Harnessing Technology To Address Compliance
With compliance more important than ever for insurers, IMSA has emerged as an industry leader in annuity suitability solutions with its Web-based Clearinghouse system.
BEST’S REVIEW: What top compliance issues does IMSA help insurers address?
BRIAN ATCHINSON: IMSA is at the forefront of helping to address the compliance challenges confronting insurance companies and those selling their products through compliance solutions. In addition to many initiatives, IMSA has focused on annuity suitability and the need to have supervision and monitoring within companies and throughout the distribution channel, so that companies will have an infrastructure to meet their compliance needs.
JOHN DOHMEN: In collaboration with our member companies, IMSA is tackling other compliance issues including senior protection, STOLI and reverse mortgages. One of the compliance challenges that require substantial resources in a company is the ever-increasing insurance regulations and changes to existing regulations. For those companies operating in all 50 states this can be a daunting task.
BR: How does technology expedite compliance?
ATCHINSON: The effective, intelligent use of technology is essential for any insurance company or insurance distributor.
DOHMEN: We offer a Web-based system that allows insurance companies and the producers on the street selling the products to efficiently satisfy the requirements of the states’ suitability and annuity transaction regulations. The IMSA Annuity Suitability Certification Clearinghouse is easy to use and eliminates unnecessary paperwork, and both insurance companies and third-party distributors can enroll in less than five minutes. There is no cost to third-party distributors, for whom the Clearinghouse provides a reporting capability that allows them to display all of the certifications that have been generated by the system in their behalf. More than 700 distributors have enrolled to date, and new distributors are joining every day. Insurance company subscribers enjoy not only the convenience, but also the built-in security of the system, which prevents one party from seeing another party’s third-party distributor information.
BR: How does your Web site
www.IMSAethics.org help member companies?
DOHMEN: In addition to resources for insurance companies, producers and consumers, the IMSA Web site provides a convenient way for anyone to verify an insurance company’s ethical conduct commitment, from journalists covering a story to consumers deciding who to choose as their insurance provider. The members-only portion offers timely compliance information as well as a discussion board where they can share compliance challenges and solutions.
BR: How else do qualified insurers benefit from the IMSA designation?
ATCHINSON: The benefits for companies that achieve the IMSA designation are many. Certainly, in the eyes of key constituencies such as rating agencies, Wall Street analysts, consumers and distributors, a company that can point to its culture of compliance, its IMSA qualification, can truly document that company walks the talk.
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