Life Expectancy Providers, a group for companies in the longevity forecasting field, has released the first version of a best practices document.
The document provides definitions, formats and procedural guidelines concerning matters such as privacy, fraud, confidentiality, client reports and reports comparing actual to expected performance.
The document also provides guidelines for estimating incurred but not reported claims.
LEPr is asking industry organizations to require member firms that are life expectancy providers to adopt the best practices document by Jan. 1, 2012.
The founding members of LEPr – Advanced Underwriting Solutions (AUS) Inc., Aurora, Colo.; AVS Underwriting L.L.C., Kennesaw, Ga.; Examination Management Services, Inc. (EMSI), Scottsdale, Ariz.; Insurance Strategies Services L.L.C., (ISC Services), Clearwater, Fla.; and 21st Services L.L.C., Minneapolis – were participants in the best practices committee at the Life Insurance Settlement Association (LISA), Orlando, Fla.
LEPr held meetings in New York in December 2010 and January to give investors and life settlement providers a chance to look at the best practices document, the group says.
LEPr says it also encouraged the major life settlement organizations – LISA; the Institutional Life Markets Association (ILMA), Washington; the European Life Insurance Settlement Association (ELSA), London; and Bundesverband Verm?gensanlagen im Zweitmarkt Lebensversicherungen (BVZL), Munich, Germany – a chance to review the best practices draft and suggest changes.
LEPr released the final version of the document at a recent BVZL meeting in Munich. Member firms will post copies of the document on their websites, the group says.