IMSA is a voluntary membership organization. IMSA member companies agree to follow a specific set of standards in their advertising, sales and service for individual life insurance and annuity products. 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 management or actuarial consultant 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.
IMSA standards complement the ongoing compliance activities already required under state regulation. 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. These two areas have been principal sources of concern to consumers in recent years. While its scope may possibly broaden in the future, IMSA does not currently include claims, underwriting or product development activities or other product lines.