Dear IMSA Friends:

  Hope you all had a good Thanksgiving.  We have much to be thankful for!  Please don’t miss the story at the close about the “real” first Thanksgiving in North America.  I was a little torn this month about using that as the close or the more topical New Stock Market Terms piece directly below.     

 

We got this from a reader, and it’s obviously making it rounds on the Internet. While it’s funny in one sense, it is very sad in another.  How awful it is when people lose their sense of what is important and exploit others for short term profits.  How glad we all should be that we are a part of a community whose raison d’être is integrity, honesty and credibility.  I believe the public will value the commitment of IMSA Companies to high ethical standards and will place in them the confidence that they will live up to those promises upon which our industry is based.  My hope is that IMSA will continue to draw and encourage companies in an ongoing effort to build a culture of honesty and trust.

 Congratulations to these fine IMSA companies:

 John Hancock Life Insurance Company
John Hancock Life Insurance Company (U.S.A.)
John Hancock Life Insurance Company of New York
John Hancock Life and Health Insurance Company
John Hancock Variable Life Insurance Company
Midland National Life Insurance Company
North American Company for Life and Health
 

TIAA-CREF Life Insurance Company
The companies above have recently renewed their membership in IMSA; TIAA-CREF Life Insurance Company is a new member in 2008.
 


This is starting to 'do the rounds', so if you haven't seen it yet...

New Stock Market Terms
CEO –Chief Embezzlement Officer.
CFO– Corporate Fraud Officer.
BULL MARKET — A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET — A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.
VALUE INVESTING — The art of buying low and selling lower.
P/E RATIO — The percentage of investors wetting their pants as the market keeps crashing.
BROKER — What my broker has made me.
STANDARD & POOR – Your life in a nutshell.
STOCK ANALYST — Idiot who just downgraded your stock.
STOCK SPLIT — When your ex-wife and her lawyer split your assets equally between themselves.
FINANCIAL PLANNER — A guy whose phone has been disconnected.
MARKET CORRECTION — The day after you buy stocks.
CASH FLOW — The movement your money makes as it disappears down the toilet.
YAHOO — What you yell after selling it to some poor sucker for $240 per share.
WINDOWS — What you jump out of when you’re the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR — Past year investor who’s now locked up in a nuthouse.
PROFIT — An archaic word no longer in use.
http://my.opera.com/chthoniid/blog/new-stockmarket-terms www.thegossipfix.com/2008/10/16/check-out-the-ne...  - 64k - Similar pages http://www.thegossipfix.com/2008/10/16/check-out-the-new-stock-market-terms-for-2008/

The integrity of the upright shall guide them: but the perverseness of transgressors shall destroy them.  Proverbs 11:3
 

Consumers to Benefit From State Regulator & IMSA Collaboration

Annuity Suitability Practices Identified 

Nov 05, 2008 (MARKET WIRE via COMTEX) -- IMSA announced the conclusion of its Annuity Supervision & Monitoring Review Initiative. This review was conducted by IMSA at the request of seven state insurance departments (IA, IL, NH, MO, OH, OR, and PA) to facilitate a clear understanding between regulators and life insurance companies about what constitutes suitable supervision and monitoring practices in the life insurance marketplace. 

"We appreciate the substance of the report and the constructive team effort of regulators from seven states and compliance professionals from IMSA companies," said MichaelMcRaith, Illinois Insurance Director. "Thanks to IMSA for its leadership on this important project that advances the best interests of consumers."  

"The State of Ohio is a proud partner in the IMSA Suitability Initiative," said Ohio Department of Department of Insurance Director Mary Jo Hudson. "I believe that this collaborative effort promotes greater predictability and consistency in regulatory practices and company compliance practices. Predictability and consistency result in greater integrity in our annuity markets, and which is beneficial to consumers."

 

"We believe the IMSA report is an important first step toward the goal of ensuring that all annuity sales to consumers are suitable," said Roger Sevigny, NAIC President-Elect andNew Hampshire Insurance Commissioner. "The NAIC will continue working to further clarify for the industry those practices that meet the requirements of the Suitability in Annuity Transactions Model Regulation." 

"This has been a very helpful process," said Pennsylvaniansurance Commissioner JoelArio, "proving once again that best practices organizations like IMSA play a vital role in bringing regulators and companies together to solve regulatory challenges."  

The review was a direct outgrowth of discussions that took place between state and federal regulators, distributors, consumer organizations and IMSA-qualified company representatives at the IMSA Annuity Suitability Summit Meeting in March, 2008. The discussions revealed that regulators sought a better understanding of current practices companies use to comply with the supervision and monitoring requirements of the NAIC Suitability in Annuity Transactions Model Regulation. IMSA will co-hosted  a Summit with AARP on November 6th, in Washington, D.C. 

