What Does IMSA Stand For?

IMSA Stands For The Insurance Marketplace Standards Association

Millions of individuals just like you depend on life insurance, annuity and long-term care products as part of their financial security. That's why it's so important that companies offering you such products conduct their business according to high ethical principles.

We know that ethical conduct in the marketplace is vital for an individual company and the life insurance industry as a whole.

We understand that ethical market conduct is good business.

You understand that ethical market conduct on the part of the company you buy from is basic to your peace of mind.

The Insurance Marketplace Standards Association – IMSA was established by the insurance industry to help maintain high standards of marketplace behavior.

IMSA Stands For High Ethical Standards

IMSA is a voluntary membership organization whose purpose is to promote high ethical standards in the sale of individual life insurance, annuity and long-term care products by its members. IMSA member companies are committed to following a specific set of standards in their advertising, sales and service for individual life insurance and annuity products. IMSA's Board of Directors, made up of life insurance industry chief executives, and other respected individuals sets policy for IMSA.

IMSA Stands For A Code Of Ethical Market Conduct

IMSA membership shows you that the company you buy your life insurance, annuity or long-term care policy from has made a commitment to promoting high ethical standards and has undergone rigorous internal and independent assessments to ensure that it meets IMSA's Principles of Ethical Market Conduct:

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

2. Provide competent and customer-focused sales and service.
   

3. Engage in active and fair competition.
   
   

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

5. Provide for fair and expeditious handling of customer complaints and disputes.
   
   

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

IMSA Stands For Rigorous Assessments

When a company applies for membership in IMSA, it must first undertake its own internal assessment of its systems and programs that promote and maintain ethical behavior in the marketplace.

Second, the company undergoes an assessment by an experienced outside, independent examiner qualified to assess that the company has met IMSA standards. These independent assessors must undergo training by IMSA and meet IMSA's established standards of knowledge and expertise.

The assessment and review process must be repeated every three years in order for a company to remain a member of IMSA. On a continuous basis, IMSA requires its member companies to commit to an ongoing process of developing, implementing and monitoring procedures that help to determine whether policies being sold meet the customers' needs and financial objectives. The performance of these activities and adherence to the IMSA Principles and Code will result in continuous improvement in market conduct practices, benefiting consumers, IMSA Member Companies and the insurance industry.

Only IMSA Member Companies Are Allowed To Display The IMSA Logo

Once a company becomes an IMSA member and is committed to our Code of Ethical Market Conduct, it is allowed to display the IMSA logo in its advertisements and sales materials. The IMSA logo stands for life insurance companies that commit to the high ethical standards in the marketplace.

Therefore, we urge you to look for the IMSA logo whenever considering the purchase of a life insurance, annuity or long-term care product.