WASHINGTON--(BUSINESS WIRE)--The Institutional Life Markets Association is now the Institutional Longevity Markets Association (ILMA). The ILMA board voted at a recent meeting to change the organization’s name to reflect its enhanced focus on the spectrum of transactions conducted in the longevity market, including secondary and tertiary trading in life settlements, synthetic settlements and other derivative transactions and transfers of longevity risk to the capital markets.
“Transitioning our name from ‘Life Markets’ to the broader ‘Longevity Markets’ name more accurately reflects the suite of products and the investors involved in this space,” said Jack Kelly, ILMA Managing Director. “Demonstrated by the consistent growth of our membership, ILMA is a key leader across the spectrum of products designed for investors in longevity risk and our new name captures our broader focus.”
“ILMA is active at the legislative and regulatory level along with filing amicus briefs on various legal cases affecting this market,” continued Kelly. “Our members seek to expand and apply capital market solutions to the challenges in the life insurance and broader longevity markets. We work to educate regulators, policy makers, and the public that life insurance is a valuable asset.”
Membership in ILMA provides research and timely updates on legal, regulatory and legislative issues. Members are part of an active forum and encouraged to provide input into ILMA’s agenda, collectively joining and creating a substantial voice in the future direction of the longevity-mortality markets.
“Our goal is to represent the investor interest in longevity markets by actively supporting the responsible growth and regulation of the life settlement and longevity industry,” added Kelly. “ILMA is the only trade association solely dedicated to the role of the institutional and investor participants in the longevity markets.”
ILMA is a not-for-profit trade association focused on the longevity marketplace. By creating innovative capital market solutions, ILMA members seek to expand consumer choice in one of their most important assets - their life insurance. The Association is a leader in establishing best practices and in raising awareness about this growing and vital industry.
ILMA's MISSION is to expand and apply capital market solutions in life insurance, educate consumers that their insurance may be a valuable asset, expand consumer choices about how to manage it, and support the responsible growth and regulation of the industry. We believe that expanded consumer choice and full disclosure of all fees is good for the consumer and for the industry.
ILMA Members agree to comply with ILMA’s “Guiding Principles” which were developed by ILMA leadership to facilitate the promulgation of appropriate regulation and the development of industry “best practices.” The “Guiding Principles” focus on transparency, consumer choices, fiduciary duty, insurable interest principle, policy origination, protection of insured’s identity, competition, and marketplace education.
Released in 2010, ILMA’s “Life Settlement Provider Best Practices” is a guide of minimum compliance and diligence procedures for life settlement providers.