of an assessor
whose primary interest is continuous improvement and whose
client companies have greatly benefited from IMSA membership
because of the improvement it has brought about in their marketing
organizations. I learned a lot from the process, and hope
to share more with you in the near future.
Special
Update on Independent Assessor's Manual
IMSA
is currently putting the final touches on the draft of The
Independent Assessor's Manual, which is scheduled to be sent
to the member companies and independent assessor community
on or about April 15. The companies and assessors will have
4 weeks to comment on it. IMSA will process the comments and
issue a final version of the Manual by early June.
When
the Manual is released for your comments, IMSA will provide
a cover letter or other explanatory material to help you focus
on the key changes. You can expect provocative recommendations,
and IMSA wants you to share your views. Major changes to the
process could occur.
I
plan to share with you my comments on the contents once
the Manual is released. You may or may not agree with my views,
but that is not important. What is important is that
your views are heard. Please block out some time to
review this important material and make sure you get back
to IMSA fully sharing your comments. IMSA is a membership
organization, and your voice counts.
Once
the Manual has been approved, there will be three training
sessions. All independent assessors will be required to
attend one of these sessions, and company people will be encouraged
to attend. The sessions are tentatively scheduled for July
1-2 in Washington, July 23-24 in Los Angeles, and August 5-6
in Chicago. Each session will start at noon on the first day
and conclude at 5 pm on the second. Very interactive sessions
are planned with lots of time for questions.
New
Stuff on the IMSA
Website
Be
sure to take a look at the Market Changes Warrant State Regulatory
Improvements link on the IMSA
web site (imsaethics.org). In it IMSA Executive Director
Brian Atchinson writes in a letter to the president of NCOIL
(National Conference of Insurance Legislators) "There is a
compelling need for greater harmonization and consistency
by the states as they perform these functions."
He
goes on to say, "State oversight of market conduct remains
an inefficient largely uncoordinated and unnecessarily expensive
process in which regulators use the NAIC Examination Handbook
as a guide but still apply many state-specific approaches
and requirements."
The
website also contains Nine Life Insurance Companies Renew
IMSA Membership in which IMSA announces the successful completion
of IMSA assessments for the following nine companies:
- American
Centurion Life, Albany, NY
- American
Enterprise Life, Minneapolis, MN
- American
Partners Life, Minneapolis, MN
- Beneficial
Life, Salt Lake City, UT
- Guarantee
Reserve Life, Calumet City, IL
- Knights
of Columbus, New Haven, CT
- Reliable
Life, St. Louis, MO
- Union
National Life, Baton Rouge, LA
- United
Insurance, Chicago, IL
We are very pleased to see IMSA giving these companies this
richly deserved recognition. We are even more pleased that
6 of the nine were our clients and between them garnered over
50 Excelsior Awards for best practices. Congratulations again!
"How
Does IMSA Benefit Me?" is a question I often hear. Well, the
answer can be found in the first paragraph of IMSA's new consumer
brochure. This new brochure is just great. Using colorful
graphics and warm human interest artwork, this excellent tool
presents IMSA companies are those you can trust, those seeking
excellence, those who "go the extra mile."
It
also states right up front above logo that "The IMSA seal
stands for integrity, truth, honesty and fairness in the insurance
industry." Don't miss this. Just
click on this link:
or the Preview IMSA's New Consumer Brochure
link on IMSA's web site.
Most
importantly of all, you will want to see what IMSA has planned
for its 3rd Best Practices, set for May 7th to May 9th at
the Hyatt Regency McCormick Place in Chicago. I full agenda
is presented along with cost information. We are pleased to
be on the agenda giving a presentation on "What does it Take
to Become an IMSA Member?" which is scheduled for 8:30 AM
on Friday, May 9, 2003.
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presentation.
They immediately perk up when a real life story is told. I'd
like to keep the audience on the edge of their chairs, so
I'd welcome any tips you can share with me. Just reply to
this email or send me a note at 
