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.
IMSA, Bethesda, Md., is a group that sets and verifies compliance with standards for the sale of individual life insurance, long term care insurance and annuities.
Companies that join IMSA must go through an initial review process and then undergo follow-up reviews every 3 years.
Insurance regulatory agencies in at least 7 states have officially encouraged insurers under their jurisdiction to join IMSA. Iowa officially began encouraging Iowa companies to join in 2005.