1 Structured settlement annuities: Safety through Oversight and Protection from Legal Process Jason D. Lazarus, Esq., CSSC Structured settlements utilizing life insurance annuities as their funding mechanism have been around for three decades. Over half a million injury victims receive benefits from structured settlement annuities. Each year life insurance companies that provide structured settlements receive more than $6 billion to fund new structured settlement arrangements and an estimated $100 billion has been paid in total to fund structured settlements in force today. 1 Structured settlements are utilized in the settlement of tort claims because of the advantages it offers like tax-free payments 2, fixed annuities not subject to large market fluctuations, they provide guaranteed lifetime income, have inherent spendthrift protection as well as creditor protection and avoidance of guardianship requirements in certain cases. Structured settlements offer the unsophisticated investor the ability to make a onetime simple investment decision that will provide competitive returns without market risk and no taxation. Similarly, for sophisticated investors they can use the annuity as a funding mechanism for other market based investments using a dollar cost averaging approach. However, recent market events have had many people question any type of investment including structured settlement annuities. Nevertheless, structured settlement annuities remain a safe and a viable vehicle to protect injury victims. This article will explore some of the safeguards that are in place to protect structured settlement recipients. Government Oversight of Life Insurance Companies The financial market events of late 2008 were historic and unprecedented. The near collapse of AIG, one of the world s largest companies and a top insurance company conglomerate, is and was a sign of the times. The impact of AIG s problems on our financial markets illustrates how quickly things can spiral downward. However, it also illustrates that structured settlements are still quite safe for personal injury victims given the alternatives in today s market. Imagine those injury victims who were heavily invested in the stock market during recent downturns needing to withdraw large amounts from their accounts for a needed experimental medical treatment or a handicapped vehicle. It would have been bad timing to have to get money out of the market while a structured settlement would not have been impacted by these financial events. Given everything that has occurred recently, some have questioned whether life companies that provide structured settlements would or could possibly collapse. Certainly AIG s financial issues impacted the credit rating of their life company, American General. American General was downgraded from A+ to A by A.M. Best as a result of AIG s financial issues. However, AIG s life company is a separate company domiciled in Texas and regulated by the Texas
2 Department of Insurance. Life insurance companies are regulated by their domicile state s department of insurance. The National Association of Insurance Commissioners (NAIC) issued a statement after the near collapse of AIG which stated the following: As a holding company, AIG is a separate, federally regulated legal entity that is distinct and apart from its subsidiary insurers. The subsidiary insurers are governed by state laws designed to protect the interest of policyholders. State insurance regulators are committed to protecting the interest of policyholders and will work closely with AIG management and other regulators to fulfill this commitment. The No. 1 job of state insurance regulators is to make sure insurance companies operate on a financially sound basis. If needed, we immediately step in if it appears that an insurer will be unable to fulfill the promises made to its policyholders. This includes taking over the management of an insurer though a conservation or rehabilitation order, the goal being to get the insurer back into a strong solvency position. State regulators have numerous actions they can take to prevent an insurer from failing. Claims from individual policyholders are given the utmost priority over other creditors in these matters and, in the unlikely event the assets are not enough to cover these claims, there is still another safety net in place to protect consumers: the state guaranty funds. These funds are in place in all states. If an insurance company becomes unable to pay claims, the guaranty fund will provide coverage, subject to certain limits. In the case of American General, they have been in business since the 1920s. They were acquired by AIG only in the recent past (2001). There was never any indication of any financial issues with American General. It is understandable why there were fears over American General given AIG s well publicized financial crisis. However, as the NAIC statement explains the life company, as with all life insurance companies, is highly regulated by state insurance regulators whose goal is to protect consumers who have policies. The problems that AIG experienced were due to other sectors of the company which were impacted by the slumping housing market and foreclosures. AIG is the only company that has a life insurance company which provides structured settlements that was heavily involved in this problematic sector of the market. Other life insurance companies, such as New York Life, John Hancock Life, Pacific Life, MetLife and others have little or nothing to do with these markets and their financial ratings remain very, very strong. In addition to oversight by insurance commissioners and state departments of insurance, state laws require life insurance companies to maintain reserves for every obligation they undertake and regulate the types of investments a life company can make. According to the National
3 Structured Settlement Trade Association (NSSTA), more than two-thirds of the investments corresponding to a life insurer s required reserves are held in investment grade bonds, with less than five percent in the stock market. On top of reserves, life insurance companies must maintain a surplus of additional funds to meet their future obligations. There are certain ratios that are considered healthy in terms of assets to liabilities. NSSTA points out that the American Council of Life Insurers, in a recent survey, their members average surplus ratio actually stood at a factor of over four while assets of two and a half times liabilities are considered healthy. A discussion about the protections in place for structured settlement annuities would not be complete without a discussion of the state guaranty funds 3. According to the National Organization of Life & Health Insurance Guaranty Associations (NOLHGA), state life and health guaranty associations are state entities instituted to protect insurance policyholders of insolvent insurance companies. There is a state guaranty association in all fifty states as well as Puerto Rico and the District of Columbia. NOLHGA explains that [t]he guaranty association cooperates with the commissioner and the receiver in determining whether the company can be rehabilitated or if the failed company should be liquidated and its policies transferred to financially sound insurance companies. Once a liquidation is ordered, the guaranty association provides coverage to the company s policyholders who are state residents up to the limits specified by state laws. 