"The IMSA Annuity Suitability Summits have created a unique forum to craft common solutions to shared challenges," said James Mumford, First Deputy Insurance Commissioner of Iowa, "and the solutions that emerge from this forum only serve to strengthen our industry and protect the consumers who rely on the integrity of both regulators and insurance providers."  

"As an increasing number of states continue to adopt some form of the NAIC Suitability in Annuity Transactions Model Regulation," said Carol Stern, Vice President & Chief Compliance Officer of ING, US Insurance Division, "the time to identify strategies that companies can employ to reasonably assure compliance and that regulators can review to verify compliance with state laws and regulations is now."  

IMSA President & CEO, Brian Atchinson, commended IMSA-qualified companies and state regulators for their willingness to work collaboratively to identify the supervision and monitoring practices that insurance companies use to promote suitable annuity sales. "IMSA serves the marketplace as an honest broker between companies, regulators and consumers," said Atchinson, "and we are pleased to bring these groups together to protect consumers and promote a healthy marketplace."

IMSA was asked to conduct this review because IMSA-qualified companies have employed industry-leading annuity suitability supervision and monitoring practices (to demonstrate compliance with IMSA's supervision and monitoring standards) over the past 10 years -- well before the NAIC Suitability in Annuity Transactions Model Regulation was developed. IMSA also was asked to conduct a similar review of indexed annuity practices in 2006, which led to the development of industry leading practices regarding suitability, disclosure and producer training standards.

 

IMSA's Standards Advisory Committee, including representation from AARP, FINRA, NAIC, NAIFA and Standard & Poor's, also provided valuable input throughout this initiative. 

IMSA is the premier market conduct and compliance standards-setting organization for the annuities, life insurance and long-term care insurance marketplace. 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. The IMSA seal is a guidepost of excellence and integrity for consumers. For more information, visit www.IMSAethics.org.

For information, contact:
Jennifer Kalita
240-744-3021 

Insurance Marketplace Leaders
Join
IMSA Board
Monday, 03 November 2008
 

At its annual meeting, IMSA Board members confirmed Scott Curtis, Senior Vice President of Raymond James & Associates, as Chairman of the standards-setting organization.

"As the entire financial services industry continues down the path of regulatory modernization, IMSA's national insurance focused sales and suitability standards, compliance solutions, efficiency services, and consumer educational tools should be very valuable," said Curtis. "IMSA is very well positioned to continue making material and meaningful contributions to insurance manufacturers, distributors, regulators, and consumers."

In addition, Kevin Slawin, President, Allstate Financial Distribution, has been approved as Chair-Elect. "IMSA not only sets the standards for ethical business practices," said Slawin, "but IMSA also helps insurance companies to reach those standards through compliance solutions, infrastructure tools and industry collaboration with regulators and distributors. All of this ultimately protects the consumer."

The IMSA Board also welcomed new member Paul Mistretta, Chief Operations Officer for ING's Life Business Group. "The ethical business practices promoted by IMSA have never been more important than they are in today's market climate," said Paul Mistretta, "and I look forward to serving on a Board that represents a key voice for market conduct in the life insurance industry."

Dr. Brenda Cude, Professor of Housing and Consumer Economics at the University of Georgia, and a Consumer Representative to the National Association of Insurance Commissioners (NAIC), was approved for a new three-year term.

"The wealth of knowledge and experience represented on our Board of Directors is a tremendous asset to IMSA," said IMSA President and CEO Brian Atchinson. "This is an important time for Americans as they confront the need for financial security and are concerned about purchasing suitable insurance products to meet their needs. These distinguished professionals bring valuable viewpoints on industry and consumer issues as we establish national standards that promote ethical business practices to benefit consumers, companies and distributors."

Atchinson provided the following background on the chairman and new board members:

At Raymond James & Associates, Scott Curtis is responsible for Financial and Retirement Services, Mutual Funds Research and Marketing, and various initiatives related to Raymond James & Associates' private client group. Scott transitioned to his current role after two years as President of Planning Corporation of America, Raymond James' insurance agency, beginning in February 2003.

Kevin Slawin is responsible for all of Allstate Financial's non-proprietary distribution channels, including independent agents, banks, Broker-Dealers and specialized brokers. He is also CEO of Allstate Bank. Prior to his current role, he served in various positions within Allstate Financial, including head of technology and operations as well as its CFO.

