The U.S. division of Sun Life Financial (NYSE: SLF, TSX: SLF) recently announced that it has qualified to renew its membership in the Insurance Marketplace Standards Association (IMSA), the premier standards-setting organization for the life insurance marketplace.
Insurance companies must complete a thorough and comprehensive review every three years to maintain IMSA membership. The review consists of a self-assessment of systems and programs, followed by an independent assessment by a qualified IMSA assessor to confirm the company meets IMSA's high standards of ethical market conduct.
“At Sun Life Financial, we pride ourselves on acting in the best interest of our customers while providing top services true to our code of business conduct,” said Bob Salipante, President, Sun Life Financial U.S. “Through our IMSA membership, we reinforce our industry credentials as an ethical service provider, an essential distinction in the competitive customer market.”
IMSA President and CEO Brian Atchinson said, "We commend Sun Life Financial for renewing its commitment to adhere to the highest ethical standards required for IMSA membership, its continuing to follow quality business practices that safeguard the consumer, and for its dedication to fair, honest and ethical treatment of its customers."
The Sun Life Financial companies included in the IMSA membership are Sun Life Assurance Company of Canada (U.S.), Sun Life Assurance Company of Canada, and Sun Life Insurance and Annuity Company of New York.
In adhering to IMSA standards, Sun Life Financial is required to:
- Conduct business according to high standards of honesty and fairness and to render that service to its customers that, in the same circumstances, it would apply to or demand for itself.
- Provide competent and customer-focused sales and service.
- Engage in active and fair competition.
- Provide advertising and sales materials that are clear as to purpose and honest and fair as to content.
- Provide for fair and expeditious handling of customer complaints and disputes.
- Maintain a system of supervision and review that is reasonably designed to achieve compliance with these Principles of Ethical Market Conduct.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of December 31, 2006, the Sun Life Financial group of companies had total assets under management of US $374.7 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit www.sunlife-usa.com for more information.
About the Insurance Marketplace Standards Association (IMSA)
IMSA is a non-profit, independent association and the premier standards-setting organization for the life insurance marketplace. Companies that qualify for IMSA membership commit to maintaining high ethical standards and to being fair, honest, and open in the way they advertise, sell and service life insurance, annuity products, and long-term care insurance in the individual market. For more information about IMSA and a list of IMSA-qualified companies, visit www.IMSAethics.org.
SLPC # 17156 (3/07)