Underwriting firm leaders wants more transparency
November 14th, 2008Underwriting firm leader calls for more transparency from life expectancy underwriters
This is good news for the Life Settlement Industry, and a good call to action from Mr. Fasano. The recent changes in mortality and life expectancy reports put a strain on the industry. Not just for current policies that offered on but on previously purchased policies where investors may have to recalculate their investments.
The head of a Washington, D.C., underwriting firm is calling for more transparency among life expectancy underwriters.
Michael Fasano, the president of Fasano Associates, made the call proposing best practices standards for life expectancy underwriters during his company’s fifth annual life settlement conference. Fasano Associates serves the life, health, and life settlement industries.
Fasano called on the underwriters to retain qualified, independent actuarial firms to conduct regular analyses of actual to expected accuracy in a standardized format to allow more meaningful comparisons among professionals.
“We need more transparency in our industry if we expect to attract investment capital,” Fasano said in a statement. “Life expectancy underwriters have taken a lot of criticism recently – some legitimate and some not. But for our industry to move forward, we have to put our performance out there for review. Investors simply will not tolerate a secretive attitude any longer.”
Other speakers at the conference included Alan Buerger, CEO of Fort Washington, Pa.-based Coventry and Michael Barone, senior writer at U.S. News & World Report and a Fox News political analyst.
