Life Settlement Association and Insurance Association Roles
Each and every life settlement association and insurance association is a major player in the life settlement industry. Through mutual cooperation they help contribute to a vibrant and more transparent life settlement market intent on serving the needs of the policy holders without whom the industry could not exist. Our list of life settlement associations, insurance associations, and other associations is not intended to be exhaustive. Instead, it represents those whom we believe are currently best positioned to have the greatest positive impact on the life settlement industry going forward.
LISA - Life Insurance Settlement Association
The Life Insurance Settlement Association (LISA) was formed in 1995 and is America's oldest, largest, and most widely recognized life insurance settlement association. Its mission is to promote the integrity, development, and reputation of the life settlement industry. It also promotes a competitive market for those it serves and establishes standards of best practices for its member life settlement companies.
LISA participates in regulatory and legislative matters in all 50 states, Puerto Rico, and Canada. LISA also fulfills its life settlement association duties by providing information to consumers, regulators, legislators, and other interested parties.
LSI - Life Settlement Association
The Life Settlement Institute (LSI) is an important life settlement association formed in 2002 to provide capital markets access to the life settlement industry. Membership to this life settlement association is limited to life settlement providers and life expectancy underwriters.
Objectives of the ISI Life Settlement Association:
- Work with regulators, legislators, and the life insurance industry to create regulations and standards of practice
- Promote compliance with regulations and standards of practice
- Increase life settlement knowledge and awareness among insurance, financial professionals and policyholders
- Foster the prudent use of institutional financing in life settlement transactions
- Prevent fraud and dishonesty in life settlement transactions
ILMA (The Institutional Life Markets Association)
The Institutional Life Markets Association (ILMA) is a non-profit association developed in 2007 by Goldman Sachs, Credit Suisse, Bear Stearns, Mizuho International, UBS, and West-LB AG. Members are among the world's leading institutional investors and intermediaries in the longevity and mortality marketplace. ILMA was formed to develop mortality and longevity related businesses, including life settlements and premium financing. Several of their goals and objectives are similar to those of a life settlement association and an insurance association.
Objectives of ILMA:
- Help consumers expand life insurance choices
- Establish best practices and raise consumer awareness about their industry
- Educate consumers about the increased asset value of life insurance
- Expand consumer choices about how to manage their life insurance
- Support responsible growth and regulation of their industry
- Practice and encourage full disclosure of all fees
ISLSP (International Society of Life Settlement Professionals)
The International Society of Life Settlement Professionals (ISLSP as a life settlement association begun by international life settlement professionals and investors. As a life settlement association, their initial objective was to develop standard life settlement evaluation procedures that result in accurate valuations and risk assessments of life settlement investments.
Objectives of ISLSP
- Build confidence among investors in Life Settlements as an asset class
- Attract new capital to the life settlement industry
- Educate investors about life settlements as an asset class
- Involve investors in helping make ISLSP's decisions
- Maintain and publish life settlement investors best practices
- Facilitate networking and member unity
- Ongoing regulatory advocacy
- Enhance the life settlement investment industry's image
- Accelerate the acceptance and growth of life settlements as an asset class
IMSA (Insurance Marketplace Standards Association) - Insurance Association
The Insurance Marketplace Standards Association (IMSA) is a no-profit insurance association made up of over 100 insurers who have adopted and agree to abide by IMSA's principles and code of ethics.
IMSA's Objectives
- Strengthen consumer trust and confidence in the individual markets for life insurance, long-term care insurance and annuities
- Maintain high ethical standards regarding fairness, honesty, and openness in how member companies advertise, sell and service their products
ACLI (American Council of Life Insurers) - Insurance Association
The American Council of Life Insurers (ACLI) is a life insurance association made up of 370 member life insurance companies.
The ACLI's Role
As an insurance association, ACLI represents its member companies (with US operations) before federal and state legislators, regulators, and courts. They also provide information to consumers about life insurance and the life insurance industry.
