The Insurance Marketplace Standards Association (IMSA) today commended both the Iowa and the North Dakota Insurance Departments for issuing a bulletin and letter respectively affirming their use of a company’s IMSA qualification in their market oversight activities.
Iowa Commissioner Susan Voss issued Bulletin 05-03 on August 19, 2005 to all companies licensed to do business in the state announcing that “Iowa Insurance Division examiners will inquire as to whether companies are members of the Insurance Marketplace Standards Association (IMSA).” The bulletin goes on to note that “consideration may be given to the documentation used for compliance with IMSA in determining the frequency of some examinations, the scope of an ongoing examination, or other areas to review.”
North Dakota Insurance Commissioner Jim Poolman in an August 18, 2005 Departmental letter, notes that as part of its “market analysis process, the Department routinely inquires as to whether life insurance companies are members of IMSA. If a company is a member, the Department request and considers IMSA information in determining the nature and scope of its review. . . . For Form A filings, the Department inquires as to whether companies are members of IMSA and may consider IMSA information . . . in performing the review process.”
“We’re extremely gratified that Iowa and North Dakota have joined other states including Massachusetts, New York, and Texas in recognizing the value of IMSA qualification for consumers, companies and regulators,” said IMSA Executie Director Brian Atchinson.
IMSA is a Washington, D.C.-based nonprofit organization created to strengthen consumer trust and confidence in the life insurance, long-term care insurance and annuity products industry.