LEPR’s announce release of first ever LE Provider Best Practices
May 4, 2011Life Expectancy Providers (LEPr) announced the release of the first ever LE Provider Best Practices. In October of 2010 LEPR announced the formation of a focus group that would be creating best practices standards to the life settlement and longevity markets.
In December 2010 and January 2011 full day meetings with Investors and Providers were held in New York City to review the LEPr draft document of Best Practices. These meetings were focused on discussing, in detail the draft document while providing the participants the opportunity to provide their input. Additionally, all major life settlement organizations (Life Insurance Settlement Association (LISA), Institutional Life Markets Association (ILMA), European Life Insurance Settlement Association (ELSA) and (BVZL) Bundesverband Vermogensanlagen im Zweitmarkt Lebensversicherungen were provided the draft and encouraged to opine. Additionally, LEPr had in-depth conference calls with several of the organizations in response to questions about the content of the document. The LEPr group reviewed all the feedback received and incorporated many of the ideas presented.
On March 25, 2011 the LEPr group finalized and released the first ever LE provider Best Practices document (version 1) at the BVZL meeting in Munich. The LEPr focus group will continue to review and refine its best practices as well as provide educational opportunities to the longevity and life settlement markets, which currently includes; expansion of privacy policy, audit guidelines, and workflows that provide insight into the life expectancy process. The recently released (Version 1) can be requested and is also located on individual LEPr member’s websites.
The comprehensive Best Practices document developed by LEPr provides consistency and transparency (with clear definitions of format and reporting) in the following areas; Privacy, Fraud, Confidentiality, Life Expectancy Client Reports, Actual to Expected Performance Reports, IBNR (Incurred But Not Reported), and Definitions. All LE Providers are expected to implement these practices by January 1, 2012; early implementation is recommended. All industry organizations are strongly encouraged to require member company (LE Providers) to adopt this document and incorporate these Best Practices.
The founding members of the LEPr focus group are Advanced Underwriting Solutions (AUS), AVS Underwriting, Examination Management Services, Inc. (EMSI), ISC Services, and 21st Services.
Click on the below link for a copy of LEPR’s Best Practices Version 1
Best Practices | Download
Version: 1
Size: 184.59 kB
Description: LEPR\'s Best Practices - V1