4 The National Structured Settlement Trade Association explained the interplay of the state guaranty associations and two past failures of life companies in the 1980s. According to Randy Dyer, former Executive Director of NSSTA: If any carrier becomes insolvent, the guaranty association assesses its members against a predetermined formula to make up the shortfall. The variables in each state include the coverage limit; the trigger and definition of who is covered. Most states use a $100,000 limit though some offer $300,000 or $500,000 for annuities, including structured settlement annuities. The limit refers to the present value of the remaining future stream of payments at the time of the insolvency. Most states trigger the coverage with insolvency. Some few use a somewhat lower standard. In practical terms, the guaranty associations fund the transfer of obligation from an insolvent insurer to a solvent insurer. The classic case was the Canadian company, Confederation Life. When Confederation was taken into conservation by the Canadian government, the US regulators separated the US business from the parent company. Each block of business was grouped and assigned a pro rata share of the assets. The block of assets and liabilities in each line of business was then sold at auction to the highest bidder (which is to say, the company willing to take the least assets in order to guaranty 100% payments to all policyholders in
4 that line of business. The prize business, life insurance and investment products, is sold first. Since those contracts represent an ongoing stream of premiums or payments, companies are willing to take fewer assets in order to secure the business. The excess assets are then poured over the other lines of business. The single premium business is sold last, by which time it is covered by the maximum amount of assets. If there is any shortfall, the guaranty funds step in to fill the gap. It is relatively rare for guaranty funds to have to do more than finance the process and recoup their investment once all policyholders have been guaranteed 100% payments. In the case of the kind of highly rated companies associated with structured settlements it is rarer still. Only once in the history of the guaranty funds has a shortfall continued to exist at the end of the above process. That was the case of Executive Life of California which fell victim to the junk bond craze of the mid-1980's. First Executive Corp, ELIC's parent was holding some 13,000 structured settlements when it was taken into conservation. Of those, 8,000 were covered 100% by ELIC's assets. Of the remaining 5,000, 3,500 were covered by a combination of ELIC's assets and the guaranty fund coverage. Another 1,100 policies were made whole by a combination of the above and shortfall payments made by property casualty insurers. The remaining 300 annuitants recovered an average of 92 cents on the dollar. Executive Life is the only circumstance since the inception of structured settlements where anybody who accepted a structure received less than they were supposed to get from their life insurance annuity policy. Given that there are more than 500,000 structures in force around the world, the fact that 100% of structured settlement payments have been made and only 1% of payments were altered even after insolvency is a testament to their safety. Companies who write structure settlement annuity policies represent the top two percent of all life and annuity companies in the country and offer the highest possible protection for injury victims. There will always be some amount of risk no matter how an injury victim invests their settlement proceeds, but structured settlements annuities are by far the safest alternative from a risk standpoint. Obviously care and thought should be given to how to construct a structured settlement plan for an injury victim. Diversification and creating overlapping income streams with different companies may be advisable depending on the circumstances. Careful analysis regarding the financial strength of the life insurance companies proposed for an injury victim is also of paramount importance. There are several rating services that evaluate the strength of life insurance companies that offer structured settlements. The primary rating service is A.M. Best and their top rating is A++. The other important rating service is S&P whose top rating is AAA. While companies rated A+ by A.M. Best or AA by S&P are still excellent companies, depending
5 on risk tolerance of the client and concerns about security, a client might want to go with a company like John Hancock. John Hancock is rated A++ by A.M. Best and AAA by S&P the highest possible rating for financial security by both rating services. Another alternative would be to place portions of the settlement with John Hancock, New York Life and Pacific Life, the top three rated life insurance companies that offer structured settlement annuities. It could be split a third to each company or weighted towards whichever company has the best deal for the client. As part of the ratings analysis process, consideration should also be given to the types of investments that a life insurance company makes with its assets. For example, New York Life (rated A++ by A.M. Best and AAA by S&P) has a total of $104 billion invested assets. Bonds make up the largest percentage of their invested assets at 63.6% (of that 69.5% were class 1 highest quality bonds and 23.9% were class 2 higher quality bonds). Mortgages make up a rather small percentage of their invested assets at 8.7% (however 0.0% were classified as problem mortgages ). In addition, there is a ratio of assets to liabilities measurement that is also important to consider in these turbulent financial times. New York life s ratio is very high meaning they are very well capitalized as one would expect given their financial ratings. This information is available from services that evaluate insurance companies and should be provided by a settlement planner upon request. To summarize, structured settlement annuities have multiple levels of protection. The first level of protection is oversight by state insurance commissioners. The second level is state law reserve and surplus requirements. The third level of protection is provided by state insurance guaranty associations. Fourth is selection of the best possible combination of life insurance companies that provide structured settlement annuities after analysis of their ratings. Structured Settlement Protection Acts After the advent of the factoring industry in the early 1990s, nearly every state has passed a structured settlement protection act. The acts protect structured settlement recipients from unscrupulous companies that purchase structured settlements. Factoring companies, the name commonly used for companies that purchase structured settlements, buy injury victim s payment streams in return for a lump sum payment to the injury victim. The lump sum payment to the injury victim for their future periodic structured settlement annuity payments is typically at a sharp discount with some discount rates being patently unfair. 5 Given the unsophisticated population selling structured settlements, the amount of advertising by factoring companies and past abuses by factoring companies, many states have enacted Structured Settlement Protection Acts and the Federal government decided to enact protective legislation in the form of Section of the Internal Revenue Code.
