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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 Joel Ario,
"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
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Company
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Appoint All Agents
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Back-ground check
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Check right away
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When new business is written
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IPC?
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Best Practice
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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. |
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| | Past Updates IMSA Links |
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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.
|
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Telephone: 386-462-1074 Fax: 386-462-1075 Email: kenkalis@gmail.com 17220 NW 78th Avenue,
Alachua, FL 32615.
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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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