What Does Insurance Marketplace Standards Association Mean?
The Insurance Marketplace Standards Association (IMSA) was a trade association created in 1996 to address market confidence problems of the industry during that time. Its membership was voluntary and was composed of people from the insurance industry.
It has since been replaced by The Compliance and Ethics Forum for Life Insurers.
Insuranceopedia Explains Insurance Marketplace Standards Association
The insurance industry was beset by challenges in 1996. Many people had lost trust in most insurance companies and applications dwindled.
Congress intervened by passing the Health Coverage Portability and Accountability Act, which introduced the special enrollment and made changes regarding continuity of insurance in the workplace.
A number of industry professionals, meanwhile, created the Insurance Marketplace Standards Association (IMSA) to elevate ethical standards in insurance and help people regain trust in the field.
IMSA was replaced by Compliance and Ethics Forum for Life Insurers (CEFLI), a group that addresses similar concerns.