Insurance Marketplace Standards Association
Principal
Life Insurance Company (The Principal®) is a member of the Insurance
Marketplace Standards Association (IMSA). IMSA is an independent industry organization,
formed by the American Council of Life Insurance, to assist companies in designing
and implementing sales and marketing procedures that benefit and protect customers.
IMSA was created by life insurance industry chief executives to promote ethical market conduct for individual life insurance, annuities and long term care products. IMSA addresses these areas because they have been a principal source of concern to consumers in recent years.
The membership process involves an in-depth two-part assessment of a company's life and annuity business. The Principal conducts a thorough self-assessment, examining marketing and customer service policies. An independent examiner, certified by IMSA, then reviews the self-assessment. When the examiner certifies that the company's policies and practices meet or surpass IMSA requirements, the company earns IMSA membership. IMSA members must repeat the assessment and review process every three years to remain active.
IMSA's membership requirements were developed to ensure members follow the organization's six Principles of Ethical Market Conduct.
- 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.
- To provide competent and customer-focused sales and service.
- To engage in active and fair competition.
- To provide advertising and sales materials that are clear as to purpose and honest and fair as content.
- To provide for fair and expeditious handling of customer complaints and disputes.
- To maintain a system of supervision and review that is reasonably designed to achieve compliance with these Principles of Ethical Market Conduct.
The Principal® is firmly dedicated to these principles, which reflect our core value of Integrity, our Corporate Code of Ethics and our high standards of market conduct.
For further information, see Frequently Asked Questions or write to:
IMSA
1001 Pennsylvania Avenue, NW
Suite 500 South
Washington, DC 20004