Before joining ING's Life Business Group as Chief Operations Officer in April, 2005, Paul L. Mistretta served as Executive Vice President at American General Life Insurance Companies (an AIG company). Prior to that position, he was Senior Vice President and Chief Operations Officer at First Colony Life Insurance (a Genworth Financial company).

Dr. Brenda Cude is a Professor of Housing and Consumer Economics at the University of Georgia who served on the IMSA Board for her initial three-year term from 2005-2008. She is also a Consumer representative to the NAIC. Her research interests focus on how consumers acquire and use information before making buying decisions.


IMSA is the premier, national standards-setting organization for the life insurance, annuity 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 updates its standards regularly with input from a Standards Advisory Committee consisting of representatives from AARP, NAIC, FINRA, rating agencies, and product distribution organizations. For more information and a list of IMSA-qualified companies, visit www.IMSAethics.org.  

Best Practice of the Month – November                     
Here’s another best practice from the Scottsdale meeting.  There has been some concern about the number of complaints from the children of parents who have purchased an annuity and are allegedly mentally incompetent to make such a buying decision.  At least two companies investigate this situation thoroughly using telephone interviewing methodology adapted from their long term care underwriting process.  Although this can be expensive, it also appears to be a best practice in getting to the truth and in resolving this sensitive but frequently occurring issue.

What’s Happening at the Kenneth J Kalis Company?

-- We have just finished up our Thanksgiving edition of our Excelsior newsletters for CEO’s and Presidents of IMSA Companies.  It should be on your desk now.  If you don’t see it in a few days, or would like to add someone to our distribution, please let us know.

                         

 

We are beginning work on updating our website, which is currently well visited and content rich.  One reader called it the best site on the Internet for IMSA information.  We are pleased at that, and it appears many of you agree.  (We’ve had over 20,000 visits so far this year and over 100,000 hits).  What would you like to see on the site?  (Take a look at kkalis.com to see what’s there now.)  We’re thinking of a Frequently Asked Questions or an Ask the QIA column that would respond to visitors questions and other issues.  Let us know what your thoughts are.

 

We are continuing an outreach to 45 companies who are eligible to rejoin IMSA under a streamlined process put together by IMSA’s Qualifications Process Working Group.  As a member of this group, I’ve developed an approach that will facilitate membership renewal using the streamlined criteria at a very low cost.  You can read more about this, and our approach to helping companies renew their membership using the standard approach or the new alternate attestation process, in the fall issue of our Excelsior newsletter.

 

Can we be of help to you?  Just give us a call at 386-462-1074 or send us an email at kkalis@aol.com.  You’ll be glad you did!

 

Looking for Input on Flash Survey on Independent Agents

 

Several times a year, the Kenneth J. Kalis Company is asked to do a short survey of the 100 or so companies in our universe concerning some issue of concern.  The one we are working on now is about the onboarding of independent agents from large marketing organizations.  There is, of course, a desire to do thorough background checks, etc. on all producers, but this is not cost effective if only a handful out of several hundred actually write new business.  Below is the draft of a short survey we’d like to send out in a few weeks.  Before doing so, we’d like any thoughts you have on improving it, so we can get the best results.  If you share an idea with us, you will receive a copy of the report on the survey results which will go only to those companies participating in the survey (anonymously, of course).

 

Remember, this is not the time to answer the survey, but to tell us how we can make it better.  Thanks for your help.

 

Questions Regarding Onboarding of Independent Agents from Large IMO’s

 

 

(1)   Does your Company appoint all agents in an independent marketing group once you have accepted the group as a third-party distributor?

 

      (2) Does your Company conduct a background check on all such agents?

 

(3)    When do you do the background check:

a.       As soon as the agreement is effective;

b.      When new business is written by that agent:

c.       Other:  (please explain)__________________________

(4)    Do you use an Independent Producers Clearing house?

(5)    Which one?________________________________________________________

(6)    What best practices have you observed in this area?

 

Summary of Responses

 

Company

Appoint All Agents

Back-ground check

Check right away

When new business is written

IPC?

Best Practice

1

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


ANTITRUST NOTICE

The Kenneth J. Kalis Company (KJKC) is committed to adhering strictly to
the letter and spirit of the antitrust laws.  Our communications and flash
surveys are designed solely to provide a forum for the expression of
various points of view on topics described in the communications or
Surveys.  Under no circumstances shall these tools be used as a means for
competing companies or firms to reach any understanding - expressed or
implied - which restricts competition or in any way impairs the ability of
any organization to exercise independent business judgment regarding
Matters affecting competition.  Accordingly, we ask for and appreciate any
observations or sensitivities you may have to any aspect of our
communications or surveys that presents a risk from the standpoint of the antitrust laws.
.

