Five life expectancy companies announced they have formed a focus group to provide standards and openness in the life settlement and longevity markets.
Members of the newly formed Life Expectancy Provider (LEP) group were participants in the Best Practices committee of the Life Insurance Settlement Association (LISA), Orlando, Fla.
The new group says its goal is to provide a broad and consistent set of practices and performance standards to all longevity markets that may benefit from life expectancy and mortality information.
Issues that the LEP focus group will address include privacy, fraud, and confidentiality policies as well as comprehensive performance reporting and definitions accepted by life expectancy providers.
The founding members of the LEP are Advanced Underwriting Solutions, AVS Underwriting, Examination Management Services, Inc., ISC Services and 21st Services.
The group says it will present its recommendations to LISA, the Institutional Life Markets Association, European Life Insurance Settlement Association and Bundesverband Verm?gensanlagen im Zweitmarkt Lebensversicherungen, a German group, for acceptance and adoption by those organizations.