Group Sets Standards for Life Insurance Market
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I would like to clarify a point in “Trying to Tame Annuity Sales,” (Personal Finance, Feb. 12) that the organizations that are calling for “suitability” do not have the authority to make it happen.
It is true that the Insurance Marketplace Standards Assn. mentioned in the article is not a governance body that imposes regulation on the marketplace.
However, IMSA is an organization that develops high ethical standards in the life insurance marketplace. IMSA-qualified companies agree to abide by IMSA standards and undergo an independent review of compliance with those standards to demonstrate their commitment to sound marketplace practices.
The bottom line is that IMSA is making a difference for consumers.
Brian K. Atchinson
Executive director
Insurance Marketplace Standards Assn.
Chevy Chase, Md.
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