6 Section 5891 of the Internal Revenue Code requires that all structured settlement factoring transactions be approved by a state court, in accordance with a qualified state statute. Qualified state statutes must make certain baseline findings, including that the transfer is in the best interest of the seller, taking into account the welfare and support of any dependents. Failure to comply with these procedures results in the factoring company paying a punitive excise tax of 40% on the difference between the value of the future payments sold and the amount paid to the person who wanted to sell. State legislatures began enacting protective legislation, called Structured Settlement Protection Acts, for structured settlements in While the state Structured Settlement Protection Acts vary, they are based on a model act and most contain similar provisions. All of the acts mandate court approval of any proposed sale with a best interests finding, most impose numerous procedural requirements and call for full disclosure of the terms of the transaction. A New York case denied a petition for approval of a factoring transaction under the state s structured settlement protection act because of the unfair nature of the deal, lack of a plan for the lump sum to be received and it did not serve the payee s best interests. 8 Judge Alice Schlesinger explained, in denying the approval of the sale, that [t]he Act, similar to others nationwide, was designed to protect the recipients of long-term structured settlements from being victimized by companies aggressively seeking the acquisition of their rights. Other courts that have interpreted the various state acts have found that they are designed to protect beneficiaries of structured settlements from being taken advantage of by others. 9 The best interests standard was described by a Pennsylvania court as admitting the reality that a person s judgment is often clouded by the lure of quick cash; and insures that the public policy considerations involving structured settlements are not usurped by organizations that lure people into assigning future payments for far less than their actual value. 10 Similarly, cases have held the structured settlement payment acts prevent garnishment of a structured settlement annuity. In a Pennsylvania case, the court held that a creditor s alleged security interest and garnishment of a structured settlement annuity violated the state s Structured Settlement Protection Act. 11 In interpreting the Pennsylvania Structured Settlement Protection Act, the court determined that garnishment was encompassed by the broad meaning of the word transfer in the act. Another important note is anti-assignment provisions found in many structured settlement agreements. Most settlement releases of tort claims where a structured settlement will be implemented contain an anti-assignment provision. This provision typically states that the periodic payments cannot be accelerated, deferred, increased or decreased by claimant or any payee; nor shall claimant or any payee have the power to sell, mortgage, encumber, or anticipate the periodic payments, or any part thereof, by assignment or otherwise. Most state courts have held that the common law and contract rights relating to these provisions are not superseded by
7 enactment of Structured Settlement Protection Acts. 12 Accordingly, courts have blocked the sale of structured settlements even though they complied with the state act because it would be barred by the anti-assignment clause found in the settlement documents. 13 There is model language that can be inserted into a settlement agreement that would allow for factoring, if desired, but requiring it comply with IRC 5891 and relevant state Structured Settlement Protection Acts. 14 Most states impose fines and provide civil remedies for failure to comply with the state Structured Settlement Protection Act. Some deem a violation of the statute as a violation of the Unfair Trade Practices and Consumer Protection Law. 15 In addition, there is the 40% excise tax imposed by IRC 5891 for failure to comply with the state Structured Settlement Protection Act. 16 The Structured Settlement Protection Acts provide significant protections for structured settlement recipients against factoring transactions and have in some instances prevented the sale of a structured settlement completely. These laws are a further protection of structured settlement recipients and illustrate the government s recognition of their value to injury victims. Protection from Creditors, Bankruptcy & Divorce Oftentimes the protection that structured settlement annuities are afforded under the law in terms of judgments and creditor claims is overlooked when analyzing whether to implement one. However, this feature is very important for injury victims who need to protect their recovery. Injury victims only get one opportunity to recover for their injuries. If someone who recovers for their injuries is subsequently involved in an accident where they injure someone else or someone is injured on their property, bank accounts and most investments are exposed to claims. In addition, if an injury victim gets into debt and has creditors making claims, their assets could be exposed to these claims. However, many states have either common law or statutes that protect annuities from legal process. For example, in Florida there is a statute 17 that completely exempts annuities from creditors and judgments. This statute gives injury victims an option to completely protect their settlement proceeds from judgments or creditor claims by entering into a structured settlement annuity as part of their settlement. That statute has been interpreted by Florida courts 18 to defeat judgment creditor claims against structured settlement annuities. In addition, structured settlements offer enhanced protection in case of divorce or bankruptcy. Structured settlements are not owned by the injury victim. Instead, the injury victim is the payee and the life insurance company s assignment company owns the annuity. When a structured settlement is created as part of a settlement an assignment is done. The assignment is done to transfer ownership of the annuity from the purchaser, the defendant, to the life company assignment corporation. The assignment corporation takes on the obligation to make the future periodic payments and purchases an annuity from the annuity issuer. Because of this legal arrangement, structured settlement annuities are not an asset owned by an injury victim.
