NU Online News Service, Dec. 19, 2003, 5:14 p.m. EST – The Viatical and Life Settlement Association of America, Orlando, Fla., is working on new accountability measures.[@@]
The association wants to have a standard set of data, and it wants to assure that there is no wrongdoing by any member of the group, says Doug Head, the association’s executive director.
In the past, the directors of the association adopted minimum disclosure resolutions. Other resolutions restricted members from buying newly issued life insurance policies and required members to implement anti-fraud plans.
The new accountability standards are an expansion of these resolutions. They provide association members with a “best practices” road map, according to M. Bryan Freeman, president of the association’s board.
Each member of the association has met the anti-fraud standards, by putting plans in place and documenting the plans with the association, Head says. Agreeing on a standard form for documenting a “certain basic set of data” has not been so easy, he says.
The set of data should go beyond the reporting requirements of individual states and include such information as how many policies the company has looked at and bought, the prices of the policies, and the life expectancies of the insureds.