Joining ILMA
Thank you for your interest in becoming a member of the Institutional Life Markets Association (ILMA). ILMA channels the input from our members into a strong voice to influence market participants, regulators and elected officials in states throughout the US and in Washington, D.C.
ILMA currently has two categories of membership:
Charter Membership
Membership as a “Charter Member” is limited to the following types of entities:
(i) broker-dealers registered with the U.S. Securities and Exchange Commission that own or invest on a discretionary basis at least $500 million in securities,
(ii) non-U.S. broker-dealers subject to substantially similar governmental supervision in their home jurisdictions that own or invest on a discretionary basis at least $500 million (or its foreign currency equivalent) in securities,
(iii) U.S. banking institutions subject to substantive regulation and supervision by an agency of the U.S. federal government with total assets in excess of $1 billion,
(iv) non-U.S. banking institutions subject to substantially similar governmental supervision in their home jurisdictions with total assets in excess of $1 billion (or its foreign currency equivalent),
(v) Qualified Institutional Investors, (vi) an investment fund that owns, in the aggregate, either by itself or together with any entity under common control with the applicant, at least $100 million in investments in longevity and/or mortality related-investments, or
(vii) so long as neither it nor any of its affiliates is licensed as a life settlement provider or a life settlement broker, any business or entity whose primary business relates to advising investors in longevity and/or mortality-related transactions, including providing policy valuation services, provided that the clients of such person own, in the aggregate (excluding any amounts owned by clients of such person who are also members of ILMA), at least $100 million, in investments in longevity and/or mortality related investments. For more information, download the Charter Membership Application.
Allied Membership
Membership as an “Allied Member” is limited to the following types of entities that, in the ordinary course of their business operations, provide services in connection with longevity and mortality-related transactions:
i) an investment fund that owns, in the aggregate, either by itself or together with any entity under common control with the applicant, at least $25 million, but less than $100 million, in investments in longevity and/or mortality-related investments;
(ii) any business or entity that prepares and delivers life expectancy reports, so long as such business or entity’s primary business relates to engaging in longevity and mortality-related transactions;
(iii) actuarial services firms, so long as such firm’s primary business relates to engaging in longevity and mortality-related transactions,
(iv) any business or entity that provides custodial services relating to a longevity or mortality-related transaction (provided, that each such entity is a banking institution regulated by federal law or by the laws of its home jurisdiction),
(v) so long as neither it nor any of its affiliates is licensed as a life settlement provider, any business or entity whose primary business relates to providing servicing and tracking services relating to longevity and/or mortality-related transactions,
(vi) so long as neither it nor any of its affiliates is licensed as a life settlement provider or a life settlement broker, any business or entity whose primary business relates to advising investors in longevity and/or mortality-related transactions, including providing policy valuation services, provided that the clients of such person own, in the aggregate (excluding any amounts owned by clients of such person who are also members of the Association), at least $25 million, but less than $100 million, in investments in longevity and/or mortality-related investments, and
(vii) accounting firms and law firms.
For more information, download the Allied Membership Application.
ILMA Membership Benefits
ILMA members benefit from concerted legal action on major issues affecting the industry, all at a fraction of the cost that each member would cost had it undertaken those activities individually.
- On behalf of its members, ILMA reviews all proposed legislations affecting the life settlement industry and provides timely reports to members.
- Where action is required, ILMA comments on proposed legislation and testified before legislatures.
- ILMA monitors pending life settlement litigation and provides regular updates to members and becomes involved, through the filing of amicus briefs, in key cases.
- ILMA proactively manages key legal issues and works with members to ensure that the members’ interest are best positioned for key developments.
ILMA actively monitors legislative developments and protects the interests of its members by submitting comment leaders and testifying before legislatures.
- The input of members through monthly meetings and participation in the legal committee are crucial for the effective representation of ILMA members’ concerns.
ILMA’s counsel monitors on a regular basis developments in legal cases and informs members of key issues that are of concern to members.
- ILMA has submitted amicus briefs in several key cases. The process of developing the amicus briefs was informed by input from members.
ILMA provides the only forum where on a monthly basis the key players in the life settlement industry and the broader longevity and mortality markets – investors, banks, life expectancy providers, servicers and others – meet to discuss leading industry issues.
- The closed forum allows for an honest and open exchange of issues, to a degree that cannot be replicated in other forums and settings
ILMA members form and participate in working groups that address in detail leading issues in the market and provide members with key information that they need to maximize their investments.