Institutional Longevity Markets Association (ILMA)Jack Kelly, Managing Director, 202-552-2788
The Institutional Longevity Markets Association (ILMA) today released their latest Investors Note entitled “Addressing the Medicaid Long-Term Care Funding Crisis: Are Life Settlements the Answer?”
“The treatment of life insurance with respect to Medicaid eligibility can be complex, with many seniors lapsing policies in order to qualify for Medicaid,” writes Thomas R. Weinberger a partner at Stroock & Stroock & Lavan LLP who serves as counsel to ILMA. “In several states, including Florida, Kentucky, Louisiana, Maine and Texas, new bills focusing on the role life settlements can play in funding Medicaid long-term care costs were proposed in 2013. Recently, the Texas bill was approved by both the House of Representative and the Senate and now awaits Governor Perry’s signature. In the other states, the Medicaid bills appear to be stalled for the moment. Nevertheless, these bills have fostered discussions about the role life settlements may play in funding long-term care.”
A full copy of ILMA’s Investor Note “Addressing the Medicaid Long-Term Care Funding Crisis: Are Life Settlements the Answer?” is available at .
About the author:
Mr. Thomas Weinberger is a partner at Stroock & Stroock & Lavan LLP where he focuses his practice on insurance and risk-linked securities, life insurance finance and related capital markets transactions, life settlements, premium finance and alternative risk transfer and securitization transactions. Stroock & Stroock & Lavan LLP serves as counsel to the ILMA.
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.