September Update

Dear IMSA Friends:

How’s this for a photo that captures the scene at the IMSA Best Practices Meeting in Scottsdale?  I managed to get world-renowned photographer Alan Prochoroff (more widely know as the editor of Insurance Compliance Insight) to take this picture just before we headed out for the airport after a great meeting.  You can read all about it (or nearly all) in the upcoming issue of ICI.  Don’t miss it.

The meeting was just great, and we all gave a special thanks to IMSA’s John Dohman, long time organizer of these Best Practice meetings, who will be retiring from IMSA in the Spring.  He will surely be missed.

I was encouraged too by the pre-meeting workshop on some of the changes to the assessment process including the streamlined risk-based approach offered to former IMSA member companies who would like to rejoin.  This streamlined approach is limited to only those companies and must be completed by the end of next year.  If you are in this group (I can tell you if you are) and want to get started, please give me a call at 386-462-1074.  I was fortunate enough to be a member of the Working Group that put this streamlined approach together and will be more than happy to help you get started with the process.

 Items of Interest from IMSA Today
IMSA Today                                                          September 19, 2008 

IMSA Responds to Current Financial News

IMSA staff is in regular contact with FINRA and state insurance regulators regarding the events in the marketplace as they affect our members and their distribution channels, and we will keep you apprised of any developments.

 Helpful links for the public have been posted at www.IMSAethics.org. Please contact Jennifer Kalita at JenniferKalita@IMSAethics.org or (240) 744-3021 for assistance with any communications challenges you may experience.

 2008 Compliance Survey Results Are In!

At the recent IMSA 2008 Compliance Best Practices Workshop in Scottsdale, AZ, attendees were polled on various compliance issues. Some results include:

  • 69% think one federal regulator would be better than the current state regulatory system.
  • 69% feel it would be a good idea to simplify annuity product features to make the product easier for consumers to understand.
  • 95% of attendees feel the role of compliance is valued within their organizations.

 While limited survey results are being released to the public and are available on the IMSA web site home page, the full survey results are available to IMSA-qualified companies and assessors and are posted in the Members & QIA sections at www.IMSAethics.org.

 AARP to Host October 17th IMSA Communications Meeting

AARP will host the inaugural in-person Communications & Outreach Working Group Annual Meeting in Washington, D.C. on Friday, October 17th from 10:30 am – 3:30 pm. All IMSA member company public relations and communications professionals are welcome to attend this event, which will include:

  • A tour of AARP's state of the art production facilities and a Q & A session with AARP Executive Vice President and Chief Communications Officer Kevin Donnellan.
  • A presentation by national 50+ marketing expert Matt Thornhill of The Boomer Project and an autographed copy of his book, Boomer Consumer.
  • Q & A with R.J. Lehmann, A.M. Best Washington Bureau Manager
  • New tools to help you communicate with consumers and the media.

Please contact Jennifer Kalita at JenniferKalita@IMSAethics.org or (240) 744-3021 to reserve your seat!

New Annuities Product Standards

The Interstate Insurance Product Regulation Commission (IIPRC) has promulgated national standards for individual annuities that allow for speed-to-market of annuity products. Companies can make one filing under one set of standards for one approval in under 60 days that is valid in all 32 Compact Member jurisdictions (and growing). It provides filing efficiency for annuity products and also includes standards, including annuity nonforfeiture provisions regarding surrender charge periods and surrender charges in the later years of the annuity. The IIPRC Standards may be found at www.insurancecompact.org. 

September 23rd Launch: IMSA Joins Non-Profit Coalition to Improve Financial Dignity for Boomers

To help Boomers better understand and address the unique financial challenges they'll face in retirement, IMSA is pleased to announce that it is one of 11 non-profit financial associations, representing more than 200,000 financial services professionals around the world, who have formed an unprecedented collaboration called The Partnership for Retirement Education and Planning (PREP). PREP will officially launch on September 23rd with an advertisement in USA Today. Please visit www.PREPpartnership.com for additional information. 

Upcoming Meetings

October 5-7             NAVA 2008 Annual Meeting in Philadelphia, PA
October 5-8             Association of Insurance Compliance Professionals 21st Annual      
                               Conference in Atlanta, GA
October 15              In the Flow Working Group Conference Call
October 17              IMSA Communications & Outreach Working Group Meeting in
                               Washington, D.C.
October 19-21          ACLI Annual Meeting in Boston, MA
October 21              IMSA Board of Directors Annual Meeting in Boston, MA 

                                        September 5, 2008 

Updated IMSA Logo Guidelines Posted to Web Site in Response to AARP's New Advertising Policy for Annuity Products

As we announced in the last edition of IMSA Today, AARP has implemented a new annuities policy for companies wanting to reach the organization's 40 million members through AARP The Magazine, AARP Bulletin, AARP Sequnda Juventud, and their online properties, which requires that advertisers of variable and indexed annuity products must be IMSA-qualified companies, and all advertisements must carry the IMSA logo.

 We have received numerous requests from member companies who wish to confirm that they have the most updated IMSA logo and guidelines for its use as they revise their advertising to take full competitive advantage of this market distinction.

 Please visit the Members section of our web site at www.IMSAethics.org where the IMSA logo is now available for download in various formats and where IMSA Graphics Guidelines have been posted. If you do not have a password for IMSA's website, please contact Margie Lopez via e-mail at MargieLopez@IMSAethics.org.

STOLI Benchmark Survey Results Are In!