8 Consequently, it is not an asset that can generally be divided in the case of divorce. 19 The income that it produces can be considered in determining alimony, but the asset itself usually is not divided. 20 Similarly, a structured settlement annuity is not an asset generally reachable in cases of bankruptcy. 21 Conclusion Given the safety and security structured settlement annuities provide they should be considered as part of any sound financial plan for an injury victim. The oversight by state insurance commissioners and state laws provide annuity policyholders with significant safeguards over their structured settlements. State insurance guaranty associations provide an extra layer of protection for structured settlement recipients. The enhanced protection from judgments (including divorce), creditors and bankruptcy enjoyed by structured settlement annuities makes them an important planning tool for injury victims to safeguard their settlement proceeds. Before deciding to not structure a settlement, careful consideration should be given to these protections and the value they provide to safeguard an injury victim s recovery. An experienced settlement planner can help provide advice on all of these issues and provide information about the benefits of a properly created structured settlement plan. 1 Hindert & Ulman, Transfers of Structured Settlement Payment Rights: What Judges Should Know About Structured Settlement Protection Acts, 44 NO. 2 Judges J. 19 (2005). 2 See IRC Section 104(a)(1) & (2). See also Revenue Ruling (July 1979) 3 See Florida Statute for information on coverage of annuities in the state of Florida by the Guaranty Association. 4 According to NOLHGA, when an insurer fails and there is a shortfall of funds needed to meet the obligations to policyholders, state guaranty associations are activated. To amass the funds needed to protect the state s policyholders, insurers doing business in that state are assessed a share of the amount required to meet all covered claims. The amount insurers are assessed is based on the amount of premiums that they collect in that state. 5 See J.G. Wentworth S.S.C. v. Jones, Jefferson Cty., S.W.3d 309, 315 (Ky. Ct. App. 2000) ( [i]n the four cases here the rate of return to Wentworth varied between 36 and 68 percent per year ); Windsor Thomas Group Inc. v. Parker, 782 So.2d 478 (Fla. 2d DCA 2001) (finding that from a functional viewpoint, this agreement is a secured promissory note with an annual interest rate of approximately 100 percent. ) U.S.C. 5891
9 7 Illinois was the first state to enact a structured settlement protection act. Hindert & Ulman, Transfers of Structured Settlement Payment Rights: What Judges Should Know About Structured Settlement Protection Acts, 44 NO. 2 Judges J. 19 (2005). 8 Petition of 321 Henderson Receivables, L.P. V. Martinez, 816 N.Y.S.2d 298 (2006) (holding proposed sale of payee s structured settlement payments was not fair and reasonable and did not serve best interest of payee, and thus could not be approved pursuant to Structured Settlement Protection Act ). 9 In re Benninger, 357 B.R. 337 (Bankr. WD. Pa. 2006). 10 In re Hilton, No , 2005 WL , 2005 Pa. Dist. & Cnty. Dec. LEXIS 392 (2005). 11 In re Benninger, 357 B.R. 337 (Bankr. WD. Pa. 2006). 12 See generally Rapid Settlements, Ltd. v. Dickerson, 941 So.2d 1275 (Fla 4 th DCA 2006) (holding assignment of payments was prohibited under settlement agreement); Bobbitt v. Safeco Assigned Benefits Service Co., 25 Conn. L. Rptr. 324, 41 U.C.C. Rep. Serv. 2d 942 (Conn. Super. Ct. 1999) (holding Structured Settlement Protection Act did not abrogate the anti assignment provision in the release and enforcing anti assignment provision); In re Foreman, 365 Ill. App. 3d 608, 302 Ill. Dec. 950, 850 N.E.2d 387 (2d Dist. 2006) (rejecting a petition by factoring company under the Illinois Structured Settlement Protection Act for court approval of factoring transaction and holding antiassignment provision in release prohibited transaction). 13 Id. 14 Suggested model language is as follows: None of the Periodic Payments and no rights to or interest in any of the Periodic Payments (all of the foregoing being hereinafter collectively referred to as Payment Rights ) can be accelerated, deferred, increased or decreased by any recipient of any of the Periodic Payments; or sold, assigned, pledged, hypothecated or otherwise transferred or encumbered, either directly or indirectly, unless such sale, assignment, pledge, hypothecation or other transfer or encumbrance (any such transaction being hereinafter referred to as a Transfer ) has been approved in advance in a Qualified Order as defined in Section 5891(b)(2) of the Code (a Qualified Order ) and otherwise complies with applicable state law, including without limitation any applicable state structured settlement protection statute. No Claimant or Successor Payee shall have the power to effect any Transfer of Payment Rights except as provided in sub paragraph (ii) above, and any other purported Transfer of Payment Rights shall be wholly void. If Payment Rights under this Agreement become the subject of a Transfer approved in accordance with sub paragraph (ii) above the rights of any direct or indirect transferee of such Transfer shall be subject to the terms of this Agreement and any defense or claim in recoupment arising hereunder. 