ACLI Addresses Fasano Life Settlement Conference.WASHINGTON -- Linda Lanam, Vice President of the American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. (ACLI ACLI American Council of Life Insurers ACLI Associazioni Cristiane Lavoratori Italiani (Italy) ACLI American Council of Life Insurance ACLI Ada Command Language Interpretation ), addressed a gathering of 175 attending a Life Settlement Conference hosted by Fasano Associates at its headquarters in Washington, DC. While acknowledging that life settlements may serve a legitimate purpose in some situations, Ms. Lanam expressed life industry concerns with investor initiated life settlement transactions. A life settlement is the sale in the secondary market of a life insurance policy that no longer meets the needs of the policy owner. Life settlements bring together the capital and insurance markets to provide owners of life insurance competitive market values for these policies. "The ACLI has a legitimate concern when a life settlement transaction appears to compromise the principle of insurable interest A right, benefit, or advantage arising out of property that is of such nature that it may properly be indemnified. In the law of insurance, the insured must have an interest in the subject matter of his or her policy, or such policy will be void and unenforceable since it in a life insurance policy," said Michael Fasano, President of Fasano Associates. "The life settlement industry needs to address this concern and I believe will do so." P. Todd Cioni, Associate Commissioner of the Maryland Insurance Administration, shared concerns about some transactions, reportedly with excessive commissions paid to brokers relative to the value of the transaction. His concerns were shared by Nate Evans, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Maple Life Financial, who opened the Conference with a "State of the Industry" presentation. Additional presentations were made on Securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of Life Settlements, Privacy Issues affecting Life Settlement Transactions, and Evaluating Life Expectancies. Dr. John Iacovino, Medical Director of Fasano Associates, closed the Conference with a presentation on the Life Expectancy Impact of Implantable Defibrillators. About Fasano Associates Fasano Associates is a leading underwriting consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a serving the life, health and life settlement industries. |
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