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Life Health > Life Insurance

ILMA Releases Settlement Guidance

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The Institutional Life Markets Association (ILMA) has issued a guide to compliance and diligence procedures for life settlement providers.

ILMA, Washington, says the guide, “Life Settlement Provider Best Practices,” should promote growth of life settlements.

“Providers following the same transparent procedures and diligence will protect consumers and investors while fostering confidence in this viable investment option,” ILMA Managing Director Jack Kelly says in a statement.

Topics discussed include transferred policies, privacy, state and federal compliance, and anti-fraud efforts, including recommendations for comparing policy applications and medical records.

Supporting documents include a detailed list of the elements of a life settlement package, a suggested closing interview script, and diligence recommendations for policies written within the previous 4 years with face values of $1,000,000 or greater.

-Trevor Thomas


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