Insurance regulators in a large New England state say life insurers should look into the possibility of joining the Insurance Marketplace Standards Association.[@@]
IMSA, Washington, is a voluntary group formed to promote adherence to high ethical standards in the sale of life insurance, annuities and long term care insurance.
The Maine Bureau of Insurance has issued a bulletin suggesting that its examiners may ask targets of examinations about membership in IMSA and similar organizations.
“If so, the examiners will ask for and review evidence concerning the insurer’s compliance with IMSA’s standards,” officials write in the bulletin. “For example, examiners may consider such evidence in determining the scope of their review of the insurer’s marketing and sales practices, such as producer training and licensing, as well as its handling of consumer complaints.”
A copy of the bulletin is on the Web at http://www.maine.gov/pfr/ins/bulletins/bull339.htm