The Life Insurance Settlement Association (LISA) was founded in 1995 as a nonprofit trade association for members of the viatical and life settlement industry, associated businesses, and consumers. In January 2006, the association changed its name to LISA from the Viatical and Life Settlement Association of America in recognition of the fact that the industry is no longer as focused on viaticals.
LISA and its members are held to the highest ethical standards. LISA members pledge to improve public information and awareness in order to achieve a healthy industry, strong individual businesses, and well-served consumers.
Members of LISA include brokers, providers, financing entities, and organizations serving the industry in a legal, actuarial, banking, and life expectancy capacity. This diverse body works together in support of the association's mission.
Since its inception, LISA has been a leader in promoting responsible legislation and regulation of the industry. The association has actively worked to ensure the development of appropriate models adopted by the National Association of Insurance Commissioners and the National Conference of Insurance Legislators for regulation of the industry.
LISA has contributed concepts and language to state laws governing the industry. In 2004, an extensive set of recommended standards was adopted for all industry segments. These efforts have resulted in improved public information and public awareness and have created a competitive marketplace that offers consumers a valuable financial service.
Members of LISA engage in ongoing regulatory discussions directly with and through the association to develop their understanding of emerging issues. All members are invited to participate in a weekly open conference call to review emerging legislation and legal developments. These issues are also posted on the association's extensive searchable Web site. The continual exchange of information among interested parties has given the association a reputation as the most comprehensive authority in the life settlement business.
Benefits
The Life Insurance Settlement Association offers many benefits and services both to its members and the public.
o Referral services. Advisors and consumers can use the LISA Web site to locate member companies. Member companies are experienced, knowledgeable, and held to the highest ethical standards.
o Licensing. Some states require a special license in order to perform life settlements and/or viatical transactions. To find out whether a license is required in your state or your client's state, contact either the state insurance department or LISA.
o Legislation/Regulation. The association stays on top of regulatory issues and provides members with updates and clarification, as needed.
o Web site. The LISA Web site is designed to provide members and the public with critical information regarding the life settlement and viatical settlement business. Interested parties are asked to call or email LISA's office with any questions or concerns.
Doug Head has participated in all significant settlement industry initiatives since the mid-1990s. Since 2000, Mr. Head has served as the Life Insurance Settlement Association's executive director. Prior to that, he held the positions of secretary and president for LISA. Mr. Head can be reached at 407-894-3797 or doug@lisassociation.org. For more information about LISA, visit www.lisassociation.org.
