IMSA Principles

The Company through its Board of Directors adopted the Principles and Code of Ethical Market Conduct developed by IMSA and the American Council of Life Insurance. Each life insurance company subscribing to the following principles commits itself in all matters affecting the sale of individually sold life insurance and annuity products.

Liberty Life subscribes to the IMSA Principles and Code of Ethical Market Conduct

Please review the complete IMSA Principles and Code by clicking on a Principle below.

Principle 1: 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.

Code A: The insurable needs and financial objectives of its customers are determined based upon relevant information obtained from the customer and, at the time of the transaction, the Company enters into life insurance transactions which assist the customer in meeting his/her insurable needs and financial objectives.
Code B: Producers, or the Company if no producer is involved in a sale, make recommendations based upon relevant information obtained from customers and the Company has policies and procedures designed to reasonably assure that recommendations to purchase annuities and/or long-term care (LTC) insurance are suitable based upon the relevant information obtained from the customer.
Code C: It maintains compliance with applicable laws and regulations.
Code D: In cooperation with consumers, regulators and others, it affirmatively seeks to improve the life insurance industry’s practices for marketing and sales of covered products.
Code E: The Company has adopted and supports the concepts in IMSA’s Principles and Code of Ethical Market Conduct.

Principle 2: To provide competent and customer-focused sales and service.

Code A: Its captive and independent producers and appropriate company employees are of good character and business repute, and have appropriate qualifications.
Code B: Its captive and independent producers and appropriate company employees are duly licensed, appointed or otherwise qualified under state law.
Code C: Its captive and independent producers and appropriate company employees are adequately trained regarding compliance with laws and regulations, company policies and procedures and IMSA’s Principles and Code of Ethical Market Conduct in the marketing and sale of covered products, as appropriate to the Company’s distribution system.
Code D: Its captive and independent distributors and appropriate company employees have adequate knowledge of the Company’s products and their operation.
Code E: Its captive and independent producers and appropriate company employees participate in continuing education.

Principle 3: To engage in active and fair competition.

Code A: The Company maintains compliance with applicable state and federal laws and regulations fostering fair competition and requires its captive and independent producers and appropriate company employees to refrain from disparaging competitors.
Code B: The Company or its captive and independent producers and appropriate company employees provide information to customers in a manner consistent with Principle 4 prior to replacing covered products.
Code C: The Company has policies and procedures to review replacement activity.

Principle 4: To provide advertising and sales materials that are clear as to purpose and honest and fair as to content.

Code A: Presentation of any advertising and sales material designed to lead to sales or solicitation of covered products is done in a manner consistent with the needs of the customer. All such sales or solicitation communications should be based upon the principles of fair dealing and good faith, and will have a sound basis in fact.
Code B: Materials presented as part of a sale are comprehensible in light of the complexity of the product being sold.
Code C: It maintains compliance with applicable laws and regulations related to advertising, unfair trade practices, sales illustrations, and other similar provisions.
Code D: Illustrations or other representations of premiums and considerations, costs, values, and benefits are accurate, fair, and complete and contain appropriate disclosures.

Principle 5: To provide for fair and expeditious handling of customer complaints and disputes.

Code A: Complaints are identified, evaluated, and handled in compliance with applicable laws and regulations related to consumer complaint handling.
Code B: The Company provides an easily accessible way for customers to communicate complaints.
Code C: The Company has policies and procedures designed to reasonably assure that the complaint information gathered is analyzed and efforts are made to eliminate their root causes.
Code D: The Company has policies and procedures to reasonably assure that it makes good faith efforts to resolve complaints and disputes without resorting to civil litigation.

Principle 6: To maintain a system of supervision and monitoring that is reasonably designed to demonstrate the Company’s commitment to and compliance with IMSA’s Principles and Code of Ethical Market Conduct.

Code A: Management establishes and enforces policies and procedures reasonably designed to demonstrate the Company’s commitment to and compliance with IMSA’s Principles and Code of Ethical Market Conduct.
Code B: There is an adequate system of supervision of the sales and marketing activities of its producers and appropriate company employees and the Company’s policies and procedures in order to reasonably assure the Company’s commitment to and compliance with IMSA’s Principles and Code of Ethical Market Conduct.
Code C: Compliance training sessions are conducted for appropriate company employees on the Company’s policies and procedures, IMSA’s Principles and Code of Ethical Market Conduct and applicable laws and regulations.
Code D: It establishes and enforces policies and procedures reasonably designed to monitor compliance with IMSA’s Principles and Code of Ethical Market Conduct and applicable laws and regulations.