15 See 40 P.S (P.A. 2000) U.S.C Florida Statute Exemption of cash surrender value of life insurance policies and annuity contracts from legal process: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall not in any case be liable to attachment, garnishment or legal process in favor of any creditor
10 of the person whose life is so insured or of any creditor of the person who is the beneficiary of such annuity contract, unless the insurance policy or annuity contract was effected for the benefit of such creditor. 18 See Windsor Thomas Group Inc. v. Parker, 782 So.2d 478 (Fla. 2d DCA 2001). Judgment creditor brought action to garnish annuity that funded structured settlement of tort case in favor of the judgment debtor. The issuer moved to quash the writ based on the statutory prohibition that annuity contracts are not liable to attachment, garnishment, or legal process in favor of any creditor. The Circuit Court dissolved the writ. Creditor appealed. The District Court of Appeal held that the issuer had standing to raise the statutory prohibition against garnishment. 19 See generally Krebs v. Krebs, 435 N.W.2d 240 (Wis. 1989) 20 See generally Ihlenfeldt v. Ihlenfeldt, 549 N.W.2d 791 (Wis. App. 1996) 21 See In re McCollam, 612 So.2d 572 (Fla. 1993). Annuity was exempt under Florida Statute from creditor claims in bankruptcy action. See also In re Orso, 283 F.3d 686 (5 th Cir. 2002) (holding structured settlement annuity contracts under which payments were owed came within scope of Louisiana statute exempting such contracts from the claims of creditors ); In re Belue, 238 B.R. 218 (S.D. Fla. 1999) (holding debtor who was named, as payee and intended beneficiary, under annuity purchased by insurance company to fund its obligations under structured settlement agreement was entitled to claim annuity payments as exempt under special Florida exemption for proceeds of any annuity contracts issued to citizens or residents of state.... ); In re Alexander, 227 B.R. 658 (N.D. TX 1998) (holding structured settlement annuity paid to debtors following the death of their children in automobile accident was entitled to exemption as an annuity under Texas law).
STRUCTURED SETTLEMENT PROTECTION ACT House Bill 5066 as enrolled Public Act 330 of 2000 Third Analysis (1-10-01) Sponsor: Rep. Andrew Richner House Committee: Family and Civil Law Senate Committee: Financial
Senate Bill No. 510 Passed the Senate September 9, 2009 Secretary of the Senate Passed the Assembly August 24, 2009 Chief Clerk of the Assembly This bill was received by the Governor this day of, 2009,
BILL #: CS/HB 767 HOUSE OF REPRESENTATIVES AS REVISED BY THE COMMITTEE ON INSURANCE ANALYSIS RELATING TO: SPONSOR(S): TIED BILL(S): Structured settlements Committee on Insurance & Representatives Brown
IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MISSOURI IN RE: DONALD BONUCHI and, Case No. 04-21387-drd-7 CINDY BONUCHI, Debtors. Adv. No. 04-2044-drd JANICE A. HARDER, Trustee, Plaintiff,
Learn More About Structured Settlements For over 25 years, the federal government has recognized and encouraged the use of structured settlements in personal injury cases. Structured settlements have also
Pacific Structured Assets, Inc. Secure High Yield Investments for the Sophisticated Buyer Buyer s Guide for Purchasing Secondary Market Annuities 2012 Pacific Structured Assets, Inc. All Rights Reserved
FOR PUBLICATION UNITED STATES BANKRUPTCY COURT DISTRICT OF NEW JERSEY -------------------------------------------------------X In Re: Chapter 7 STEVEN & BRANDENE JACKUS, Case No.: 09-28290 (MBK) Debtors.
Revised 1/8/10 STATUS OF PTNA AND ANIC PENN TREATY NETWORK AMERICA INSURANCE COMPANY AMERICAN NETWORK INSURANCE COMPANY FREQUENTLY ASKED QUESTIONS 1. Are Penn Treaty Network America Insurance Company (PTNA)
The History of the Life Insurance Industry Provides Good Reasons for Investor Confidence in the Secondary Market Like the life insurance industry itself, the secondary market for life insurance is a risk
Senate Bill 347 By: Senator Bethel of the 54th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 To amend Title 33 of the Official Code of Georgia Annotated, relating to insurance, so as to provide for extensive
Put your money to work Fixed Term Annuities Presenting Higher Yield Returns A to AAA Rated (S&P) Flexible terms April 2, 2010 No securities regulatory authority has expressed an opinion about these annuities.
