SOURCE: IMSA

IMSA

October 20, 2009 15:32 ET

Leading Insurance Market Conduct in a New Economic Climate: IMSA Names New 2009-2010 Board of Directors

Standards-Setting Organization Confirms Sammons Financial Group CEO Michael Masterson Chairman

WASHINGTON, DC--(Marketwire - October 20, 2009) - The Insurance Marketplace Standards Association (IMSA) has approved a new Chairman of the Board and has elected its new Board of Directors, representing leaders from across the life insurance marketplace.

At IMSA's annual meeting, IMSA Board members confirmed Michael Masterson, Chairman & CEO of Sammons Financial Group, as Chairman of the standards-setting organization.

"It's a new economic climate, and market conduct has never been more important than it is today," said Masterson. "IMSA's insurance-focused sales and suitability standards and compliance solutions will serve the industry well moving forward."

In addition, Paul Mistretta, Chief Operations Officer, ING U.S. Life, has been approved as Chair-Elect. "IMSA is very well positioned to continue making material and meaningful contributions to insurance manufacturers, distributors, regulators, and consumers," he said.

The following IMSA Board members were approved for a new three-year term:
    -- Eugene Choate, Bankers Fidelity Life Insurance Company
    -- Scott A. Curtis, Raymond James & Associates
    -- Kevin J. Donnellan, AARP
    -- Steven J. Dreyer, Standard & Poor's
    -- Timothy F. Kneeland, Transamerica Life Insurance Company (AEGON)
    -- Leon E. Roday, Genworth Financial
    -- David Woods, Woods Financial

"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."

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.

Contact Information

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