IMSA (Insurance Marketplace Standards Association)

“The Insurance Marketplace Standards Association (IMSA) was created in 1996 in response to a crisis of damaged consumer trust and confidence in the insurance industry. An independent, nonprofit organization, IMSA had more than 200 voluntary members that lead the insurance industry in promoting high ethical standards in the sale of individual life insurance, long-term care insurance, and annuity products. The organization has been superceded by the formation of the Compliance & Ethics Forum for Life Insurers (CEFLI), which can be found online at www.cefli.org”  https://www.imsaethics.org/     Robert Googins, executive director
Donald J. Walters

WishLists:

1997 – Insurance Marketplace Standards Association Assessment Handbook (IMSA)

IMSA is not as broad as some people would like it, but it’s plenty broad to those of
us who had to try to work our way through it. Someone had raised a question
earlier about agent training. What the agents know about their products, how well
they present them, and how they use them is key to IMSA. We want to make sure
not only that they’re properly licensed and registered, but that you’re recruiting to
get the right people in front of your clients. IMSA covers the sales process from the
first client meeting through policy delivery, with special attention to sales materials;
illustrations including claims of product performance; replacements, which as you
know has been a hot topic; advertising; service; and complaints. The thing they’re
looking for in the complaint aspect is a thorough, well-documented process for
handling client complaints, including an easy means to register a complaint, such as
a well-publicized 800 number. Really, IMSA is almost a Baldrige assessment in
terms of making sure that your clients are part of the sales process with respect to
their knowledge, their input, and getting what they want and need to make good
decisions.
IMSA says you have to get to “yes” and if you’re familiar at all with IMSA, you’re
thoroughly familiar with six principles.

—  PAUL V. BRUCE 

1998 –  Market Conduct: A New Actuarial Frontier, Society of Actuaries – 20p