The Sale of Structured Settlements in Minnesota Structured Settlements The term structured settlement is defined in Minnesota statutes as an arrangement: for the periodic payment of damages for personal
Secondary Market Annuities Purchaser s Guide Revised 03-02-2015 Secondary Market Annuities offer a simple and affordable way for buyers to meet financial goals, such as saving for retirement, a child s
Update on Transfer Issues NSSTA Annual Meeting April 26, 2012 STEPHEN HARRIS Factoring of Structured Settlement Annuities: Transfer Petition Volume Prior to the economic downturn of 2008, transfer petition
STRUCTURED SETTLEMENTS NORTH CAROLINA TRIAL JUDGES BENCH BOOK, SUPERIOR COURT, VOL. 2 (Civil), Structured Settlements, at pp. 4-7 (3d ed.) (Institute of Government 1999) A. THE APPROVAL HEARING 1. Plaintiff
September 11th Victim Compensation Fund Payments Are Tax- Free The Service has confirmed that periodic payments from the September 11th Victim Compensation Fund to victims of the terrorist attacks will
2014 Group Benefits Employer Markets Legislative Notice Employee Version Note: The purpose of this Notice is to provide an overview of new laws primarily passed in 2014 that may impact your insurance policy.
Opinion filed June 14, 2012 In The Eleventh Court of Appeals No. 11-10-00281-CV RSL FUNDING, LLC, Appellant V. AEGON STRUCTURED SETTLEMENTS, INC. AND MONUMENTAL LIFE INSURANCE COMPANY, Appellees On Appeal
The life insurance industry has in place a safety net of conservatism, regulation and oversight that, in these challenging economic times, may not be readily apparent. This document explains the many different
For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at email@example.com. MINNESOTA ANNOTATED STATUTES
BILL: SB 458 The Florida Senate BILL ANALYSIS AND FISCAL IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) Prepared By: The Professional
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WISCONSIN In re Case No. 07-27105 JAMES L. BORK and MICHELLE M. BORK, Chapter 7 Debtors. 1 MEMORANDUM DECISION ON TRUSTEE S OBJECTION TO EXEMPTION This
For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at firstname.lastname@example.org. ANNOTATED LAWS OF MASSACHUSETTS
Structured Settlements: A Buyer s Guide for Investors Learn more about court ordered structured settlement transfers, why they are viewed as safe investments, and how they can help you reach your financial
Case: 12-6018 Document: 006111674322 Filed: 04/30/2013 Page: 1 NOT RECOMMENDED FOR FULL-TEXT PUBLICATION File Name: 13a0435n.06 No. 12-6018 UNITED STATES COURT OF APPEALS FOR THE SIXTH CIRCUIT GARY COLYER,
GERONTOLOGY INSTITUTE McCORMACK GRADUATE SCHOOL OF POLICY AND GLOBAL STUDIES Protecting Your Retirement Savings from Potential Creditors State and federal laws provide strong protections to New England
Developments Concerning the Applicability of State Medicaid Lien Statutes 2321 N. Loop Drive, Ste 200 Ames, Iowa 50010 www.calt.iastate.edu Updated February 15, 2014 - by Roger A. McEowen Overview Medicaid
Insolvency Trends 2010 Mid Year Report A Publication of the National Conference of Insurance Guaranty Funds Welcome to the 2010 mid-year issue of the NCIGF s Insolvency Trends. Authored by the legal and
INCOME TAX ADVANTAGES OF STRUCTURING ATTORNEY FEES IN THIRD PARTY LIABILITY AND WORKER S COMPENSATION SETTLEMENTS By John J. Campbell, Esq. Introduction The use of structured settlements to settle third
The following information is intended to answer common questions about the Texas Life & Health Insurance Guaranty Association (the Texas Guaranty Association ) and the coverage it provides to policyholders
TITLE 13 CHAPTER 12 PART 3 INSURANCE MOTOR VEHICLE INSURANCE UNINSURED AND UNKNOWN MOTORISTS COVERAGE 184.108.40.206 ISSUING AGENCY: New Mexico Public Regulation Commission Insurance Division. [7/1/97; 220.127.116.11
12-2901. Definitions ARIZONA TITLE 12 - COURTS AND CIVIL PROCEEDINGS, CHAPTER 20, STRUCTURED SETTLEMENTS, ARTICLE 1, GENERAL PROVISIONS In this chapter, unless the context otherwise requires: 1. "Annuity
0 0 LEGISLATURE LRB 0/ 0 ASSEMBLY BILL March, 0 Introduced by JOINT LEGISLATIVE COUNCIL. Referred to Committee on Judiciary. AN ACT to create subchapter III (title) of chapter [precedes.],.,.,.,.,. and.0
For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at email@example.com., ANNOTATED BY LEXISNEXIS(TM)
BILL: SB 600 The Florida Senate BILL ANALYSIS AND FISCAL IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) Prepared By: The Professional
MEALEY S LITIGATION REPORT Reinsurance Piercing The Veil Of Reinsurance: Reinsurance Cut Throughs In Insurance Carrier Insolvencies by Joseph C. Monahan, Esq. Saul Ewing LLP Philadelphia, PA A commentary
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF ALABAMA In Re NATASHA B. BUNN Case No. 02-17303-MAM-7 Debtor. ORDER OVERRULING TRUSTEE S OBJECTION AND FINDING THAT DEBTOR S INTEREST IN A $12,500 ANNUITY
Matter of Settlement Capital Corp. (Illescas) 2003 NY Slip Op 30241(U) December 22, 2003 Supreme Court, New York County Docket Number: 103992103 Judge: Bruce Allen Republished from New York State Unified
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION In Re: Jason D. Misleh, Case Number: 15-41721 Debtor. Chapter 13 Honorable Mark A. Randon / I. INTRODUCTION OPINION AND ORDER
AN ACT concerning structured settlements. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 1. Short title. This Act may be cited as the Structured Settlement
No, 79,495 IN RE: PAULA L. McCOLLAM, DEBTOR TI-IOMAS E. LeCROY, Plaintiff-Appellant, vs. PAULA L. McCOLLAM, Defendant-Appellee. [January 28, 19933 HARDING, J. We have for review In re McCollam, 955 F.2d
[Previous][Next][Another Article] 17 202. Article Estates and Trusts MARYLAND STATUTORY FORM PERSONAL FINANCIAL POWER OF ATTORNEY IMPORTANT INFORMATION AND WARNING You should be very careful in deciding
No. 168. An act relating to structured settlements and to prohibiting collusion as an antitrust violation. (H.778) It is hereby enacted by the General Assembly of the State of Vermont: Sec. 1. 9 V.S.A.
