October 14, 2010- Major Life Expectancy Providers (LEPr) have formed a focus group to provide best practices standards and transparency to the life settlement and longevity markets. Members of the newly formed LEPr focus group were participants in the "Best Practices" committee of the Life Insurance Settlement Association (LISA) and recognized the need to further expand the sope and definition of "best practices" by continuing this effort as an independent group. All major life expectancy providers were invited, and encouraged, to join in this important endeavor. The goal of the LEPr focus group is to provide a comprehensive and consistent set of best practices and performance standards to all longevity markets that may benefit from life expectancy and mortality information. It is also the intent that all major life expectancy providers participate and adhere to our best practices and professional standards.
Life Expectancy underwriting "Best Practices" are based on the principal of full disclosure and transparency in the information and performance results of LE underwriters, while protecting the integrity of their proprietary methodology and practices. Issues that the LEPr focus group are addressing include privacy, fraud, and confidentiality policies as well as comprehensive performance reporting and definitions common to life expectancy providers.
The founding members of the LEPr focus group are Advanced Underwriting Solutions, AVS Underwriting, Examination Management Services Inc., ISC Services, and 21st Services. Once a "Best Practices" document is completed by the LEPr focus group, the document will be presented to the Life Insurance Settlement Association (LISA), Institutional Life Markets Association (ILMA), European Life Insurance Settlement Associations (ELSA), and Bundesverband Vermogensanlagen im Zweitmarkt Lebensversicherungen (BVZL) for acceptatnce and adoption by those organizations. The LEPr focus group will continue to review and refine its best practices as well as provide education opportunities to the longevity and life settlement markets.
The LEPr focus group will initially host an "investors only" educational seminar on December 7, 2010 in New York. The day-long event is intended to open direct channels of dialog with investors to discuss the results of the LEPr's ongoing work. Seminars for providers, brokers and other interested parties will be scheduled in the near future. For further information regarding the Life Expectancy Provider group you are encouraged to contact any of the LE providers participating in this focus group.
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