Tom Stallings and C. J. Rathbun of Professional Market Practices (PMP) have introduced many advertising compliance, legal and marketing professionals to a structured format for learning and sharing compliance and marketing ideas. Many of those who attended advertising seminars presented by Tom and C.J. asked where they could learn more.
Because there wasn’t one specific place to turn to for more education, a group of insurance advertising creative, legal & compliance people (gathered by Tom and C.J.) met in Kansas City, MO on August 29, 2001 to discuss common concerns regarding insurance advertising issues and to evaluate interest in establishing an organization to address the unique issues connected to insurance advertising.
Attendees from 10 insurance companies representing life, annuities, group accident & health, retirement plans, long-term care, Medicare supplement products, as well as other lines spent the day reviewing shared challenges and concerns. These were including (but not limited to) advertising issues surrounding individual and group insurance product advertising, corporate branding, market conduct exams, wholesale and retail broker/dealer material, state, NASD & SEC regulations and affiliated financial institution issues.
The group came to the consensus that an organization specifically focused on insurance advertising compliance could benefit insurance companies, and the individuals within those companies working with this material, in a number of ways. Some of which are as follows:
- supporting speed-to-market initiatives
- enhancing internal efficiencies
- sharing best practices
- better understanding and cooperation between legal, compliance and marketing
- training and education
- enhanced regulatory relations