Did You Know…..

 

We do other things besides IMSA assessments?  Of course facilitating companies’ IMSA self-assessments and conducting independent assessments are the bulk of our work, but we also use our expertise in best practices to help companies looking for continuous improvement or implementing a new process or procedure.  For example, we worked with one company on developing suitability standards for fixed annuities, creating forms and procedures for the process and integrating the new process into the producer training materials.

 

We are also available to help you prepare for renewing your IMSA membership using either the standard approach or the new attestation process.  If you are unsure of what is best for your company, please give us a call and we will be happy to go over the options and visit with you, either via phone or onsite.  As a part of the Working Group that designed the attestation alternative approach to renewing membership, we had a thorough understanding of the process and can guide you through it successfully.  If you decide to stick with the standard approach, we can help facilitate that process and streamline the whole renewal approach saving you time as well as human and financial resources.  Simply give us a call at  386-462-1074 or simple respond to this email from kkalis@kkalis.com.

 


 
Ken Kalis
386-462-1074
Be Kind. Ephesians 4:32

The Kenneth J. Kalis Company, Inc.
With associates in:

Boston, MA Charlotte, NC Chicago, IL Denver, CO
Hartford, CT Houston, TX Kansas City, MO Minneapolis, MN
New Orleans, LA New York, NY Orlando, FL Philadelphia, PA
Portland, ME San Diego, CA Springfield, IL Tampa, FL

ANTITRUST NOTICE

The Kenneth J. Kalis Company (KJKC) is committed to adhering strictly to the letter and spirit of the antitrust laws. Our communications and flash surveys are designed solely to provide a forum for the expression of various points of view on topics described in the communications or surveys. Under no circumstances shall these tools be used as a means for competing companies or firms to reach any understanding - expressed or implied - which restricts competition or in any way impairs the ability of any organization to exercise independent business judgment regarding matters affecting competition. Accordingly, we ask for and appreciate any observations or sensitivities you may have to any aspect of our communications or surveys that presents a risk from the standpoint of the antitrust laws.

.
 

Past Updates


IMSA Links

 

 

 

I appreciate your continuing interest in and support of ethical market conduct and integrity in our business.  Have a great summer.  Hope to see many of you soon.


 

 

Telephone: 386-462-1074
Fax: 386-462-1075

Email:
kenkalis@gmail.com
17220 NW 78th Avenue,
Alachua, FL 32615
.

Now for our non-IMSA close.

Here now, our regular non-IMSA close.  Like everyone else in Florida, I am much more interested in the outcome of the Florida/Florida State football game than in proving that Florida had the first Thanksgiving.  But it’s a thought!

The actual First Thanksgiving in America

The article below (that I post each year) shows that the first Thanksgiving was actually celebrated in St. Augustine, Florida on September 8, 1565. This was the first community act of religion in the first permanent European settlement in the land and it also included both Spanish and natives. This article originally appeared in my diocese magazine. I am just sparing you looking through the pdf file for it.

When on September 8, 1565 Pedro Menéndez de Avilés and his 800 Spanish settlers founded the settlement of St. Augustine in La Florida, the landing party celebrated a Mass of Thanksgiving, and, afterward, Menéndez laid out a meal to which he invited as guests the native Seloy tribe who occupied the site.

The celebrant of the Mass was St. Augustine’s first pastor, Father Francisco Lopez de Mendoza Grajales, and the feast day in the church calendar was that of the Nativity of the Blessed Virgin Mary. What exactly the Seloy natives thought of those strange liturgical proceedings we do not know, except that, in his personal chronicle, Father Lopez wrote that “the Indians imitated all they saw done.”

What was the meal that followed? Again we do not know. But, from our knowledge of what the Spaniards had on board their five ships, we can surmise that it was cocido, a stew made from salted pork and garbanzo beans, laced with garlic seasoning, and accompanied by hard sea biscuits and red wine. If it happened that the Seloy contributed to the meal from their own food stores, fresh or smoked, then the menu could have included as well: turkey,venison, and gopher tortoise; seafood such as mullet, drum, and sea catfish; maize (corn),beans and squash.

