by John Darer CLU ChFC CSSC RSP
The qualified assignment company for structured settlements funded with annuities issued by AIG's New York life insurance subsidiary will change to American General Annuity Service Corporation (AGASC) effective July 1, 2009.
The change is primarily relevant to New York structured settlements.
Structured settlements funded with annuities issued by American International Assurance Company of New York (AI Life) that are in force or are pending but locked in or funded prior to July 1, 2009, will not change and will remain with National Union Fire Insurance Company of Pittsburgh, PA (for old AIG or AIU Holdings claims where the insurer was American Home Assurance Company) or American Home Assurance Company (AHAC) for others.
AGASC is a stand alone special purpose assignment company whereas the soon to be previous assignees are property and casualty insurers. AGASC is already the qualified assignment company for stuctured settlements funded with annuities issued by American General Life Insurance Company.