Code of Ethics
ARTICLE I.
OBJECTIVE
A. This is a statement of ethical conduct by which the Association expects and encourages its Members to comply within their business activities within the industry and with those individuals and entities that deal with the industry.
ARTICLE II.
DEFINITION OF TERMS
A. “Members” include Board Members, and all Members of the LISA.
B. “Public” refers to Members’ clients, regulatory bodies, and the general business community.
C. “LISA” is the Life Insurance Settlement Association
ARTICLE III.
PRIORITY OF CLIENT’S INTEREST
A. A Member shall act in a manner that places the client’s interests above its own interests.
ARTICLE IV.
RESPECT FOR THE LAW
A. A Member shall comply with the relevant laws and regulations of all Governmental or professional bodies that have jurisdiction.
B. A Member shall remain knowledgeable of the laws and regulations that apply to the industry in general and to its specific operations.
C. A Member shall not engage in any act or omission in a dishonest, deceitful or fraudulent nature.
D. A Member shall not allow the pursuit of financial gain or other personal benefits to interfere with the exercise of sound professional judgment and skills.
ARTICLE V.
INTEGRITY
A. A Member’s personal and professional integrity is the foundation for public trust of that Member and the industry as a whole.
B. A Member shall be honest, trustworthy, conscientious, thorough, and deal fairly with all parties.
C. A Member shall not advocate, sanction, participate, or cause to be accomplished or otherwise carry out through
another party, or condone any act that is contrary to the public interest, the interest of the industry or to existing laws.
D. A Member will not directly or indirectly participate in any publicity seeking endeavor meant to attract business in a deceptive manner using fraudulent or false methods of promotion, advertising or marketing.
E. A Member is prohibited from performing business dealings outside or contrary to this Code.
ARTICLE VI.
COMPETENCE
A. A Member shall remain informed and shall promote continuous education within its management and staff of all matters that are essential to the maintenance of its professional competence and management of its business in the industry.
B. A Member should have the wisdom to recognize the limitations of its knowledge and obtain consultation from another professional organization or refer a client to another professional organization if appropriate.
C. A Member shall not knowingly misrepresent or conceal any limitations on the Member’s ability to provide the quality or quantity of professional services it purports to have and that may be required by the circumstances of the transaction.
ARTICLE VII.
DILIGENCE
A. A Member shall provide services promptly and efficiently, taking care to be accurate and thorough.
B. A Member shall encourage and develop competence among its employees that provides satisfactory service to its clientele and the public.
ARTICLE VIII.
CONFIDENTIALITY/ PRIVACY
A. A Member, without authorization, shall not disclose to another person any confidential information entrusted to, or obtained by the Member in the course of its business, except where disclosure is required by law or made to a person/entity that must necessarily have the information in order to discharge the legitimate occupational or professional duties.
ARTICLE IX.
CONFLICT OF INTEREST
A. A Member should avoid a conflict of interest OR even the appearance of a conflict of interest in performance of its services in the industry. Should a conflict situation arise, the Member must obtain a waiver of the conflict from all parties involved in the transaction or withdraw from the transaction.
ARTICLE X.
PROFESSIONALISM
A. A Member’s conduct should inspire confidence, respect and trust of clients, the industry and the public.
B. A Member should instill ethically conscious behavior in its employees and representatives and encourage and direct them to promote high standards of professionalism in the industry.
C. A Member shall not engage in improper criticisms of other Members.
D. A Member shall engage in LAWFUL cooperation among Members with the objective of sharing knowledge, information and experiences within the industry.
E. A Member shall not engage in unfair competitive practices or condone questionable business actions.
ARTICLE XI.
VIOLATION AND DISCIPLINE
A. Membership may be revoked by LISA for failure to act in accordance with the provisions of the LISA Code of Ethics, Bylaws and approved policies and procedures promulgated by the Board of Directors. This Code of Ethics has been promulgated by LISA in an effort to stress the fundamental rules considered essential to this basic purpose. It shall be the obligation of members to seek to avoid not only conduct specifically proscribed by the code, but also conduct that is inconsistent with its spirit and purpose. Failure to specify any particular responsibility or practice in this Code of Ethics should not be construed as denial of the existence of other responsibilities or practices.
B. Any member who violates the provisions of the LISA Code of Ethics, Bylaws or approved policies and procedures
shall immediately report such violation to the Executive Director who shall report the violation to the Board of Directors.
ARTICLE XII.
CERTIFICATION
A. Every Member shall certify annually, on a form provided by LISA, that they are in compliance with the provisions of the LISA Code of Ethics, LISA Bylaws and approved policies and procedures promulgated by the Board of Directors.
B. Any Member who fails to proffer certification as prescribed by the LISA Code of Ethics shall have its membership revoked by the LISA Board of Directors in accordance with LISA Bylaws and procedures promulgated by the Board of Directors.
ARTICLE XIII.
REVIEW
A. The Board shall periodically monitor the relevance and effectiveness of the LISA’s Code of Ethics. The Code shall be a living document and shall be updated, as required, taking into account any technical, regulatory, economic or social changes, directly or indirectly, in the industry.
