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May 29, 2009

Prudential Bombshell! No More Non Qualified Assignments Through Pruco!

Effective immediately, Prudential has decided to suspend the sale of annuities in
connection with non‐qualified assignments through Pruco Assignment Corporation
(“PAC”).

In recognition of open cases that brokers may currently have pending, PAC is
authorized to accept purchase commitments (“lock ins”) on Prudential’s behalf on or
before June 12, 2009. Current pending lock ins will, of course, also continue to be
honored. Further, all funds for these cases must be received by PAC on or before June
30, 2009.

Please note that in order to ensure that all potential cases are properly
identified and reserved for, all new cases must be locked in prior to funding.
Current Annuities funding Non‐Qualified Assignments

This suspension of sales will have no impact on existing non‐qualified assignments.
In its information  release Prudential stands behind its commitments on all Prudential annuities owned by PAC. 

The question then becomes one of why thes industry irking Friday after hours announcement?

I hate to speculate but...

I spoke to a colleague a few moments ago who had a $150MM case earmarked for Pruco, so it can't be production.

Another possibility...On May 4, 2009 the Wall Street Journal published an alert which said that "Companies Face New Tax Curbs". I asked Pru about it the same day. On May 5, 2009 I received a response that the source "couldn't opine at this point as we don't know measures will be implemented"/ The source indicated that the feeling was that this didn't apply to the Pruco product as the funds relating to the product are in the US, tax reportable where applicable and there is no deferral of profits element in the producer or program structure. Was the feeling wrong?


 

Posted at 05:16 PM in Non Qualified Assignments, Non Qualified Structured Settlements, Pruco Assignment Corporation, Pruco Assignments Corporation, Prudential Financial Inc, Prudential Insurance Company of America, Prudential Structured Settlements |

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  • Firmwide Qualified Settlement Funds Debunked
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