by Structured Settlement Watchdog
One settlement broker working for a large settlement adviser company has had their resident license suspended an incredible SIX times and his/her resident state license was suspended again March 1, 2018. In previous occurrences the suspended settlement broker's license was restored to active status within 1-3 months. The suspended structured settlement broker's firm continues to promote the suspended broker on its website.
A structured settlement broker must hold an active insurance license in his/her resident state, the states where the annuity issuer's assignee is located and ideally in each state he/or she actively solicits business.
Part of requirements of being an insurance agent is earning state required continuing education (CE) credits by taking CE classes. The purpose of Continuing education is an effort to assure that agents maintain a minimum level of fluency which is beneficial to agents and their clients. Continuing education credits can be obtained by attending meetings of the National Structured Settlements Trade Association, taking and American College Courses (one course can satisfy all of your credits and then some), CFP courses or a plethora of online continuing education service provides such as Noble CE or online webinars. Continuing education
Mandatory Insurance Continuing Education Requirements in the suspended settlement broker's resident state:
I would be sympathetic if the suspended settlement broker had a one-off something going on in their lives, however being suspended SIX times is reflective of a pattern of continual lapse in judgment and time management, reflects poorly on the structured settlement industry, the National Structured Settlements Trade Association of which the suspended broker is a member and whose firm is a member, whose bylaws require compliance with state laws, and sets an incredibly poor example to other members of the industry. With a two year window to get credits, being too busy is not a valid excuse. You can take online CE courses on the beach on your Ipad if you have a disinterested third party to proctor you.
If your license is suspended you can lose appointment with life carriers
When one's license is suspended one can also lose ones appointments with life insurance companies, including all structured settlement annuity appointments.
Consumers can and should verify if the structured settlement broker or insurance agent is licensed in their state. Most states offer a convenient way to verify a license online.