In March 1996, The American Council of Life Insurance developed the Insurance Marketplace Standards Association (IMSA) to strengthen trust and confidence in the life insurance industry by requiring member companies to demonstrate commitment to high ethical marketplace standards.

IMSA is an independent membership organization governed by an independent board of directors drawn from the life insurance industry.  Board members are responsible for monitoring the principles, code and assessment process and approving independent assessors.  In order to become an IMSA member, a company must adopt IMSA’s six Principles of Ethical Market Conduct, perform a rigorous self assessment and undergo an assessment by an independent outside examiner approved by IMSA.

Membership in IMSA means that a company is committed to customer-focused sales and service.  Security Mutual Life Insurance Company of New York was among the initial group of companies admitted to membership in IMSA and commits itself to the Principles of the Code of Life Insurance Ethical Market Conduct in all matters affecting the sale of individually sold life and annuity products.

Principles of the Code of Life Insurance Ethical Market Conduct

1. To conduct business according to high standards of honesty and fairness and to render that service to its customers which, in the same circumstances, it would apply to or demand for itself.
2. To provide competent and customer-focused sales and service.
3. To engage in active and fair competition.
4. To provide advertising and sales materials that are clear as to purpose and honest and fair as to content.
5. To provide for fair and expeditious handling of customer complaints and disputes.
6. To maintain a system of supervision and review that is reasonably designed to achieve compliance with these Principles of Ethical Market Conduct.

What Do the IMSA Standards Mean to the Consumer?

These IMSA standards help assure a consumer that a company continues to commit itself to honesty, fairness and integrity in all customer contacts involving the sale and servicing of individually sold life insurance and annuities.  As part of that commitment, the company carefully monitors the sales process, its employees and agents on a regular basis.  The company develops policies and procedures to assure that customers receive information they need to make decisions about purchasing and/or replacing policies.  The company also maintains a system to respond expeditiously to customer concerns and complaints.