SOURCE: IMSA

IMSA

June 08, 2009 16:44 ET

"Consumer Protection Must Not Get Lost in Regulatory & Industry Change" Agents & Advisors Tell IMSA

Leading Insurance Producers Convene as Official Producer Advisory Group to Standards Association Today

BETHESDA, MD--(Marketwire - June 8, 2009) - IMSA, The Insurance Marketplace Standards Association, today convened some of the nation's leading insurance producers and thought leaders to discuss pressing compliance and ethical issues in the distribution and sale of life insurance and annuities.

Suitability of sales, regulatory change and producer training were among the key topics explored during the meeting, and attendees agreed to continue this needed dialogue as a formal IMSA Producer Advisory Group. These individuals are also longstanding members of other industry trade associations such as the National Association of Insurance and Financial Advisors (NAIFA), the Million Dollar Round Table (MDRT), the Society of Financial Services Professionals and the National Association of Independent Life Brokerage Agencies (NAILBA).

"As an industry, we can discuss regulatory reform and suitable sales all day long," said IMSA CEO Brian Atchinson, "but if we don't keep our eye on consumer protection, and how industry and regulation modernization impacts the person behind the paperwork, then broken consumer trust cannot be restored."

He adds that "IMSA strives to create market conduct and consumer protection standards across the country that are both consistent and predictable, and discussions with these leading producers on the front lines are critical to the process."

IMSA has also recently released a new Annuities Consumer Guide to help distributors and consumers communicate clearly about product choices. It is available online at www.IMSAethics.org in both English and Spanish.

As a voluntary self regulatory organization, IMSA promotes ethical business practices by setting national standards in the annuities, life insurance and long-term care insurance marketplace that IMSA-certified companies must abide by in all 50 states. Nearly half of all US consumer premiums are sold by companies already adhering to IMSA standards.

Contact Information

  • Contact:
    Jennifer Kalita
    (240) 744-3021