What is important historically about that liturgy and meal was stated by me in a 1965 book entitled The Cross in the Sand: “It was the first community act of religion and thanksgiving in the first permanent [European] settlement in the land.” The keyword in that sentence was “permanent.” Numerous thanksgivings for a safe voyage and landing had been made before in Florida, by such explorers as Juan Ponce de León, in 1513 and 1521, Pánfilo de Narváez in 1528, Hernando de Soto in 1529, Father Luis Cáncer de Barbastro in 1549, and Tristán de Luna in 1559. Indeed French Calvinists (Huguenots) who came to the St. Johns River with Jean Ribault in 1562 and René de Laudonnière in 1564 similarly offered prayers of thanksgiving for their safe arrivals. But all of those ventures, Catholic and Calvinist, failed to put down permanent roots.

St. Augustine’s ceremonies were important historically in that they took place in what would develop into a permanently occupied European city, North America’s first. They were important culturally as well in that the religious observance was accompanied by a communal meal, to which Spaniards and natives alike were invited. The thanksgiving at St. Augustine, celebrated 56 years before the Puritan-Pilgrim thanksgiving at Plymouth Plantation (Massachusetts), did not, however, become the origin of a national annual tradition, as Plymouth would. The reason is that, as the maxim holds, it is the victors who write the histories.

During the 18th and 19th centuries British forces won out over those of Spain and France for mastery over the continent. Thus, British observances, such as the annual reenactment of the Pilgrims’ harvest festival in

 

1621, became a national practice and holiday in the new United States, and over time obliterated knowledge of the prior Spanish experiences in Florida, particularly at St. Augustine. Indeed, as the Pilgrims’ legend grew, people of Anglo-American descent in New England came to believe that Plymouth was the first European settlement in the country and that no other Europeans were here before the arrival of the Mayflower– beliefs that are still widespread in that region.

 

In recent years, Jamestown, Virginia has enjoyed some success in persuading its Anglo-American cousins in Plymouth that it was founded in 1607, thirteen years before the Pilgrims’ arrival, and that there were regular ship schedules from England to Jamestown before the Mayflower’s voyage of 1620. Furthermore, Berkeley Plantation near Charles City, Virginia, has convincingly demonstrated that it conducted a thanksgiving ceremony on December 4, 1619, nearly two years before the festival at Plymouth. Thought to have been on Berkeley’s menu were oysters, shad, rockfish, and perch. Along the old Spanish borderlands provinces from Florida to California an occasional voice is heard asserting that this site or that was the first permanent Spanish settlement in the United States – a claim often made in Santa Fe, New Mexico which was founded in 1610 – or that it was the place where the first thanksgiving took place. An example of the latter claim appeared last year in the New York Times, which, while recounting the colonizing expedition of Juan de Oñate from Mexico City into what became New Mexico, stated that celebrations of Oñate’s party in 1598 “are considered [the Times did not say by whom] the United States’ first Thanksgiving.”

The historical fact remains that St. Augustine’s thanksgiving not only came earlier; it was the first to take place in a permanent settlement. The Ancient City deserves national notice for that distinction.

Perhaps most of New England is now willing to concede as much, though that was not the case in November 1985, when an Associated Press reporter built a short Thanksgiving Day story around my aforesaid sentence of 20 years before in The Cross in the Sand. When his story appeared in Boston and other papers, New England went into shock. WBZ-TV in Boston interviewed me live by satellite for its 6:00 p.m. regional news
program.

The newsman told me that all of Massachusetts was “freaked out,” and that, as he spoke, “the Selectmen of Plymouth are holding an emergency meeting to contend with this new information that there were Spaniards in Florida before there were Englishmen in Massachusetts.”

I replied, “Fine. And you can tell them for me that, by the time the Pilgrims came to Plymouth, St. Augustine was up for urban renewal.”

The somewhat rattled chairman of the Selectmen was quoted as saying: “I hate to take the wind out of the professor’s sails, but there were no turkeys running around in Florida in the 1500s. But there may be a few loose ones down there now at the University of Florida.” So there! Within a few days of the tempest a reporter from the Boston Globe called to tell me that throughout Massachusetts I had become known as “The Grinch Who Stole Thanksgiving.” Well, let’s hope that everyone up north has settled down now. And let’s enjoy all our Thanksgivings whenever and wherever they first began.

Dr. Michael V. Gannon is a Distinguished Service Professor of History at the University of Florida. He has had a long interest in the early Spanish missions of Florida about which he has written extensively. Two of his books, Rebel Bishop (1964) and The Cross in the Sand (1965) treat of the early history of this state

Posted by Jeff Miller at November 22, 2006 9:53 AM

 

http://www.splendoroftruth.com/curtjester/archives/007470.php

 


Thank you all for your continuing interest in IMSA, ethical market conduct and the Kenneth J. Kalis Company. 


Ken Kalis
386-462-1074
Only Believe. Mark 5:36

 



 
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