FEDERAL LIABILITY RISK RETENTION ACT OF 1986 15 USC 3901-3906 (1981, as amended 1986) Sec. 3901 DEFINITIONS [Section 2]* Sec. 3902 RISK RETENTION GROUPS [Section 3] (a) EXEMPTION FROM STATE LAWS, REGULATIONS
AN ACT concerning regulation. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5. The Structured Settlement Protection Act is amended by changing Sections
For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at firstname.lastname@example.org. TEXAS STATUTES AND CODES
Structured Settlement Transfers Presented by: Earl S. Nesbitt, Executive Director National Association of Settlement Purchasers Nesbitt, Vassar, & McCown, L.L.P 15851 Dallas Parkway, Suite 800 Addison,
SETTLEMENT AGREEMENT AND RELEASE This Settlement Agreement and Release (the "Settlement Agreement") is made and entered into this day of, 2015, by and between: "Claimant" "Defendant" "Insurer" Recitals
THE TROUBLE WITH ELNY (Or How The Receivership Process Has Failed Executive Life Insurance Company Of New York, Its Policyholders And Annuitants) By Peter H. Bickford February 2012 In 1991, Executive Life
Using Life Insurance fo What Is Really Protecte BY KEITH A. HERMAN 1 Keith A. Herman Greensfelder, Hemker & Gale, PC St. Louis 14 / Journal of the MISSOURI BAR Due to an increased awareness of the value
2014 What is a Structured Settlement: WOODBRIDGE STRUCTURED FUNDING, LLC STRAIGHT TALK ABOUT STRUCTURED SETTLEMENTS WOODBRIDGE STRUCTURED FUNDING, LLC Learn more about structured settlements: Why settled
John Hancock Life Insurance Company of New York 100 Summit Lake Drive Valhalla, New York 10595 Annuities Servicing Center: Overnight Mailing Address: P.O. Box 9512 380 Stuart Street Portsmouth, NH 03802-9512
National Organization of Life and Health Insurance Guaranty Associations 13873 Park Center Road, Suite 329 Herndon, VA 20171 Phone: 703.481.5206 Fax: 703.481.5209 www.nolhga.com TESTIMONY FOR THE RECORD
Case 2:06-cv-02026-CM Document 114 Filed 03/10/09 Page 1 of 10 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS ) METROPOLITAN LIFE INSURANCE ) COMPANY, ) ) Plaintiff, ) ) CIVIL ACTION v.
