The American Council of Life Insurers (ACLI) is welcoming efforts to create a new Life Insurers’ Forum for Ethics and Compliance (LIFEC).
The board of the Insurance Marketplace Standards Association (IMSA), Bethesda, Md., recently announced plans to roll IMSA’s intellectual property, compliance products and services, and staff into LIFEC.
IMSA board members and officers say that IMSA has achieved its original goal of persuading life insurers to take compliance seriously, and that now the group should focus on helping life insurance compliance professionals do their jobs.
Frank Keating, president of the ACLI, Washington, says IMSA did pioneering work by establishing industry benchmarks for ethics and compliance.
Now, Keating says, compliance professionals need a clearinghouse for ideas.
“That is what LIFEC will do,” Keating says. “ACLI looks forward to working with LIFEC and strongly supports its objectives.”