What is IMSA?

The Insurance Marketplace Standards Association (IMSA) was established in 1996 as an industry response to market conduct issues in the life insurance industry. As major scandals hit the newspapers and airwaves, companies were energized to consider some key issues that, while sometimes known, were not always being addressed.

IMSA is a voluntary membership organization leading the insurance industry in promoting high ethical standards in the sale of individual life insurance, long-term care insurance and annuity products. Through its Principles and Code of Ethical Market Conduct, IMSA encourages its member companies to develop and implement policies and procedures to promote sound market practices. I.
 

Insurers who have earned IMSA membership have been subject to rigorous assessments to meet IMSA's principles and code. Each life insurance company subscribing to these principles commits itself in all matters affecting the sale of individually-sold life insurance, long-term care insurance and annuity products:
 

1.      To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.

2.      To provide competent and customer-focused sales and service.

3.      To engage in active and fair competition.

4.      To provide advertising and sales materials that are clear as to purpose and honest and fair as to content.

5.      To provide for fair and expeditious handling of customer complaints and disputes.

6.      To maintain a system of supervision and review that is reasonably designed to    
achieve compliance with these Principles of Ethical Market Conduct.

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