WASHINGTON BUREAU — Insurance Marketplace Standards Association (IMSA) members have agreed to dissolve that group and create a successor organization, the Compliance and Ethics Forum for Life Insurers (CEFLI).
IMSA President Brian Atchinson will leave his job Nov. 1.
Donald Walters, currently an IMSA senior vice president, will lead CEFLI, according to CEFLI organizers.
CEFLI “will build upon the accomplishments of IMSA by meeting the needs of the ethics and compliance infrastructures IMSA helped to establish,” says IMSA Chairman Michael Masterson.
IMSA officials first announced the possibility of a CEFLI transformation in
IMSA officials say CEFLI will work with life insurer ethics and compliance professionals to identify and offer products and services designed to assist their efforts to promote sound ethics and compliance practices in the life insurance marketplace.
Like IMSA, CEFLI will organize meetings and webinars.
“We are extremely pleased about this exciting outcome,” Atchinson says. “For the last 15 years, IMSA has served the infrastructure needs of the life insurance community. There is a different compliance climate today which requires a different organizational mission that serves the contemporary needs of those who manage compliance and ethics in the insurance marketplace.”
CEFLI will maintain the IMSA certification process and its standards, officials say.
“Many foundational aspects of CEFLI have been established, such as a new governance model and focused mission,” Walters says. “We will be providing more information in the coming weeks as we develop further refinements to CEFLI’s business plan now that our members have spoken.”