The overall IMSA standards are more rigorous than current regulatory requirements. When it joins IMSA, a company agrees to set up and follow procedures specifically designed to promote ethical market conduct, and agrees to monitor those procedures to verify continued compliance with IMSA standards. A company becomes a member by adopting IMSA's Principles and Code and by implementing policies and procedures to meet its rigorous standards. To demonstrate its commitment, the company undergoes an assessment by an outside, independent examiner, such as an accountant, attorney, or actuarial or management consultant who is certified to assess that the company has met IMSA standards. This independent assessment can happen only after a company first examines its own systems and programs to promote and maintain ethical behavior in the marketplace.
IMSA membership lasts for three years.
Choosing a life insurance company is an important decision, and you should consider many factors. Simply because a company is not an IMSA member does not mean that it doesn't have similarly high standards. A number of legitimate business decisions may have guided its choice not to join at this time. However, IMSA membership could be an important consideration for you. It is further evidence that a company is committed to high standards and has established policies and programs to recognize customers' needs.