IMSA introduces clearinghouse

The system will help life insurance companies get certifications of supervision of annuity suitability.
OCT 19, 2007
The Insurance Marketplace Standards Association today introduced a clearinghouse system to help life insurance companies get certifications of supervision of annuity suitability. The system works with the National Association of Insurance Commissioners’ “Suitability in Annuity Transactions Model Regulation,” which imposes a suitability requirement on the purchase and exchange of annuities. The rules also require companies to get annual certifications from third-party distributors with suitability supervisory duties. Thirty states have already adopted some form of the NAIC’s rules. IMSA’s clearinghouse will provide electronic storage and transfer of the annual certifications, and the service will be available to all U.S. insurance companies and third-party distributors. The service will be available starting Jan. 1, 2008.

Latest News

Fintech bytes: Vestmark, NDEX, and Forms Logic partnerships sharpen RIA tools
Fintech bytes: Vestmark, NDEX, and Forms Logic partnerships sharpen RIA tools

First Trust models, Schwab-linked data tools and Orion transition tech headline a busy week for RIA wealthtech

Two LPL executives jump to competitors as 2026 comes to a close
Two LPL executives jump to competitors as 2026 comes to a close

The change in senior personnel occurs days after LPL Financial tapped a new head of recruiting.

Osaic names new CMO and Empowered Independence head
Osaic names new CMO and Empowered Independence head

Former PulteGroup and Citizens executives join the broker-dealer network after a year of senior leadership departures

RIA moves: Prospera lands $600M Cornerstone team in Rochester
RIA moves: Prospera lands $600M Cornerstone team in Rochester

Independent RIA Concurrent adds over $1B across six moves, while OnePoint BFG opens West Palm Beach with a $240M team

Creative Planning adds $2.2B fee-only RIA Rockbridge in Syracuse
Creative Planning adds $2.2B fee-only RIA Rockbridge in Syracuse

The mega-RIA keeps absorbing independent fiduciary firms as Cerulli data shows the fee-only segment losing asset share

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor