by John Darer CLU ChFC CSSC
Richard B. Risk, Jr. ("Dick Risk") emailed me a quick note after reading this morning's blog post which included the following in part :
"It is flattering, I guess, to learn when others think your opinions are significant. Thank you for the compliment. I don’t remember the context in which I made that statement, but I still believe it."
Regardless of whether the context (11/29/2002) from which I quoted Risk earlier was an oasis from his "occasionally inflammatory" prose or in a love note to his spouse, it does stand on its own as an independent throught, and is highly significant given Dick's reputation.
We use the structured settlement affidavit regardless of the form of engagement. Risk also stated in his email the belief that a structured settlement affidavit, if presented in the context of being introduced by the defense, should contain language that states there is an affirmative duty to the claimant and that you will remain liable for your actions after the responsible parties (tortfeasors and their insurers) are released." As a professional you should stand behind your work. Period. That's the way it should be. As to the issue of liability, that is something for the Courts to decide on a case by case basis.
Risk offers some helpful hints to structured settlement affidavits used in the context of an introduction by the defense, (although he is silent on the independent practitioner model, which is the way the majority of the structured settlement industry seems to be going)
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No requirement to steer the annuity business to a related company
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No restriction on quote survey. (As an aside I'd like to see one of the "468B Single Claimant QSF is a panacea" cowboys make such a statement knowing that the number of annuity markets available on such cases is even more restrictive)
Risk also relates that The Society of Settlement Planners, Inc. will soon introduce its "Standards of Professional Conduct". Risk goes on to claim that it will include a declaration that the structured settlement producer subscribes to and will abide by the SSP "Standards of Professional Conduct", even if that producer is not a member, He believes these tenets will be considered de rigueur.
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