by Structured Settlement Watchdog®
The New York Insurance Department through its Office of General Counsel made it clear in a January 7, 2008 opinion (click here for my January 29, 2008 report) that an insurance agent or broker MAY NOT
- Make reference to an insurer in an advertisement, without indicating the location of the insurer's principal offices
- Use only the logos of the insurer in an advertisement (assuming permission granted to do so) without indicating the full name and principal office location of the insurers.
As it stands today a large number of structured settlement firms' web sites appear to contravene the law as set forth in the OGC opinion, including the firms of several NSSTA board members. Principle VI of the NSSTA Statement of Ethics and Professional Responsibility states that a "NSSTA member should comply with all material federal and state laws and regulations applicable to the structured settlement services that are provided".
Those in charge of the contravening firms should make what should be an easy fix to their web sites.