Hawkeye State insurance regulators have given a boost to the Insurance Marketplace Standards Association.
The Iowa Division of Insurance “has determined that it will allocate more market examination resources to monitor and examine life insurance companies that are not members of IMSA,” Iowa Insurance Commissioner Susan Voss writes in Iowa Bulletin 06-04.
In 2005, the Iowa division encouraged insurers to join IMSA, Bethesda, Md.
“The division has determined that an insurance company that is a member of IMSA is at less risk to be in violation of Iowa laws and regulations concerning the sale of life insurance and annuity products,” Voss writes in the new bulletin.
The IMSA membership review process, 3-year recertification process and certification process for independent assessors all help support the division’s belief in the value of IMSA certification, Voss writes.
Although the Iowa division will focus more examination resources on non-IMSA members, IMSA companies remain subject to market examinations as warranted, Voss writes.