NU Online News Service, Nov. 4, 2003, 4:15 p.m. EST – The Insurance Marketplace Standards Association, Washington, has welcomed a recent circular letter from the New York State Insurance Department that says the department uses documentation required for membership in IMSA in some regulatory reviews.
IMSA is a national organization that sets ethical standards for sellers of life insurance, long term care insurance and annuities.
The department's reliance on IMSA documentation "reaffirms IMSA's value to the life insurance industry, as well as to the regulatory community and to consumers," according to IMSA Executive Director Brian Atchinson.
Life insurance companies must undergo an independent review of their marketing, sales and compliance practices to qualify for IMSA membership and repeat the process every three years to remain qualified, IMSA says.
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