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May 13, 2009

A Number of Structured Settlement Industry Websites Continue to Skirt New York Insurance Law

Should one question how seriously some structured settlement agencies take New York Insurance Law?

Structured settlement agencies who have been operating in New York state for years typically operate a website directed at New York residents that includes a list of structured settlement annuity issuers (life insurance companies) or the trademarked logo of the life insurance companies. Some even  represent that companies that no longer issue structured settlement annuities, still provide structured settlement products and include their logos.

New York Insurance Law § 2122(b) (McKinney 2000), entitled "advertising by insurance agents and brokers", provides as follows:

"Every agent of any insurer and every insurance broker shall, in all advertisements, public announcements, signs, pamphlets, circulars and cards, which refer to an insurer, set forth therein the name in full of the insurer referred to and the name of the city, town or village in which it has its principal office in the United States".  (underlines for emphasis)

This is the THIRD time that this author has written on the subject in the last year and what is shocking is that the websites in question include those companies whose members are represented in industry leadership.

Don't shoot the messenger for what you are supposed to already know .

Posted at 09:00 AM in Albany New York Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Buffalo New York Structured Settlements, Kings County Structured Settlements, Long Island NY Structured Settlements, New York City Structured Settlements, New York Insurance Advertising, New York State Insurance Law, New York Structured Settlement Practice, New York Structured Settlements, Newburgh Structured Settlements, NYC Structured Settlements, Orange County Structured Settlements, Structured Settlement Broker Business Practices, Structured Settlement Markets, Westchester Structured Settlements, White Plains Structured Settlements |

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Guide to Structured Settlements 2025

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  • Firmwide Qualified Settlement Funds Debunked
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    with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers, settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established this structured settlement blog in 2005. John Darer ®, CLU ChFC MSSC CeFT® RSP CLTC, President of 4structures.com, located in Stamford, CT 06902. John Darer is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. He holds insurance licenses in 45 states, has 41 years financial services experience and 31 years in the structured settlements and settlement planning space. In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed. It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Subscribe button at the top left of this page. Followers of JDDarer™ on Twitter may also receive select content. If you would like to speak with John he can be reached at (888)325-8640 Thank you for reading! Last updated July 10, 2024

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
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Why Take a Structured Settlement?

  • A structured settlement offers guaranteed financial security to personal injury victims, wrongful death survivors and their families. A structured settlement involves a customized stream of payments, provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured settlement annuity can have multiple payment streams to address multiple needs in a single contract.

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