Many thanks to those who participated in IMSA's recent benchmarking survey of practices used by IMSA-qualified companies to detect potential stranger originated life insurance (STOLI) transactions. The summary of survey results has been posted to the Members section of IMSA's website (www.IMSAethics.org) and is available to member companies only. 

 The survey results explore many STOLI issues, including:

  • application forms and questions
  • offers of fees and/or "free" insurance
  • use of fraudulent financial information
  • producer questions and screening techniques
  • post-issuance issues
  • corrective actions taken if a potential STOLI transaction has been identified. 

 Please contact Don Walters at donaldwalters@IMSAethics.org with any STOLI survey questions that you may have.

Final Stages of Annuity Suitability Supervision and Monitoring Initiative

IMSA's Annuity Supervision & Monitoring Initiative, 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, is rapidly approaching the conclusion of its findings.

The seven state regulators convened via conference call on September 2nd to offer feedback on the draft report, as did the IMSA Annuity Suitability Supervision and Monitoring Working Group on September 3rd. Input from both calls, as well as member company feedback and Standards Advisory Committee (including FINRA, AARP, NAIFA and the NAIC) comments, will be reflected in a revised report draft that will be circulated during the week of September 8th for additional review and comment.

IMSA plans to complete its review during the month of September and may unveil its findings at the NAIC Fall National Meeting.

New York State Insurance Department to Meet with IMSA

Superintendent Eric Dinallo and other representatives of the New York State Insurance Department will meet with senior IMSA staff on September 16th to discuss issues regarding annuity suitability supervision and monitoring, including IMSA's seven-state initiative.

Superintendent Dinallo is the current Chair of the NAIC Life Insurance & Annuities (A) Committee, to whom the NAIC Annuity Suitability Working Group (that is reviewing annuity supervision practices), reports.

What Happening at the Kenneth J Kalis Company?

-- Whew!  I’m so glad you asked.  We have been working very hard on several assessments.  We’ve just completed the assessment for a company who has not been an IMSA member before, although we have been talking to them about it for a while.  It’s great to see that companies are realizing that IMSA membership is well worth having. 

Shortly too, we will be completing the assessment of a very large company going through its 4th IMSA assessment.  This has been a wonderful experience seeing how a culture of compliance and integrity has grown over the years watered by IMSA and others and nurtured by executive commitment to upholding the purity of its brand and all made possible by scores of dedicated insurance and compliance professionals.  I’m so glad I’m in this business!  It makes be proud to be a part of ongoing striving for excellence and commitment to our policyowners and all the people making and marketing individual life, annuity and long term care products.

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!

Did You Know….. 

Ken Kalis was in the first group of Qualified Independent Assessors?  Did you know that in addition to being a CLU he is a Scarlet Knight and a Ram?  Just what is a Scarlet Knight, you non-New Jerseyans ask?  Or you non-New Yorkers, what is a Ram?  You can find out which universities Ken earned his degrees from and picked up  these colorful nicknames at the same time by visiting our all-IMSA website at   http://kkalis.com/  

Best Practice of the Month - September 

Compliance Alerts!!  How much material do you push out to your producers?  How much time do you think they spend wading through it all?  Especially if you are running in competition with 10 or 12 other companies using the same agent!  One company we work with his designed a user-friendly Compliance Alert with highlighted sections in bold type making the really important points easy to read so that the message gets through to those who need to know it.  Want to make sure it’s even more likely to be understood? Run it through your Microsoft Word Flesch-Kincaid Grade Level tool and aim for grade 8. (This article scores out at grade 11.2.)  Just click on Tools on your toolbar, options, Spelling & Grammar and check “Show readability statistics,” and you’re off and running! Believe me, you message will get through and they’ll be thanking you for it! 

**************************************************************

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

 

 

 

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.

Now for our non-IMSA close.  Two people sent me this one on Two Horses or Friendship.  It’s on two websites: http://message.snopes.com/showthread.php?t=1238 and http://www.animalliberationfront.com/Saints/Authors/Stories/TwoHorses.htm.  If anybody knows the author, please let us know so we can give credit where credit is due. 

I think you’ll agree, this is one that’s worth remembering. 

Just up the road from my home is a field,

with two horses in it.

From a distance, each looks like every other horse.

But if you stop your car, or are walking by,

you will notice something quite amazing.

Looking into the eyes of one horse will

disclose that he is blind.

His owner has chosen not to have him put down,

but has made a good home for him.

This alone is amazing.

If nearby and listening,

you will hear the sound of a bell.

Looking around for the source of the sound,

you will see that it comes from the

smaller horse in the field.

Attached to her halter is a small bell.

It lets her blind friend know where she is,

so he can follow her.

As you stand and watch these two friends,

you'll see how she is always checking on him,

and that he will listen for her bell and then

slowly walk to where she is, trusting that she

will not lead him astray. When she returns to the

shelter of the barn each evening, she stops

occasionally and looks back, making sure her

friend isn't too far behind to hear the bell.

Like the owners of these two horses,

God does not throw us away just because

we are not perfect or because we have problems

or challenges. He watches over us and even brings

others into our lives to help us when we are in need.

Sometimes we are the blind horse being guided by

the little ringing bell of those who God places in our lives.

Other times we are the guide horse, helping others see.

Good friends are like this .

You don't always see them,

but you know they are always there.

Please listen for my bell and I'll listen for yours.

"Be kinder than necessary,

for everyone you meet is

fighting some kind of battle".

 

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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