State of New Jersey NJLRC New Jersey Law Revision Commission DRAFT TENTATIVE REPORT relating to TRANSFERS OF STRUCTURED SETTLEMENT PAYMENT RIGHTS DECEMBER 2000 NEW JERSEY LAW REVISION COMMISSION 153 Halsey
COLORADO REVISED STATUTES Title 13. Courts and Court Procedure Damages Regulation of Actions and Proceedings Article 20. Actions Part 8. Construction Defect Actions for Property Loss and Damage Construction
Hogan Lovells US LLP Columbia Square 555 Thirteenth Street, NW Washington, DC 20004 T +1 202 637 5600 F +1 202 637 5910 www.hoganlovells.com April 5, 2014 Memorandum for the National Structured Settlements
13-20-801. Short title Colorado Revised Statutes Title 13; Article 20; Part 8: CONSTRUCTION DEFECT ACTIONS FOR PROPERTY LOSS AND DAMAGE 1 This part 8 shall be known and may be cited as the Construction
INSURANCE GUARANTY ASSOCIATIONS IN CONNECTICUT THE CONSUMERS SAFETY NET Note: It is a prohibited unfair trade practice and a violation of state law for any person to make use in any manner of the existence,
TheIssuanceof a1099-c and TheFairCredit ReportingAct 401FranklinAvenue,Suite300 GardenCity,New York11530 275MadisonAvenue,Suite705 New York,New York10016 The legal information provided below is general
Title 24-A: MAINE INSURANCE CODE Chapter 24-A: PROTECTION OF BENEFICIARIES OF STRUCTURED SETTLEMENTS HEADING: PL 1999, c. 268, 2 (new) Table of Contents Section 2241. DEFINITIONS... 3 Section 2242. NOTICE
ASBESTOS CLAIMS AND LITIGATION PFIZER, INC. V. LAW OFFICES OF PETER G. ANGELOS CASE ANALYSIS: PARENT COMPANYASBESTOS LIABILITY July, 2013 ALRA Group Members http://alragroup.com / I. Introduction (F. Grey
Woodbridge Structured Funding LLC What is a Structured Settlement? Straight talk about structured settlements Learn more about structured settlements: Why settled personal injury cases are often paid out
NEW MEXICO SELF-INSURERS' FUND WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY PLAN In return for the payment of the premium and subject to all terms of this Policy, we agree with you as follows. GENERAL
Case: 12-11755 Date Filed: 01/22/2015 Page: 1 of 6 [PUBLISH] IN THE UNITED STATES COURT OF APPEALS FOR THE ELEVENTH CIRCUIT No. 12-11755 D.C. Docket No. 8:10-cv-00733-JSM-TGW LETICIA MORALES, Individually
CHAPTER 31. SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION SECTION 38-31-10. Short title. This chapter is known and may be cited as the South Carolina Property and Casualty Insurance
Case 3:07-cv-01180-TEM Document 56 Filed 04/27/2009 Page 1 of 12 UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA JACKSONVILLE DIVISION JAMES E. TOMLINSON and DARLENE TOMLINSON, his wife, v. Plaintiffs,
The Hartford Saver Solution SM A FIXED INDEX ANNUITY DISCLOSURE STATEMENT THE HARTFORD SAVER SOLUTION SM FIXED INDEX ANNUITY DISCLOSURE STATEMENT This Disclosure Statement provides important information
UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF FLORIDA In Re JUNG BEA HAN and Case No. 00-42086 HYUNG SOOK HAN, Debtors. JUNG BEA HAN, Plaintiff. v. Adv. No. 05-03012 GE CAPITAL SMALL BUSINESS FINANCE
Secondary Market Income Annuities Buyer s Guide Peace of Mind Through Financial Independence Annuity FYI is devoted to helping investors protect their retirement nest egg. Traditional wisdom of retirement
ADMINISTRATIVE OFFICE OF THE COURTS STATE OF NEW JERSEY RICHARD J. WILLIAMS, J.A.D. P.O. BOX 037 ADMINISTRATIVE DIRECTOR OF THE COURTS TRENTON, NEW JERSEY 08625-0037 (609) 292-8553 DAVID P. ANDERSON. JR.
Life Settlements & STOLI A Case Law Update 2013 NAIC CLE PRESENTATION Mary Jo Hudson Bailey Cavalieri LLC 1 Discussion Topics Background STOLI Insurable Interest & STOLI Incontestability, Insurable Interest
STATE INSURANCE REGULATION This article provides an overview of state insurance regulation, including a brief history, discussion of state regulatory roles and institutions involved. A Brief History Benjamin
PROTECTING YOUR FUTURE Structured Settlements m A Guide Now you re sure. TABLE OF CONTENTS m M CKELLAR S TRUCTURED S ETTLEMENTS I NC. 2007, REVISED EDITION, 2010 - ALL RIGHTS RESERVED. Introduction What
494 Courts Ch. 164 CHAPTER 164 COURTS SENATE BILL 04-098 BY SENATOR(S) Hanna, Groff, and Tapia; also RE PR ESE NTATIVE (S) Stenge l, Bo yd, Hop pe, Larson, an d W ed dig. AN ACT CONCERNING THE ESTABLISHMENT
Florida Foreclosure/Real Estate Law E-Book A Simple Guide to Florida Foreclosure/Real Estate Law by: Florida Law Advisers, P.A. 1 Call: 800-990-7763 Web: www.floridalegaladvice.com TABLE OF CONTENTS INTRODUCTION...
SUMMARY CONCERNING COVERAGE, LIMITATIONS, AND EXCLUSIONS UNDER THE ALASKA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION ACT A resident of Alaska who purchases life insurance, annuities, or accident and
Florida Bankruptcy Case Law Update October 2014 Cases Editors of the Florida Bankruptcy Case Law Update Bradley M. Saxton and C. Andrew Roy Winderweedle, Haines, Ward & Woodman, P.A. This Month s Author
Article 21. Reverse Mortgages. 53-255. Title. This Article shall be known and may be cited as the Reverse Mortgage Act. (1991, c. 546, s. 1; 1995, c. 115, s. 1.) 53-256. Purpose. It is the intent of the
Case 2:06-cv-13665-MOB-VMM Document 9 Filed 03/02/2007 Page 1 of 9 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION In re: CARLA CRAIG-LIKELY, Debtor, / CARLA CRAIG-LIKELY, v.