Which organization enforces ethical principles among its member companies?

The Insurance Standards Association (IMSA) is tasked with enforcing ethical principles among its member companies. It focuses on promoting industry standards that ensure fair treatment of policyholders and the ethical conduct of insurance practices. As a self-regulatory organization, IMSA provides a framework for member companies to adhere to high standards, helping to maintain consumer trust and uphold the integrity of the insurance industry.

In contrast, the National Association of Insurance Commissioners (NAIC) primarily serves as a collective body of state insurance regulators. Its role involves creating model laws and regulations but it does not specifically enforce ethical principles among companies. The Association of Insurance Producers (AIP) is more focused on the interests and representation of insurance producers rather than ethical standards enforcement. The Insurance Regulatory Authority (IRA) does not exist as a specific body in the context provided and typically refers to state-based insurance regulators rather than a unified authority focused on ethical standards.