The overall IMSA standards are more rigorous than current regulatory requirements. When it joins IMSA, a company 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 a IMSA member does not mean that it doesn't have high standards. 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. IMSA addresses these two areas because they have been a principal source of concern to consumers in recent years.