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ELSA’s Code of Practice (the “Code”) was introduced to establish common standards of best practice within the life settlement industry and protect the interests of Investors in the asset class.
ELSA members certify their compliance with the Code when they apply for membership and annually thereafter. Failure to comply with the Code may ultimately result in the member being asked to resign from the association.
Click on the links below to download either the Code of Practice, the Code of Practice Guide, or the Code of Practice Factsheet, to learn more about ELSA’s flagship standards initiative.
First published edition. Organised into asset origination, asset and risk management, and managing the investor relationship.
Second edition. Reorganised into product design, disclosure and reporting, and sales and marketing.
Third edition. Separated into requirements and guidance. Additional standards added reflecting “Big 4” auditing practice.
Fourth edition. Additional standards added relating to COI increases, valuation, performance attribution, performance fees, data security, medical record updates, external data sources, and overhead and leverage disclosure.
Fifth edition. Performance attribution and loan/(re)insurance disclosure reworded. Key portfolio information and portfolio breakdown reporting revised.
Sixth edition. Member conduct section added. Guide and “Comply or Explain” procedure created.